MLP Saglik Hizmetleri (MPARK) Q4 2024 earnings summary

Executive summary

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

• EBITDA grew to TL 10,203 million, up 14–22% year-over-year, with margin maintained despite expansion.

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

• The group expanded with new hospital acquisitions in Istanbul, Kocaeli, Ankara, İzmir, and international locations.

• Medical Park Çanakkale hospital operations were temporarily suspended due to building safety concerns.

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.

• Gross profit increased to 10.9 billion TL from 9.3 billion TL year-over-year.

Outlook and guidance

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

• Management expects continued growth, supported by recent hospital acquisitions and ongoing investments.

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