Overview
Nawaloka Hospitals PLC’s interim financial report for the year ending 31st March 2024 provides insights into its financial performance, including revenue, expenses, and profitability. This report analyzes the key financial metrics and compares them with the previous year’s performance to gauge the company’s financial health.
Revenue and Gross Profit
- Revenue: The revenue for the year ended 31st March 2024 was Rs. 10,648.3 million, marking an increase of 14% from Rs. 9,305.1 million in 2023. For the quarter ended 31st March 2024, the revenue was Rs. 2,700.4 million, slightly down from Rs. 2,723.1 million in the same quarter of the previous year.
- Gross Profit: The gross profit for the year increased to Rs. 5,827.9 million from Rs. 4,635.1 million in 2023, showing a 26% growth. For the quarter, gross profit was Rs. 1,535.5 million compared to Rs. 1,260.1 million, indicating a 22% increase.
Expenses
- Cost of Services: The cost of services for the year was Rs. 4,820.5 million, a slight increase from Rs. 4,670.0 million in 2023. For the quarter, the cost of services was Rs. 1,164.8 million, compared to Rs. 1,463.0 million in the previous year’s quarter.
- Administrative Expenses: Administrative expenses for the year increased to Rs. 2,400.6 million from Rs. 2,162.9 million in 2023. For the quarter, these expenses rose to Rs. 902.6 million from Rs. 701.2 million, indicating a 29% increase.
Other Income and Expenses
- Other Income: Other income for the year was Rs. 81.5 million, down from Rs. 138.3 million in 2023. For the quarter, other income was Rs. 15.9 million compared to a negative Rs. 68.2 million in the same quarter of the previous year.
- Finance Income and Costs: Finance income decreased to Rs. 30.8 million from Rs. 58.6 million in 2023, while finance costs reduced to Rs. 1,389.1 million from Rs. 2,055.8 million. This resulted in a net finance cost of Rs. 1,358.5 million, compared to Rs. 1,997.2 million in the previous year.
Profitability
- Profit Before Taxation: The profit before taxation for the year was Rs. 552.7 million, showing a recovery from a loss of Rs. 1,910.8 million in 2023. For the quarter, the company reported a profit before taxation of Rs. 272.8 million compared to a loss of Rs. 576.9 million in the same quarter of the previous year .
- Net Profit: The net profit for the year was Rs. 347.8 million, a significant turnaround from a loss of Rs. 2,438.5 million in 2023. For the quarter, the net profit was Rs. 227.3 million compared to a loss of Rs. 578.3 million in the previous year’s quarter .
Financial Position
- Total Assets: The total assets of Nawaloka Hospitals PLC as of 31st March 2024 were Rs. 5,271.3 million, up from Rs. 4,923.5 million in 2023.
- Total Equity: Total equity increased to Rs. 5,271.3 million from Rs. 4,923.5 million, reflecting an improvement in shareholder value.
Conclusion
Nawaloka Hospitals PLC has shown a strong financial recovery for the year ending 31st March 2024, with significant improvements in revenue, gross profit, and net profit. The reduction in finance costs and the increase in total assets and equity indicate a positive outlook for the company’s financial health. Despite the challenges faced in the previous year, the company has managed to turn around its financial performance effectively.
