Nawaloka Hospitals records profit growth in 2023/24

Nawaloka Hospitals PLC, South Asia’s pioneer in AI-driven healthcare, achieved remarkable financial success for the fiscal year ending March 31, 2024. 

The group’s revenue surged to Rs.10 billion, reflecting a year-on-year (YoY) growth of 11.54 percent. The hospital’s profit before tax reached Rs.576.2 million, marking an impressive 178.61 percent increase compared to the previous year. 

This growth, despite the economic challenges, underscores Nawaloka’s operational resilience and its dedication to delivering cutting-edge healthcare. 

The operating profits for the group saw a significant turnaround, climbing from a loss of Rs.73.4 million in 2023 to Rs.1.02 billion in 2024. The company’s operating profits grew by 158.28 percent, reaching Rs.1.32 billion. 

Additionally, Nawaloka Hospitals’ earnings per share rose from a negative -0.46 to a positive 0.41, further solidifying the hospital’s financial recovery and enhancing shareholder value. 

Nawaloka Hospitals’ success is driven by its innovative strategies, including the launch of the Centralised Diagnosis Hub, which revolutionises patient care through streamlined diagnostic services and proactive lab follow-ups. This hub ensures timely, accurate results and improves patient engagement, enhancing healthcare delivery. 

Further solidifying its leadership in advanced healthcare, Nawaloka’s Radiology Department now utilises AI-powered imaging technology, offering improved diagnostic accuracy, faster scanning, reduced radiation exposure and greater flexibility in patient care. This strategic upgrade enhances services such as full-body scanning and stent evaluations, expanding the hospital’s market reach. Additionally, the launch of the Corporate Centre marks Nawaloka’s expansion into the corporate healthcare sector, offering personalised wellness programmes, occupational health screenings and visa medicals, catering to the growing corporate demand. 

Chairman Dr. Jayantha Dharmadasa highlighted the hospital’s forward-thinking approach, positioning Nawaloka as a leader in both individual and corporate healthcare in South Asia. This outstanding financial performance reflects Nawaloka Hospitals’ commitment to innovation, operational efficiency and exceptional healthcare delivery.