Nawaloka Hospitals PLC records good performance amidst tough conditions

Nawaloka Hospitals PLC, a pioneering force in the private healthcare sector, has recorded a profit after tax (PAT) for the 2019/20 fiscal year of Rs. 15.9 million compared to a net loss of Rs. 587.1 million in the previous year, 

In a media release, the hospital company said this year’s performance was a commendable one in view of the current turbulent times. Revenue was Rs. 8.5 billion for the same year. 

“While assets grew by 9 per cent to Rs. 17,704 million, the group recorded a substantial improvement in gross profit margin to 56 per cent from 51 per cent in 2018/19,” it said. 

Nawaloka Hospital’s improvement in performance is largely credited to cost-saving measures that were driven across the organization, expansion of the laboratory network under the strong Nawaloka brand and growth from regional hospitals located in Negombo and Gampaha. 

“As we continue to rebound from the adverse impacts brought about by the Easter attacks and the developing global health crisis, we are proud that the group has remained resilient and recorded a commendable growth during an extremely challenging year. Our robust cost management initiatives and process re-engineering efforts backed by digital technologies have helped Nawaloka Hospitals outdo last year’s results and drive strong performance in 2020 while strengthening our position as a premier healthcare specialist in the country.” Nawaloka Hospitals Deputy Chairman Harshith Dharmadasa said in the statement.

The state-of-the-art Nawaloka Specialty Centre, which absorbed a massive capital expenditure of Rs. 6.8 billion during the past two years, has proven to be an opportune investment during this period of contagion. The massive 400,000 square feet centre with a mega multi-storey carpark has a strategic combination of advanced medical technology and expert medical care. 

Each medical specialty is allocated a designated channel module within the centre, offering patients privacy, adequate space to practice social distancing and screening from infection by interacting with patients from other specialties. Pharmacy and laboratory facilities located on each floor restrict mobility within the hospital, further limiting the possibility of cross infection. This building plan has proven beneficial and a competitive advantage during the COVID-19 pandemic, guaranteeing patient safety in a secure environment, it said.