February 21 (SeeNews) - Romania's privately-owned medical services group MedLife [BSE:M] said on Friday that its consolidated net profit rose by an annual 24.1% to 20.8 million lei ($4.7 million/4.3 million euro) in 2019.
Turnover increased by 21.7% year-on-year to 967.4 million lei in 2019 on the back of a significant growth in all business lines, mainly clinics, dentistry, laboratories and hospitals, MedLife said in a statement filed with the Bucharest Stock Exchange, BVB, citing preliminary figures.
According to the company, the increase is due to a solid organic growth at the level of each business line, a result of the strategy followed by the group, which focused mainly on diversifying services and increasing presence at national level.
Operating income jumped by an annual 21.2% to 974 million lei, while operating expenses grew 19.9% to 918 million lei last year.
MedLife's operating profit by 46.8% to 56.4 million lei in 2019.
Beyond the organic growth, an important contribution was also brought by the businesses entered last year in the portfolio of the group, namely Micromedica Medical Center, Badea Medical Center of Excellence, Lotus Ploiesti Hospital, Rozsakert Medical Center, one of the most important medical providers in Hungary and OncoTeam Laboratory. MedLife also announced last year the acquisition of OncoCard hospital, and the deal is currently analyzed by the anti-trust body.
"We are pleased with the financial results. As expected, at the end of 2019 we managed to exceed the threshold of 200 million euro sales figures, being the first Romanian healthcare company to achieve such performance," MedLife Group president and CEO Mihai Marcu said.
At the end of last month, MedLife announced that it is launching a large-scale project for a medical compound, MedLife Medical Park, in Bucharest.The project, the largest in Romania's private healthcare sector, will include the construction of a hyperclinic, a radiotherapy centre and an oncology institute, and an expansion of an existing hospital and in-vitro centre, MedLife said, without specifying the amount it plans to invest.
As at 0929 CET on Friday, MedLife shares traded 0.26% lower at 33.2 lei on the Bucharest Stock Exchange.
(1 euro = 4.7834 lei)