CEO of healthcare firm NMC Health delivers upbeat message for UAE healthcare growth in 2019 and beyond
UAE-based healthcare firm NMC Health said on Monday that revenues grew by more than 20 percent in the first half of 2018 to $932 million.
The company also posted a 32.1 percent increase in earnings (EBITDA) to $225.5 million for the first six months of the year as CEO Prasanth Manghat forecast that growth would continue into 2019 and beyond.
Growth was driven in the first half of this year by a strong performance in its healthcare division, which operates hospitals around the UAE.
Revenues for the division were up by 25.8 percent to $706 million, accounting for 73 percent of the total.
The company said hospital bed occupancy rates reached 69.9 percent while operational beds increased from 1,129 beds to 1,530 beds, an increase of 35.5 percent.
Manghat said: “The first half of 2018 saw NMC continue to demonstrate strong organic growth alongside complementary acquisitions, resulting in the realisation of improved financial results which more fully reflect the effect of previous integration and revenue enhancing activities.
"Our previously announced agreement with Hassana Investment Company to form a joint venture, good macro-economic conditions in the healthcare sector in Saudi Arabia, and a strong country management team provides an exciting platform from which our Saudi Arabian business will be grown further.
"We therefore see continuing good growth potential across different parts of the group in 2019 and beyond and remain confident in the long-term prospects of the business as we enter the second half of 2018.”