Cairo – Mubasher: Cleopatra Hospitals Group (CHG) has signed, through its subsidiary Cleopatra Haven, an 18-year concession agreement for Haven Hospital, an operating hospital situated in Giza's 6^th of October city.

Haven Hospital is owned by the Ministry of Interior Fund for Social and Healthcare Management, which will remain as the property and asset owner, according to a bourse statement on Tuesday.

The transaction signal’s the group’s hospital network expansion to West Cairo through a capital efficient and asset light operating model. Completion will take place on 1 November 2022. Cleopatra Haven is projected to be earnings accretive starting from fiscal year (FY) 2023 onwards.

The group will develop the 30,000-square metre Haven by increasing the hospital’s bed count and enhancing its medical services.

During the first half (H1) of 2022, Cleopatra Hospitals Group gained EGP 176.47 million in its profit after income tax, down from EGP 202.01 million in the same period in 2021.

The company's total revenues for the six-month period ended 30 June 2022 came in at EGP 1.24 billion, a yearly drop of 3%.