Half Year 2024 Netcare Ltd Earnings Call Transcript
Key Points
- Revenue rose by 4.3% to ZAR12 billion, indicating steady financial growth.
- EBITDA increased by 7.5% to ZAR2.1 billion, showcasing strong operational leverage.
- Adjusted headline earnings per share rose by 5.8% to ZAR0.49.
- Completion of the rollout of electronic medical records across the entire ecosystem, meeting financial expectations.
- Netcare's environmental strategy has led to significant cost savings and reduced reliance on the national grid.
- Total patient days for the first half of 2024 declined by 0.8%, with acute hospitals seeing a 1.7% decline.
- Average acute hospital occupancies slightly decreased to 62.1% from 62.6% in the comparative period.
- EBITDA margin for the primary care segment declined to 21.7%, impacted by lower activity and increased contribution from lower-margin occupational healthcare business.
- Net debt-to-EBITDA ratio rose to 1.3 times from 1.2 times in the comparative period.
- Higher interest rates and increased net debt balances led to a rise in financial expenses.
Good morning, ladies and gentlemen, and a very warm welcome to Netcare Limited's Interim group results presentation for the six months ended the March 31, 2024. Welcome to the Chair of Netcare, Mark Bower; members of the Netcare Board; our executive committee; and our senior management teams.
Let me begin by expressing my very sincere thanks to our management teams and Netcare staff across all of our divisions for their hard work, collective efforts, and commitment over the past six months and also thank the Board for their support and guidance.
I'm going to begin with an overview of our group results and the operational performance of our various divisions before handing over to our Chief Financial Officer, Keith Gibson, who will unpack our financial results in more detail. I will then conclude by providing more detail on the progress we have made on certain key strategic areas and present our guidance for the remainder of the year.
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