"Fronditha Care is thriving" as profits surge 17% to $10M
Not For Profit Fronditha Care, which specialises in home care and residential aged care for Greek Australians, held its AGM this week, announcing a 25% increase in revenue and 17% increase profit.
The Not For Profit, which specialises in home care and residential aged care for Greek Australians, held its AGM, announcing a 25% increase in revenue to $106.9 million and a 17% increase in earnings before interest tax depreciation and amortisation (EBITDA) to $9.7 million.
"We have achieved significant growth in our operations and largest turnover in our history, with a larger workforce than ever before supporting more elders than we have done in our 47-year history," said Kostas Livadaras, Fronditha Care President and Board Chair.
"Fronditha Care is thriving," he said.
Occupancy at the provider's five aged care homes, four in Melbourne and one in Newcastle, 170km north of Sydney, was at an average of 98%.
The provider achieved a 5.5% increase in Home Care Packages to 1,050, and workforce grew 18% to 950. In 2021, Fronditha Care was facing a $10 million loss and possible insolvency, but the organisation has successfully turned the operations around. Earlier this year, CEO Faye Spiteri OAM told SATURDAY, building capacity of its clinical teams and efficiencies in health and lifestyle wellbeing teams to reduce agency use was key to the recovery. Converting staff from casual to permanent status also cut down on agency expenses. The group is also developing new models of culturally specific aged care through its Fronditha Care Foundation.
