Remgro's Manta Bidco posts $2.3-billion revenue in H1 2024 revenue

Feyisayo Ajayi -
Key Points
  • Manta Bidco's H1 2024 revenue grew 6% to $2.34 billion, driven by higher inpatient admissions and day cases.
  • Profit surged 333% to $91 million, reflecting a focus on profitability despite rising operating costs and interest rates.
  • Remgro expanded its healthcare holdings with Manta Bidco's Mediclinic acquisition, boosting total assets and equity in H1 2024.

Manta Bidco, a healthcare services group under Remgro led by billionaire Johann Rupert, reported solid results for the six months ended Sept. 30, 2024, achieving revenue of more than $2.3 billion. This marks a 6 percent year-over-year increase, underpinned by strong volume growth across its divisions, despite persistent challenges in key markets like Switzerland.

Revenue growth driven by increased admissions

According to its recently released report, Manta Bidco—incorporated primarily to consolidate Mediclinic business and its entire holding—posted a revenue of $2.34 billion for the six months ending Sept. 30, 2024 (H1 2024), up from $2.2 billion a year earlier. The revenue growth was bolstered by a 2.3 percent rise in inpatient admissions and a 2.1 percent uptick in day cases.

Manta Bidco profit soars 333 percent

Profit jumped 333 percent to $91 million in H1 2024 from $21 million a year earlier, driven by a sharper focus on profitability despite rising costs. Adjusted net finance costs rose 14 percent to $56 million due to higher interest rates, partly offset by earnings on cash reserves.

In Switzerland, tariff pressures and rising costs dented performance. Management is addressing these with cost cuts, efficiency efforts, and sustainable growth initiatives. Exceptional items included a $3 million charge for accelerated depreciation related to dismantling two Klinik Aarau hospital wings for expansion.

Despite these headwinds, Manta Bidco’s adjusted earnings surged 25 percent to $83 million, a testament to the group’s resilience and ability to deliver solid shareholder value in a challenging macroeconomic environment.

Remgro boosts healthcare holdings with Mediclinic deal

Remgro, chaired by billionaire Johann Rupert, has strengthened its healthcare portfolio through Manta Bidco, jointly owned with MSC Mediterranean Shipping Company. The consortium's acquisition and delisting of Mediclinic International underline its strategic value to the group.

As of Sept. 30, 2024, total assets rose 3.92 percent to $10.31 billion, up from $9.92 billion in March. Equity increased 5.32 percent, adding $262 million to reach $5.19 billion, driven by currency translation gains. The group's steady performance highlights its resilience in the evolving healthcare market, delivering sustained value for shareholders.