MLP Saglik Hizmetleri (MPARK) Q3 2024 earnings summary

Executive summary

• Achieved strong top and bottom line growth in Q3 and 9M 2024, driven by private medical insurance, disciplined cost management, and hospital acquisitions.

• Revenue for the nine months ended September 30, 2024, reached TRY 27.57 billion, up from TRY 21.88 billion year-over-year.

• Net profit for the period was TRY 4.45 billion, compared to TRY 3.07 billion in the same period last year.

• EBITDA for the period was TRY 7.18 billion, with adjusted EBITDA at TRY 6.18 billion, both showing significant growth year-over-year.

• Four hospital acquisitions and new hospital openings expanded the group's footprint and bed capacity.

Financial highlights

• Revenue rose 26% year-over-year to TL 27,570m for 9M 2024; Q3 revenue up 26.9% to TL 9,782m compared to Q3 2023.

• EBITDA increased 37% year-over-year to TL 7,088m for 9M 2024; Q3 EBITDA up 37.9% to TL 2,620m.

• Net profit grew 44.8% year-over-year to TL 4,445m for 9M 2024; Q3 net profit up 82.3% to TL 2,207m.

• Gross profit increased to TRY 7.47 billion from TRY 5.87 billion year-over-year.

• Free cash flow increased to TL 5,061m in 9M 2024, up from TL 3,964m in 9M 2023.

Outlook and guidance

• Management expects continued growth supported by private medical insurance, medical tourism, and new hospital openings.

• The company continues to evaluate the impact of new and revised Turkish Financial Reporting Standards effective from 2024 and 2025.

• Expansion into international markets with the management of a hospital in Dubai post-period end.

• Forward-looking statements note that actual results may differ due to future events and uncertainties.