Procuring additional equipment to expand range of surgeries

Durrant Pate/Contributor

Medical diagnostic and real estate outfit, GWest Corporation is seeing its profitability improving as COVID-19 recedes in Jamaica.

The Montego Bay-based publicly listed company has just released its 2021-2022 annual report, showing a marked improvement in profitability. For the financial year ended March 31, 2022, the company made a net profit of J$24.17 million compared to a profit of J$21.19 million for the prior financial year.

This was due to the resolute work of the management, staff and board of directors in being able to successfully hold direct costs the same as last year, resulting in a nine per cent improvement in the company’s bottom line compared to the prior financial year. During the year, GWest completed the build out of its ambulatory surgery centre and overnight in-patient recovery unit, dubbed the GWest Medical and Surgery Centre, which commenced operations in April 2022.

Building capacity

GWest is now in the process of procuring additional equipment to expand its range of surgeries. The company is anticipating that, during the course of next financial year, as it builds capacity, the GWest Medical and Surgery Centre will serve to significantly improve revenues, profits and cash flows.

Acting Chairman Wayne A. Wray reports that the company “will continue to negotiate leasing and sale agreements of available space in the GWest building with several interested parties and expect to consummate several lease or sale contracts during the 2023 financial year”.

In addition, GWest is developing and executing strategies to increase the optimal use of its facilities, which will contribute to growth in revenues and, ultimately, profitability.

Turning to the impact of COVID-19, Wray said the pandemic has had an adverse effect on the company’s operations and other businesses in Jamaica and globally. Undoubtedly, this resulted in reduced patient traffic last fiscal year.

However, with the removal of COVID-19 restrictions, GWest has seen improved business activity going forward in the new financial year. The board of directors remains committed to executing the necessary strategies to diversify revenue sources and position the company to take advantage of the evolving opportunities in the health and wellness sector in a post-pandemic world.