Manta Bidco Reports Strong Results for H1 2024
Manta Bidco, a healthcare services group under Remgro led by billionaire Johann Rupert, achieved impressive results for the six months ending September 30, 2024. The group posted a revenue of 2.34 billion, marking a 6 increase compared to the previous year. This growth was supported by a 2.3 rise in inpatient admissions and a 2.1 increase in day cases.
Profit surged by 333 to 91 million, up from 21 million, driven by a stronger focus on profitability despite rising costs. Adjusted net finance costs rose 14 to 56 million due to higher interest rates, partially offset by earnings on cash reserves.
In Switzerland, performance was impacted by tariff pressures and rising costs. Management is addressing these challenges with cost cuts, efficiency efforts, and sustainable growth initiatives. Exceptional items included a 3 million charge for accelerated depreciation related to the expansion of Klinik Aarau hospital wings.
Despite these challenges, Manta Bidco's adjusted earnings increased by 25 to 83 million, demonstrating the group's resilience and ability to deliver solid shareholder value.
Remgro has bolstered its healthcare portfolio through Manta Bidco, which is jointly owned with MSC Mediterranean Shipping Company. The acquisition and delisting of Mediclinic International highlight its strategic importance to the group.
As of September 30, 2024, Manta Bidco's total assets rose 3.92 to 10.31 billion, up from 9.92 billion in March. Equity increased by 5.32, adding 262 million to reach 5.19 billion, driven by currency translation gains. The group's performance underscores its resilience in the evolving healthcare market, delivering sustained value for shareholders.
