MLP Saglik Hizmetleri (MPARK) Q4 2024 earnings summary

Executive summary

• Revenue increased by 22% year-over-year, reaching TL 39,690 million, driven by domestic private medical insurance and new hospital additions.

• EBITDA grew 22% year-over-year to TL 10,203 million, maintaining margin despite expansion-related dilution.

• Net profit declined 15.6% year-over-year to TL 5,786 million, impacted by lower monetary gains.

• Leverage ratios improved, with Net Debt/EBITDA decreasing to 0.5x from 0.6x.

• Strong operating cash flow growth supported by EBITDA performance and prudent cost management.

Financial highlights

• Revenue for FY 2024 was TL 39,690 million, up 22.5% from TL 32,412 million in 2023.

• EBITDA margin remained stable at 25.7% in 2024 versus 25.8% in 2023.

• Net profit excluding monetary gain was TL 4,231 million, up 155% year-over-year.

• Free cash flow increased to TL 5,739 million, up from TL 4,888 million in 2023.

• Capex rose to TL 3,544 million, reflecting investments in new and existing hospitals.

Outlook and guidance

• Expansion continues with new hospitals in Ankara, İzmir, Kocaeli, İstanbul, Pristina, and Dubai, adding 6,300 beds (+10% capacity) in 2024.

• Growth expected from increased penetration of private medical insurance and top-up products.