EGYPT—The Cleopatra Hospitals Group has announced that it intends to invest EGP 2billion (US$41 million) over the next 18 months as part of its profit expectations strategy before interest, taxes, and depreciation over the next two years.

This announcement was made by Cleopatra Hospitals Group managing director Ahmed Ezz who told  a local daily told Zawya that the Projects that the 40-bed first phase will also include a radiology centre, an emergency department, operating rooms, and a pharmacy.

The second phase will expand the capacity to 254 beds, he said on the sidelines of a press conference to announce the Group’s partnership with Novartis Egypt to support patients with arteriosclerosis.

The 4-storey hospital is being developed over an area of 40,000 square metres, he said, adding that Phase 1 is scheduled to open in August 2025.

The company will also be taking up the expansion of Cleopatra October, located in Western Cairo, and adding more outpatient clinics in the near future.

The primary areas of concentration for this investment include the completion of the initial and secondary phases of the Sky Hospital project situated in East Cairo, the expansion of Cleopatra October facilities located in West Cairo, and the enlargement of outpatient clinic centers. Notably, the investment figure excludes any potential expansions beyond Cairo.

The company has confirmed that the capital expenditures will be entirely funded through internal sources and existing bank facilities.

Anticipating a robust 35% annual growth in revenues for 2023, Cleopatra Hospital also forecasts a remarkable 44% annual revenue growth for the last quarter of the previous year.

This optimistic outlook is underpinned by an upswing in the number of cases handled by the group during the same period, coupled with the positive impact stemming from enhanced operational efficiency and the diversification of healthcare services offered.

Cleopatra Hospital reported a noteworthy 29% surge in profits during the first nine months of the preceding year, reaching EGP 344.9 million (US$7.031 million), in stark contrast to the EGP 267.1 million (US$5.451 million) profit recorded during the corresponding period in 2022.

This substantial increase reflects the company’s robust financial performance.

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