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Thu 22 Aug 2019 12:22 PM

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NMC registers 32.6% increase in revenue for H1 2019

CEO Prasanth Manghat refused to comment on reports Chinese investors are looking to buy a 40% stake in company

NMC registers 32.6% increase in revenue for H1 2019

NMC, the leading GCC and international private healthcare operator, has reported a 32.6 percent growth in revenues for the first half of 2019 at $1.236 billion, compared to $932m over the same period in 2018.

However, the London-listed company, which is reportedly worth up to $1.9bn, refused to comment on reports that two groups, including one backed by China’s Fosun, have made competing offers to buy a 40 percent stake in it.

Prasanth Manghat, chief executive officer, said: “Management is committed to all shareholders, and all actions if pertaining to us will be in best interest of all shareholders.”

The increase in revenue has been attributed to NMC management’s verticals-based strategy to capitalise on healthcare markets in the UAE and wider GCC.

Manghat said: “NMC Health again achieved strong performance in the first six months of the year, as we continue to deliver on our growth strategy in our attractive target markets. Our ability to perform strongly in a challenging environment testament to NMC’s strategy of developing niche, differentiated verticals in our core markets that provide the best possible care for our patients.”

NMC served a total of 4 million patients in the first half of the year (up 16.7 percent), with 1,922 operational beds (an increase from 1,530 in H1 2018).

Manghat added: “The Board remains committed to continuously improving transparency and enhancing the Group’s governance and ESG framework. The establishment of a new committee to oversee all related party activities in addition to the current robust program is a good example in this regard.”

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