Page 45 - GEORptMar19

The tourist potential of the region is currently represented by a special stand at the Tourist 2019 event in Tallinn.
9.2.3 Healthcare corporate news
Georgia’s largest medical services and insurance provider Georgia Healthcare Group has reported a robust 25% y/y Ebitda gain to GEL33mn ($22mn) in Q3 broadly in line with expectations. But the London Stock Exchange listed company’s GEL10mn ($3.7mn) net income remained flat, at around 25% below the consensus forecast by the market.
Georgia Healthcare Group has a market capitalisation of nearly $400mn.
The company’s management is working on plans to capture a higher share of the medical tourism market, including in neighbouring counties. Georgia Healthcare Group has raised awareness of available medical facilities throughout the region, capturing GEL 1.7mn of inbound medical tourism revenues in the first nine months of the year.
Company revenues increased by 13% y/y to GEL202mn, below investors’ expectations by around 6%.
In the January-September period, the company performance was stronger in terms of net profit. Ebitda soared by 23.4% y/y to GEL77.3mn ($28mn) while the bottom line expanded by 12% y/y to GEL34.0mn ($12.6mn) for reported total revenues worth GEL622mn, 13% up y/y.
Results were good across all three of the company’s businesses, the company’s management commented in a press release. The pharmacy and distribution business performed particularly well with double-digit revenue growth and an Ebitda margin in excess of 10% in the third quarter. Results in the healthcare services business are consistently improving and the medical insurance business delivered a strong third quarter, with moderate revenue growth and a significant improvement in the loss ratio leading to a profit before tax of GEL2.6mn in the quarter.
45 GEORGIA Country Report March 2019 www.intellinews.com