Netcare Limited

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Netcare Limited (2022-02)
  • Netcare Limited
  • Year : Feb 2022
3 Tokens
USD 300.00
Summary

Whilst the second half of FY20 was fraught with COVID-19 disruptions that notably weakened the group’s financial performance, Netcare has shown an improved ability to more efficiently manage its operations amidst two additional COVID-19 waves during FY21 and a further one during 1Q FY22. To this end, the group reported total revenue growth of 12.5% to R21.2bn at FY21 (back to pre-pandemic levels), supported by an increase in total patient days of 6.8%, driven most notably by YoY growth of 36.6% in 2H FY21.

Additional Information

The Stable outlook reflects GCR’s expectation that Netcare’s financial performance will remain relatively stable and gradually improve to pre-pandemic levels over the medium term. Negative rating action could arise should there be material weaknesses in performance and/or a weakening of the credit protection metrics or reduced headroom to covenants.

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