UAE-based NMC Healthcare has revealed positive financial results for the third quarter as the troubled company continues its course to exit administration and hand over to new ownership before the end of the year.
NMC’s UAE and Oman business saw gross revenues reach $915 million, up from $816m announced for the same period last year, which is 8 percent ahead of the business plan, according to a statement on Monday.
The number of patient encounters across the group is 6.7 million in the year-to-date, as opposed to 3.7 million for the corresponding period in 2020.
Back in September companies of NMC secured an agreement from creditors to exit administration.
Following a vote, 95 percent of creditors voted in favour of the proposed deeds of company arrangement (DOCA) restructuring process that will see 34 NMC group companies come out of administration.
It came almost 18 months since NMC Health was originally placed into administration by the High Court of Justice, Business and Property Courts of England and Wales, while it was the end of September 2020 that a number of entities of the NMC Healthcare Group were placed in administration under Abu Dhabi Global Market Regulations.
Richard Fleming (pictured below), managing director of Alvarez & Marsal Europe LLP and joint administrator of NMC PLC and NMC Healthcare, said: “We are looking forward to successfully delivering the new NMC Health out of administration to its new owners on 16 December 16, 2021. It’s been a long road and we have had to overcome many obstacles, but we are very grateful to all our stakeholders who have universally rallied behind the NMC team to make it happen.
“We are now entering the finishing straight and need one last effort to pull together the final elements to get over the line.
“After significant operational and financial restructuring NMC is better placed than ever to take advantage of the new opportunities ahead ensuring that the excellent quality of care offered to patients in the group’s facilities continues.”
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