GWest Corporation Limited is positioning itself for more consistent profitability as it prepares to procure a laparoscopic surgical system after receiving hospital status from the Ministry of Health & Wellness (MOHW).

The Junior Market company has been deepening relationships with overseas medical partners while expanding the capacity of its GWest Centre, a four-storey commercial complex, in Fairview, Montego Bay, St James. The MOHW recently upgraded the facility from ambulatory status to hospital status.

“Hospital status positions GWest to expand the range and complexity of services offered while strengthening our role within Jamaica’s health-care system,” the company stated in its annual report for the year ended March 2026.

Under its previous designation, GWest could provide surgical services only to patients who did not require an overnight stay. The upgrade to hospital status allows the company to provide a wider range of inpatient services at its facility and accommodate patients overnight following surgical procedures. The company currently provides integrated health-care services through its self-managed general practice facility, ambulatory surgery centre and urgent care centre, as well as a laboratory operated by Microlabs Limited.

“As part of our commitment to expanding the range and quality of healthcare services available to our patients, the Company has undertaken to procure a state-of-the-art laparoscopic surgical system. This investment will significantly enhance our surgical capabilities by enabling a broader range of minimally invasive procedures, improving patient outcomes, reducing recovery times, and strengthening GWest’s position as a leading provider of advanced surgical services in Jamaica,” stated acting chairman Wayne Wray in his chairman’s statement.

GWest earns income from leasing units it owns at the GWest Centre and providing medical services. The company’s lease revenue grew four per cent to $83.07 million, with 31 per cent of this revenue arising from four related parties. GWest’s revenue from medical services grew seven per cent to $200.83 million.

GWest’s operating profit nearly tripled from $6.53 million to $18.06 million. However, the result included $26 million in fair-value gains on its investment property in each year. Excluding those gains, the company would have recorded an operating loss of approximately $7.94 million in 2026, narrowed from $19.47 million in 2025. With finance costs falling 29 per cent to $34.39 million, GWest’s loss before tax narrowed from $41.48 million to $16.33 million. The net loss for the year declined from $35.19 million to $20 million.

“While we have not yet reached our profitability objectives, these results clearly indicate that the strategies implemented by management are delivering measurable and encouraging outcomes,” the chairman noted of the company’s financial performance.

GWest expanded its medical tourism offerings during 2025 through a partnership with US board-certified surgeons. It is now moving to strengthen referrals to the facility by establishing additional remote nursing stations in communities. The company plans to expand its inpatient services while enhancing its recovery facilities to improve patient outcomes.

“With hospital status now achieved, continued investment in technology, the expansion of inpatient services, stronger physician partnerships, and the development of remote-based nursing stations, GWest is exceptionally well positioned to deliver sustainable growth while creating long-term value for our patients, physicians, shareholders, and the wider Jamaican community,” the company’s report stated.

GWest’s total assets fell five per cent to $1.58 billion as current assets declined 13 per cent to $148.38 million. GWest’s total liabilities fell six per cent to $929.11 million, including $91.71 million in external debt and $424.44 million in shareholder loans. GWest’s equity declined three per cent to $647.86 million.

GWest’s stock closed Tuesday at $0.58 leaving it down 26 per cent in 2026 and giving the company a market capitalisation of $281.21 million. GWest listed in December 2017 at $2.50 per share.

Bull Investments Limited, which is controlled by interim CEO Wayne Gentles, remains the company’s largest shareholder with a 14.1611 per cent stake. The 10 largest shareholders own 78.7093 per cent of the company.

Gentles and Wray served as interim CEO and acting chairman since November 2020 following the exit of Konrad Kirlew as chairman and CEO. While the company reported net profits from 2021 to 2023, those earnings were largely driven by fair value gains on the company’s investment property. The hospital designation and planned investments form part of the western Jamaica-based company’s effort to generate consistent operating profits.

“Our strategic priority is to become the partner of choice for physicians by providing an environment that supports clinical excellence, efficiency, and patient-centred care. We will continue to strengthen relationships with consultants and specialists by expanding the range of services, improving operating theatre capabilities, and providing access to advanced medical technology that enhances patient outcomes,” the annual report said.