UAE healthcare firm says H1 profits slump 24%

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(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Al Noor Hospitals, the Abu Dhabi healthcare firm which raised $342m from a London listing in June, said total profit for the first half of the year fell 24.4 percent, posting its first financial results as a publicly traded company.

The oil-rich emirate's largest private healthcare provider reported a total profit of $24.8m for the first-half of the year compared with $32.8m for the same period last year, Al Noor said in a statement on Tuesday.

Underlying profit for the period, which excludes marketing costs associated with its London listing, rose to $34.1m, compared with $32.8m for the same period last year.

Revenue for the first half of the year rose 10.9 percent to $179.5m aided by rising life-style related diseases in the Gulf region.

Al Noor has the biggest market share among private health-care services providers in Abu Dhabi for both outpatients and inpatient, according to the company. The listing had valued the company $1bn.

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