Elite grows profit amid debt financing
Published:Friday | October 3, 2025 | 12:07 AM
Elite Diagnostics Limited, a provider of medical scanning services, posted net profit of $32 million, or nine cents per share, for the year ending June, a 22 per cent increase driven by steady growth and new debt financing.
“The business maintained solid fundamentals,” the company reported to shareholders. “Importantly, the successful issuance of a $400-million corporate bond provided financing for new equipment, technology upgrades, and general corporate needs, ensuring that Elite is well positioned to maintain best-in-class standards,” it said.
Revenue increased to $853 million, up from $821 million the previous year, while operating expenses rose to $570 million, up from $490 million.
Chairman Steven Gooden did not immediately respond to Financial Gleaner queries about the bond. However, the company’s financials show that the bond carries a 10 per cent interest rate, which helped reduce Elite’s overall financing costs from $63 million last year to $39 million this year — a one-third reduction that flowed directly to profit.
Elite’s performance comes amid broader challenges in the healthcare sector, including rising input costs and increased competition.
“This year reflected resilience, adaptability, and continued commitment to delivering world-class diagnostic imaging services across Jamaica, even in the face of industry headwinds,” the company said.
At year end, Elite reported total assets of $1.1 billion and capital of $543 million.