Humana reports second quarter and half-year 2023 results
Improved profitability during a challenging period
Summary of the second quarter
- Net revenue was SEK 2,410 million (2,241), an increase of 8 percent.
- Organic growth was 2.2 percent (2.2).
- Operating profit amounted to SEK 89m (65), an increase of 38 percent. Adjusted operating profit amounted to SEK 77m (65), an increase of 20 percent.
- Net profit after tax for the period amounted to SEK 38m (18).
- Earnings per share before and after dilution for the period amounted to SEK 0.80 (0.37).
- Cash flow for the period amounted to SEK 252m (73). Operating cash flow amounted to SEK 411m (237).
Summary of the six-month period
- Net revenue was SEK 4,845 million (4,388), an increase of 10 percent.
- Organic growth was 3.8 percent (2.2).
- Operating profit amounted to SEK 206m (141), an increase of 46 percent. Adjusted operating profit amounted to SEK 177m (141), an increase of 25 percent.
- Net profit after tax for the period amounted to SEK 88m (47).
- Earnings per share before and after dilution for the period amounted to SEK 1.85 (0.97).
- Cash flow for the period amounted to SEK 149m (-50). Operating cash flow amounted to SEK 479m (351).
Significant events in the second quarter of 2023 and after the reporting period
- On 21 June 2023, the Administrative Court announced that they have cancelled the Swedish Health and Social Care Inspectorate’s (IVO) decision to revoke Humana Assistans AB's permit to conduct operations.
- On 27 June 2023, the Swedish Social Insurance Agency (Försäkringskassan) announced that they have reapproved Humana Assistans AB as a recipient for assistance allowance.
- On 6 July 2023, IVO announced that they have decided not to appeal the Administrative Court’s decision, which thereafter has gained legal force.
President and CEO Johanna Rastad comments on the quarter
"Humana has a clearly formulated vision where the core is everyone’s right to a good life. This vision should be easy to embrace, yet the private choice for assistance care has clearly been challenged over the past six months. On 21 June 2023, the Administrative Court cancelled IVO’s revocation of Humana Assistans AB’s permit and shortly thereafter, the Swedish Social Insurance Agency (Försäkringskassan) announced that they once again approve us as a payment recipient. IVO has not appealed the ruling, which means we can finally put the legal proceedings behind us and focus on developing our company further.
Although the disturbance within Personal Assistance has a direct negative effect on results, Humana as a group remains strong, and we are growing organically, markedly improving our profitability and strengthening our cash flow."
Read the full comment in the report.
A webcast will be held on 21 July 2023 at 09:00 CET at which President and CEO Johanna Rastad and CFO Fredrik Larsson will present the report and answer questions. If you wish to take part via the webcast, use the following link.
If you wish to participate via conference call, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the conference call.
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This disclosure contains information that Humana AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 21-07-2023 08:00 CET.
Humana is a leading Nordic care company providing services within individual and family care, personal assistance, elderly care and special service housing in accordance with LSS. Humana has 20,000 employees in Sweden, Norway, Finland and Denmark providing care for 10,000 individuals and working to achieve the vision “Everyone is entitled to a good life”. In 2022, Humana’s net revenue was SEK 9,199m. Humana is listed on Nasdaq Stockholm and the company’s headquarters are located in Stockholm. Read more about Humana on: https://www.humanagroup.com/