Akdital (AKT) H2 2024 earnings summary

Executive summary

• Revenue rose 54.9% to MAD 2,954M; EBITDA increased 64.3% to MAD 839M and consolidated net income rose 75.8% to MAD 348M.

• Twelve facilities opened in 2024; year-end footprint reached 33 facilities, 3,706 beds and 19 cities.

Financial highlights

• Revenue reached MAD 2,954M versus MAD 1,907M, driven by new-facility ramp-up and growth at established clinics; 2024 openings contributed MAD 298M and 2023 openings MAD 308M.

• EBITDA was MAD 839M versus MAD 511M; EBITDA margin rose to 28.4% from 26.8%. EBIT was MAD 519M versus MAD 328M, and net income was MAD 348M versus MAD 198M.

• Gross margin was 63.2% of revenue versus 63.5%; net margin improved to 11.8% from 10.4%.

• Net income attributable to the group was MAD 315M.

Outlook and guidance

• The 2025–2027 national plan targets 62 facilities, 32 cities and 6,200 beds by 2027; planned investment exceeds MAD 3.4B.

• Planned openings: 12 facilities and 1,200 beds in 2025, 8 facilities and 700 beds in 2026, and 11 facilities and 800 beds in 2027.

• 2025 plans include facilities in Casablanca, Laâyoune, Guelmim, Inzegane, Rabat, Nador and Oujda; the 2026 target is more than 54 facilities in over 30 cities.

• 2025–2030 plans target 200 diagnostic centers, with MAD 5M equipment capex per center; financing is planned through debt and local partners.

• International objectives target four facilities in the UAE and Saudi Arabia; long-term ambition indicates 20% of revenue from international development and 50% upside by 2030.