15th Feb 2019 09:32
LONDON (Alliance News) - Georgia Healthcare Group PLC on Friday said profit increased in 2018, with particularly strong performances from its Healthcare Services and Pharmacy & Distribution businesses.
Shares in Georgia Healthcare were up 7.0% at 252.60 pence on Friday.
The healthcare services, pharmacy, and medical insurance firm's annual pretax profit came to GEL35.9 million, or GBP10.6 million. This represents a 16% increase from its GEL46.3 million profit the year before.
Its Pharmacy & Distribution business showed the most improvement in the period, with revenue up 15% to GEL518.6 million. Healthcare services also achieved good growth, up 15% to GEL305.6 million.
Medical Insurance was its weakest business, with 2.6% growth to GEL55.1 million.
Group revenue was GEL849.9 million, 14% higher than its GEL747.8 million revenue in 2017.
The company is expecting macroeconomic growth in 2019, supporting domestic economic growth and therefore growth in the Georgian healthcare services market.
"The group will continue to focus on its key priorities such as developing medical tourism and laboratory diagnostic services, expanding the outpatient network and dental clinics, adding new pharmacies, upgrading product mix and developing new opportunities," said Georgia Healthcare Chief Executive Nikoloz Gamkrelidze.
"The group's strong balance sheet and increasing operating cash flows, together with improved earnings and lower investment capital expenditure requirements, will enable us to gradually reduce the business leverage and further improve our returns on invested capital."
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