By Daniel Shane
UAE-based, London Stock Exchange listed firm sees net profit hit US$27.5m in first half
UAE-based private healthcare provider NMC Health recorded a 21 percent increase in net profit to US$27.5m in 1H2012.
The group, which listed on the London Stock Exchange in a US$182m IPO in April, saw total revenues for the six months to June 30 rise 8.4 percent to US$238m.
NMC operates four hospitals, a day care medical centre and eight pharmacies across the emirates. During the half NMC saw occupancy increase to 60.3 percent from 51.6 percent in the year ago period, while average revenue per patient rose 4.5 percent to US$102.6. Inpatient and outpatient numbers rose by 15.6 percent and 8.4 percent, respectively.
“NMC is well positioned to benefit from the expected growth in the healthcare market across the UAE,” said CEO BR Shetty. “Our outlook for the remainder of the financial year is positive.”
In a statement announcing its first half results, NMC said that the introduction of mandatory health insurance in Dubai and Sharjah could benefit the firm financially, although any upswing could be tempered by recently announced tariff changes in Abu Dhabi.
The company also said that the introduction of a fast-track procedure that would allow doctors to be licensed across multiple emirates could help NMC in expanding into new, low volume markets.
Capital expenditure during the period reached US$37.1m, up from US$12.9m in full-year 2011.
Total debt at the end of the half was US$251.8m, up from US$182.2m at the end of last year, while total cash rose to US$276.6m from US$54.1m in December.
NMC has US$327m worth of capital projects set to open in 2012-2013, including Brightpoint maternity hospital in Abu Dhabi and medical facilities in Dubai Investment Park and Khalifa City in the UAE capital.
In a recent interview with Arabian Business, Shetty said NMC planned to open hospitals in the Qatari capital Doha and Saudi Arabia.For all the latest health tips & news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
NMC Health will always flourish under the able leadership & guidance of Dr. B. R. Shetty.
With new expansion projects coming up, things can only look bright for NMC Health !!