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Georgia Healthcare Group Receives Revenue of GEL 622.4

Georgia Healthcare Group PLC on Monday reported a rise in revenue and earnings for the first nine months of 2018 amid double-digit growth in all of its service businesses.

The Georgian healthcare provider said earnings before interest, tax, deprecation and amortisation for the first nine months of 2018 rose 23% to GEL95.4 million from GEL77.3 million, and pretax profit rose by 13% to GEL38.6 million from GEL34.2 million.

This was on revenue that grew by 13% to GEL622.4 million from GEL550.1 million, with growth in Healthcare and Pharmacy & Distribution businesses.

Healthcare Services revenue rose 14% in the year-to-date; however pretax profit dropped by 47%, due to higher operating expenses and higher costs of healthcare services.

The Pharmacy & Distribution business saw a better performance for the period, as pretax profit increased by 61% and revenue rose by 15% due to organic sales growth and expansions, with the opening of 17 new pharmacies during the period.

The Medical Insurance business unit however, swung to a pretax profit of GEL2.5 million from a loss of GEL2.3 million, due to the attraction of new clients.

“In what remains the seasonally quiet quarter of the year, our businesses have continued to deliver on key priorities and the significant investment programme of the last few years is now beginning to be reflected in business performance. The group’s performance in the first nine months of the year has demonstrated this, and we are well positioned to continue this progress during the remainder of 2018 and beyond,” said Chief Executive Officer Nikoloz Gamkrelidze.

Shares in Georgia Healthcare were untraded on Monday, last closing at 235.00 pence.