The shareholders approved the annual report of InMedica – a network of medical clinics – and allotted part of the profit to the payment of dividends. InMedica will pay its shareholders € 2 million in dividends for 2021, which will account for 36% of the company’s total profits, most of which will be used for further business development. This decision was taken on the 31st of May at the InMedica shareholders’ meeting.
„The merger of InMedica with the MediCA Group in March allowed the company to optimize its working capital and pay out the resulting surplus funds to shareholders this year. The shareholders remain ready to invest the received dividends and additional funds as soon as it is needed – both to strengthen the company’s medical equipment base and establish new branches,” said Kęstutis Broniukaitis, the CEO of InMedica.
In 2021, the group’s turnover grew by 102 %: from € 18.0 million in 2020, up to € 36.3 million last year. Profits increased by € 1.6 million during the same period, up to € 5.6 million. According to Kęstutis Broniukaitis, the head of InMedica, such growth was determined by the consistent development of business growth strategy.
“Last year, we acquired and opened 7 new clinics in 3 cities of Lithuania, while also managing to ensure the smooth resumption of clinic operations after the Covid-19 pandemic. Improving and expanding the quality of our services remains a priority, with the bulk of profits – as much as 64% – allocated to be invested in the modernization of medical equipment and information systems, clinics of a new format that increase access to medical services for patients, and the recruitment, and retention of highly qualified professionals.
The increased profitability of the company and, for the first time in the history of InMedica, the decision made to pay dividends to shareholders, ensuring a return on investment, show the sustainability of the company. Shareholders trust us and positively assess the company’s future prospects,” emphasizes K. Broniukaitis.
After merging with MediCA Group, InMedica is the largest private healthcare service provider in Lithuania with a network of 76 clinics. InMedica provides diagnostic, outpatient, surgery, dentistry and other medical services. InMedica group consists of 57 family medicine centres, 6 broad-profile hub clinics, 7 specialized clinics, 6 walk-in clinics and 3 laboratories.
InMedica group has more than 2800 employees, provides healthcare services to more than 260 thousand registered patients and generated revenues over EUR 84 million. 45% of the shares of InMedica are owned by INVL Baltic Sea Growth Fund, one of the largest private equity investment funds in the Baltic States, through its subsidiary BSGF Sanus, 40% is controlled by Repharm, the largest Latvian private medicine group while the remaining 15% are owned by founder and CEO Kęstutis Broniukaitis through holding company Litgaja UAB.
About the INVL Baltic Sea Growth Fund
The INVL Baltic Sea Growth Fund, with a size of EUR 165 million, is one of the largest private equity funds in the Baltics and has the European Investment Fund (EIF) as its anchor investor. The EIF, which is a part of the European Investment Bank, has committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or ‘Junker Plan’) while also allocating resources from the Baltic Innovation Fund, a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. The initiative aims to increase capital investment in high-growth-potential small and medium-sized enterprises in the Baltics.
The fund seeks to assemble a diversified portfolio, targeting majority or significant minority stakes through investments of EUR 10 million to EUR 30 million in companies that demonstrate high growth potential and an ability to succeed in conditions of increasing global competition. The fund is focused on the Baltic countries and neighboring regions including Poland, the Nordics and Central Europe. The fund so far has invested in five companies in the healthcare, civil engineering, environmental management (plastic recycling and waste management) and cosmetic and hygiene products manufacturing sectors.
The fund is managed by one of Lithuania’s leading asset management companies, INVL Asset Management, which is part of the Invalda INVL group. The group’s companies manage pension and mutual funds, individual portfolios and private equity and other alternative investments. More than 250,000 clients in Lithuania and Latvia and international investors have entrusted the group with over EUR 1.5 billion of assets under management. Active since 1991, Invalda INVL has a solid 30-year track record of managing private equity and developing companies into market leaders in the Baltics and CEE.