MLP Saglik Hizmetleri (MPARK) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached TL 22,449m, EBITDA TL 5,784m and net profit TL 4,748m; reported growth was 19%, 35% and a 3% decline, respectively.

• 5.2m patients visited hospitals during 2023, including outpatient visits and inpatient protocols.

• Revenue growth was supported by private medical insurance; EBITDA gains reflected operational leverage, hospital ramp-ups and inventory management.

Financial highlights

• Audited revenue rose 18.8% YoY to TL 22,449m; gross profit increased 31.6% to TL 6,430m and operating profit rose 46.9% to TL 4,372m.

• EBITDA increased 35.5% to TL 5,784m; EBIT was TL 4,439m, up 16.9% YoY.

• Net profit before tax rose 21.8% to TL 5,825m, while net profit decreased 2.9% to TL 4,748m; parent-attributable profit fell 4.5% to TL 4,530m.

• Excluding TAS 29, revenue, EBITDA and net profit growth were 85%, 108% and 42%, respectively.

Outlook and guidance

• Four new hospitals are planned in metropolitan areas over the next four years.