MLP Saglik Hizmetleri (MPARK) Q3 2024 earnings summary

Executive summary

• Achieved strong real growth in Q3 and 9M 2024, driven by private medical insurance, increased capacity utilization, patient traffic, and disciplined cost management.

• Expansion continued with six new hospital openings in 2024, including two international locations, increasing bed capacity by 10%.

• Full contribution from new hospitals in major Turkish cities expected next year; international expansion to support brand recognition and health tourism.

Financial highlights

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

• EBITDA increased 37% year-over-year to TL 7,088m for 9M 2024; Q3 EBITDA up 38% to TL 2,620m; EBITDA margin improved to 26.8% in Q3.

• Net profit grew 45% year-over-year to TL 4,445m for 9M 2024; Q3 net profit up 82% to TL 2,207m.

• Free cash flow increased to TL 5,061m in 9M 2024, up from TL 3,964m in 9M 2023; operating cash flow up 37% to TL 7,642m.

Outlook and guidance

• Management expects continued growth supported by private medical insurance, medical tourism, and new hospital openings, with full contribution from new hospitals in Turkey next year.

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