Brazilian medical education group Afya has reported second-quarter 2021 adjusted net income of 65.1 million reais (£9 million), down from 89.6 million reais reported for the second quarter of 2020 – a 27.3% reduction.
Adjusted net revenue for the quarter was 372.4 million reais, up from 274.2 million reais reported for Q2 2020, a 35.8% increase.
The Nova Lima-based company also reported results for the first six months of 2021. Its adjusted net income for the period was 225.1 million reais, up from 221 million reais reported for the first six months of 2020, a 1.8% increase. Adjusted net revenue for the period was 766.7 million reais, up from 546.5 million reais reported for the same period last year, a 40.3% increase.
Afya chief executive Virgilio Gibbon said: We’re proud to report strong operational and financial results, surpassing the guidance issued to the market – over 40% revenue growth and record second-quarter EBITDA margin. The pandemic is not over and due to our dedicated employees, we were able to increase our cash flow generation to the highest level since March, 2020, to continue extracting synergies of our recently acquired companies and to execute our digital strategy.”
Date published: 10 September 2021