Romania's MedLife net profit rises 56% y/y in Q1

MedLife's consolidated operating income rose to 648.4 million lei in the first quarter of 2024, from 532.8 million lei a year earlier, whereas its operating profit surged to 41.8 million lei from 27.6 million lei, it said in an interim financial report filed with the Bucharest Stock Exchange.

The positive development in the group's financial results came on the back of growth in almost all business lines as well as the contribution of the acquisitions completed last year. In July 2023, Medlife said it had acquired controlling stakes in two clinics, located in the counties of Craiova and Cluj.

Hospitals, corporate, and clinics sectors increased their revenues by 39%, 28%, and 24%, respectively. Laboratories also saw an increase of 19%, while pharmacies experienced a decrease of 10%. Revenue from the stomatology business line edged down by 0.1%.

Total assets amounted to 2.747 billion lei at the end of March, up from 2.636 billion lei a year earlier. Total liabilities climbed to 2.24 billion lei from 2.142 billion lei.

Established in 1996, MedLife is among Romania’s largest healthcare providers, with 230 hyperclinics and clinics, 17 hospitals, 4 maternity centres – located in Bucharest, Sibiu, Brasov, and Arad, 34 laboratories, 23 pharmacies and 18 dental clinics. The group also has 170 private clinic partners across Romania.

Blue-chip MedLife’s shares traded 3.59% higher at 4.33 lei as at 1643 CET on Friday on the Bucharest Stock Exchange.

(1 euro=4.9756 lei)