Genertec Universal Medical’s earnings saved by healthcare business | Healthcare Asia Magazine
, Hong Kong

Genertec Universal Medical’s earnings saved by healthcare business

Its finance business experienced weak growth due to high US dollar interest rate.

Hong Kong-based finance business, Genertec Universal Medical’s, net profit experienced high growth due to its healthcare business.

In a brokerage report, CGS-CIMB said the healthcare business of Genertec increased 60% year-on-year in the nine months of 2023.

However, its net profit in the finance business remained at the same level as 9M22 stemming from high US interest rates. 

“Although the company has adopted partial hedging on interest rates, we think the finance business growth will still face pressure from high US dollar interest rates,” read the statement.

In 9M23, the number of outpatients and emergency visits in Genertec increased by 16.5% yoy, the number of medical examinations rose by 13.3% yoy, and inpatient numbers increased by 19.3% yoy.

At end-1H23, there were c.16,000 hospital beds under the company’s management. 

“We think the growth catalyst for healthcare business is organic capacity expansion. The company expects to add 4,000 beds in FY24F,” read the report.

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