In 4Q16, CHC earnings grew EGP31.2mn (post minority interest) in 4Q16 vs. EGP20mn in 3Q16, boosted by: i) 11% Q-o-Q growth in revenue to EGP238mn (+13% Y-o-Y on a pro forma basis, as per management); growth was largely driven by higher surgeries revenue (+24% Q-o-Q), cardiac catheterisation (+29%), and inpatients (+7%); ii) improvement in EBIT margin Q-o-Q; iii) provision reversal of EGP5.4mn; and iv) higher interest income of EGP18mn in 4Q16 vs. EGP8mn in 4Q16, driven by IPO proceeds that are not yet utilised. The group took a decision to free-float the price of all consumables to hedge against cost volatility and mitigate FX risks. In FY16, earnings reached EGP76.3mn, up 73% from FY15 on a pro forma basis. Revenue was EGP864mn, up 16% from FY15 pro-forma revenue, driven by higher volumes (+7%) and prices (+9%). The largest contributors to the group’s revenue was Cleopatra Hospital (44%), followed by CSH (21%), NBH (18%) and Al Shorouk (17%). Management clarified that the restructuring and renovations of hospitals are ongoing and that it is conducting due diligence on a potential acquisition of a hospital in Cairo (announcement expected in 1H17) and is reviewing a number of brownfield acquisitions. Also, it is targeting opening two polyclinics in East and West Cairo by 4Q17. Please note that we have temporarily suspended coverage of Cleopatra Hospital Company (CHC) end-2016 as our Investment Banking division is advising CHC on its mandatory tender offer to acquire the remaining stake of its subsidiary, Cairo Specialised Hospital (CSH).