The Santa Casa da Misericórdia de Lisboa concluded 2024 with a net profit exceeding 30 million euros, as revealed in the Management and Accounts Report for 2024 released today. This marks a significant turnaround from the 2.5 million euros at the end of 2023, following three consecutive years of losses.
Speaking to media, the Minister of Labor, Solidarity and Social Security expressed a “positive outlook,” highlighting the reversal of a decline that had persisted since 2019.
“This is a historic result, showcasing six months of intense recovery activity, both in financial recovery and the revitalization of social action,” stated Maria do Rosário Palma Ramalho.
She recalled that in 2018, Santa Casa had a financial reserve of “more than 200 million euros,” whereas the current government inherited a financial availability of under 20 million euros.
The minister emphasized that the implementation of the restructuring plan, introduced by the current board, “was essential.” She maintained that “an institution of this size, especially in its previous state, cannot operate without a financial restructuring plan that complements its normal activities.”
“This year’s management and accounts report demonstrates that all regular activities have resumed, and social action has been revitalized. The financial restructuring plan, driven notably by the gaming sector’s contributions and the resurgence of social action, were pivotal in executing this year’s restructuring strategy,” highlighted Maria do Rosário Palma Ramalho.
She argued that “inaction in management equates to poor management,” noting that this was the situation when she took over the Ministry of Labor, Solidarity and Social Security. She stressed that “inaction resulted in accumulated losses and a failure to fulfill the mission.”
“We now have a fully revitalized activity in terms of social action, thereby restoring the mission,” the minister affirmed.
The minister further explained that “saving Santa Casa” was at stake, which justified the decision to appoint a “crisis manager” to lead the institution in the coming years, emphasizing that SCML was “on the brink of disappearing.”
“We couldn’t allow that to happen, and only a financial manager, particularly one specializing in crisis management, could turn things around. I am very pleased, after a year, to see this result and to have, in fact, saved Santa Casa, not for itself, but to fulfill its assistive mission,” the minister added.
