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Tue 20 Aug 2013 01:36 PM

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UAE's NMC Health says profits up 17% in H1

Largest private healthcare firm in UAE sees steady increase in inpatient numbers

UAE's NMC Health says profits up 17% in H1
Dr BR Shetty, CEO, NMC.

UAE-based private healthcare provider NMC Health recorded a 17 percent increase in net profit to $32.3m during the first half of 2013.

The company, which listed on the London Stock Exchange in April 2012, reported a 14.8 percent rise in group revenue to $273.1m.

Revenue generated by NMC’s healthcare division was up by 17.3 percent as inpatient numbers rose by 8.6 percent to 18,770 and average revenue per patient by 9.2 percent to $112. Revenue derived from NMC’s distribution unit increased by 11.9 percent to $147.1m during the six-month period.

“Our continued focus on clinical specialisms specialities and Centres of Excellence, together with our drive to introduce new product lines into the Distribution division, is again driving growth across the group,” commented Dr BR Shetty, CEO, NMC.

During H1 total capital expenditure at NMC was down 9.4 percent to $33.6m. Current projects include the $89m, 50-bed Brightpoint Maternity Hospital in Abu Dhabi, whose opening has been pushed back to the first half of next year.

Its $200m Khalifa City Hospital, also in the UAE capital, is due to open in 2015, while it is also building a $6m medical centre in the oasis city of Al Ain.

NMC is also developing a $30m general hospital on the outskirts of Dubai, due to open next year.

In its financial statement NMC said that a decision by the UAE government to restructure pharmaceutical pricing had so far had “minimal impact” on its financial performance to date. NMC added that it had a “sufficiently strong network” to support the potential introduction of mandatory healthcare insurance in Dubai, and was also monitoring similar regulatory developments across the GCC.

NMC, founded in 1975, currently operates five hospitals, as well as a number of medical centres and pharmacies.

Healthcare spending in the GCC is anticipated to increase to $79bn by 2015, according to a recent study by Kuwait Financial Centre.

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