Mediclinic profit soars one-third after Middle East and UK expansion
Private hospital group Mediclinic International’s expansion into the Middle East and UK resulted in both its revenue and profit jumping 30% in the year to end-March. Measured in pounds, Mediclinic’s Swiss subsidiary Hirslanden contributed 48% of the group’s £2.7bn revenue and 58% of its £243m net profit, its results released on Wednesday morning showed. Its Southern African division contributed 28% of revenue and 34% of profit, and its Middle East division 24% of revenue and 9% of profit. Revenue from its 29.9%-owned UK hospital group Spire Healthcare was not added to Mediclinic’s top line, but its British associate’s net profit contribution doubled to £12m from £6m, accounting for 5% of the group’s total. Mediclinic’s merger with Abu Dhabi’s Al Noor in February helped its Middle East division nearly double revenue to £648m from £328m. However, its woes with the government requiring state medical aid users to pay 20% of private hospital bills resulted in net profit from the Middle E...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.