NMC Health CEO Prasanth Manghat also announces strong start to 2019
UAE-based private healthcare operator NMC Health on Thursday reported record annual net profits of $251.9 million, an increase of more than 20 percent on 2017.
The company also posted record revenues of more than $2 billion last year on the back of continued efficiencies at existing facilities and successful integration of acquired assets.
It said the healthcare division continued to drive NMC's growth with expansion into Saudi Arabia and extension of the IVF platform.
The company added that it has seen a strong start to this year, reinforcing confidence in operational performance and outlook for 2019 of a rise of 22-24 percent in revenue growth.
Prasanth Manghat, CEO, said: “2018 was another year of records for NMC. From an operational standpoint, several high-profile strategic initiatives were completed, which will further cement our position as the leading healthcare operator in the region.
"Margin enhancement and improving cash flows remain the cornerstone of our financial performance. With nearly half of our operational beds in ramp-up phase, this trend is set to continue for the foreseeable future. As operations at our key assets, such as NMC Royal and our Saudi portfolio, move towards maturity, income and cash generation are expected to improve significantly in the short to medium term."
He said the company's strong operational performance also continues to benefit from sustained economic expansion in its core markets, with its home market of the UAE projected to grow at 3.1 percent in 2019 by the Institute of International Finance.
"We continue to see the future with optimism and feel that NMC remains ideally positioned to capitalize on growth opportunities in its key markets.”