Brazilian medical education group Afya has reported third-quarter 2020 adjusted net income of 101.2 million reais (£14.8 million), up from 69 million reais reported for the third quarter of 2019 – a 46.7% increase.
Adjusted net revenue for the quarter was 313.3 million reais, up from 206.7 million reais reported for Q3 2019, a 51.6% increase.
The Nova Lima-based company also reported results for the first nine months of 2020. Its adjusted net income for the period was 307.8 million reais, up from 155.3 million reais reported for the first nine months of 2019, a 98.2% increase. Adjusted net revenue for the period was 859.8 million, up from 529.8 million reported for the same period last year, a 62.3% increase.
Afya chief executive Virgilio Gibbon said: “Although we are still in the midst of a pandemic, we have been able to successfully adapt to and navigate through the Covid-related challenges and continue to deliver solid financial results. Our performance this quarter reflects the resilience of our students, faculty and team members.
“From the start of this pandemic, we had to adapt with the speed and agility needed to stay focused on providing the high-quality educational experience that our students had come to expect from us while at the same time executing on our long-term strategic plan. During the quarter, we strategically enhanced our business and completed several acquisitions to support our platform for future growth and to solidify our market position.
“Even during challenging times, we were able to execute our strategy. We acquired FCMPB and FESAR adding 277 medical seats during the quarter. Afya’s total medical students reached 9,567, a 50% increase over the same period of the prior year, with operating seats increasing 24% and approved seats 19% higher.”
Date published: 7 December 2020