Asiri Hospital Holdings

Asiri Hospital Holdings PLC (formerly Asiri Hospitals PLC), doing business as Asiri Health, is the largest private healthcare provider in Sri Lanka. The company commenced operations in 1986 and was listed on the Colombo Stock Exchange in the same year. Asiri Hospitals operate six hospitals and collectively has over an 800-bed capacity. Softlogic Holdings is the parent company of Asiri Hospitals group. Asiri Hospital Holdings ranked 57th in the LMD 100, an annual list of listed companies by revenue, in the 2020/21 edition.[2]

Asiri Hospital Holdings PLC
TypePublic
CSE: ASIR.N0000
ISINLK0010N00005
IndustryHealthcare
FoundedSeptember 29, 1980 (1980-09-29)
Headquarters
Colombo
,
Sri Lanka
Key people
  • Ashok Pathirage (Chairman/managing director)
  • Manjula Karunaratne (Chief Executive Officer)
RevenueIncrease LKR22,324 million (2022)
Increase LKR4,772 million (2022)
Increase LKR3,803 million (2022)
Total assetsIncrease LKR39,243 million (2022)
Total equityIncrease LKR15,823 million (2022)
ParentSoftlogic Holdings
SubsidiariesSee text
Websitewww.asirihealth.com
Footnotes / references
[1]

History

The company was incorporated in 1980. The company commenced operations in 1986 and was listed on the Colombo Stock Exchange in the same year. Asiri Group acquired Asha Central Hospital in 2007 and renamed the hospital Asiri Central Hospital. Asha Central Hospital's services in Cinnamon Gardens were transferred to Central Hospital in Norris Canal Road, Maradana.[3] Asiri Surgical Hospital PLC divested its stake of 32% in Asiri Central Hospitals PLC to Asiri Hospital Holdings for LKR1.82 billion in 2012 as a part of internal restructuring.[4] Subsequently, Asiri Central Hospitals PLC was delisted from the Colombo Stock Exchange and changed its legal name to Asiri Centrals Hospital Limited.[5] The hospital group's 30-years anniversary of operations was celebrated in 2014.[6]

TPG Growth acquired Actis's 28% stake in Asiri Hospitals in 2015. Asiri Hospitals shared 30% of private sector capacity in 2015.[7] Asiri Group was rebranded as Asiri Health in 2016 in all the group hospitals.[8] Asiri Hospitals Holdings acquired Hemas Galle Hospital from Hemas Holdings for LKR450 million in 2018. Hemas Galle Hospital was commissioned in 2009 with 50 beds.[9] Asiri Hospital Kandy Ltd., a wholly-owned subsidiary of Asiri Hospitals, amalgamated with the company in 2018 and ceased to exist.[10] Four hospitals of the group (Airi Surgical, Asiri Medical and Asiri Galle, Asiri Matara) received accreditation from the Australian Council on Healthcare Standards International in 2020.[11]

Operations

Asiri Hospitals is the largest listed hospital group in terms of both market capitalisation and bed count. Asiri Laboratories control 60% of the market share in the diagnostics market.[12] Inland Revenue Department imposed an LKR1.5 billion tax bill on Asiri Surgical Hospital, a subsidiary of Asiri Hospitals in 2016. Inland Revenue Department alleged that Asiri Surgical failed its agreement with the Board of Investment of Sri Lanka by not maintaining one ward with at least 10 beds and an outpatient unit for non-paying patients.[13] The company operate six hospitals, viz. Asiri Central, Asiri Surgical, Asiri Medical in Colombo, Asiri Kandy, Asiri Galle, and Asiri Matara. In total, these six hospitals have over an 800-bed capacity.[1] Asiri Hospitals divested a 50% stake in Asiri AOI Cancer Centre Pvt Ltd to Cancer Treatment Services International in 2017 for LKR212.5 million.[14] Nawaloka Hospitals and Durdans Hospital joined Doc990, a doctor appointment booking platform developed by a joint venture of Dialog Axiata and Asiri Hospital Holdings.[15] In 2022, Brand Finance estimated the brand value to be LKR2,450 million and ranked Asiri Health as the 42nd most valuable in the country.[16]

Subsidiaries
SubsidiaryStake
Asiri Central Hospitals Ltd99.06%
Asiri Hospital Matara (Pvt) Ltd.100%
Asiri Diagnostics Services (Pvt) Ltd.66.54%
Asiri Surgical Hospital PLC79.96%
Central Hospital Ltd99.73%
Asiri Laboratories (Pvt) Ltd.100%
Asiri Hospital Galle (Pvt) Ltd.100%
Asiri AOI Cancer Centre (Pvt) Ltd39.98%
Asiri Myanmar Limited100%
Asiri Diagnostic Services (Asia) Pte. Ltd100%

Source: Annual Report, 2021/22[1]

See also

References
  1. "Annual Report 2021/22" (PDF). cse.lk. Asiri Hospital Holdings PLC. Retrieved 22 August 2022.
  2. "Financial Profile". LMD 100. Media Services Pvt Ltd. Retrieved 22 August 2022.
  3. "Asiri Hospitals eyeing Bangladesh". The Sunday Times. Wijeya Newspapers. 13 June 2010. Retrieved 22 August 2022.
  4. "Asiri group continues with restructuring". Daily Mirror. Wijeya Newspapers. 19 December 2012. Retrieved 22 August 2022.
  5. "Asiri Central Hospitals changes from 'PLC' to 'Limited'". adaderana.lk. Ada Derana. 26 September 2014. Retrieved 22 August 2022.
  6. "Asiri Hospitals' Group marks 30 years of operations". The Sunday Times. Wijeya Newspapers. 19 October 2014. Retrieved 22 August 2022.
  7. Rajagopal, Divya (10 December 2015). "TPG Growth acquires 28% Actis stake in Asiri Hospitals Group". The Economic Times. Retrieved 22 August 2022.
  8. "Asiri Hospitals relaunches as 'Asiri Health'". Daily FT. Wijeya Newspapers. 12 January 2016. Retrieved 22 August 2022.
  9. "Sri Lanka's Asiri acquires Hemas Galle for Rs.450mn". Economy Next. Echelon Media. 5 November 2018. Retrieved 22 August 2022.
  10. "Asiri Hospital Holdings to amalgamate Asiri Hospital Kandy". Daily News. Associated Newspapers of Ceylon Limited. 17 December 2018. Retrieved 22 August 2022.
  11. "Four Asiri Group Hospitals awarded Australian Healthcare Accreditation". The Island. Upali Newspapers. 7 August 2020. Retrieved 22 August 2022.
  12. Sothylingam, Subecca. "Asiri Hospital Holdings" (PDF). ctclsa.lk. CT CLSA Securities. Retrieved 22 August 2022.
  13. Wijedasa, Namini (20 November 2016). "1.5 billion-rupee tax bill on Asiri Surgical Hospital". The Sunday Times. Wijeya Newspapers. Retrieved 22 August 2022.
  14. "Asiri Surgical divests 50% stake of cancer treatment centre for Rs.212.5mn". dailymirror.lk. Wijeya Newspapers. 4 October 2017. Retrieved 22 August 2022.
  15. "Nawaloka and Durdans Join Asiri in DOC990 Joint Venture with Dialog". dailymirror.lk. Wijeya Newspapers. 26 April 2018. Retrieved 22 August 2022.
  16. "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. p. 15. Retrieved 22 August 2022.
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