3rd Mar 2014 11:15
LONDON (Alliance News) - Al Noor Hospitals Group PLC Monday reported an increase in profit and revenue for the full-year, driven by a 11.1% and 13.7% growth in outpatient and inpatient volume, respectively.
The Abu Dhabi-based private healthcare provider, posted pretax profit of USD61.5 million for 2013, up from USD60.5 million, as revenue rose 12.5% to USD365.0 million from USD324.4 million a year earlier.
As a result the company, which listed in June last year proposed a first annual dividend of 9 pence per share, amounting to 28% of the profit after tax for the full-year.
Outpatient visits totalled 1.7 million from 1.5 million, while inpatient admissions reached 40,475 compared with 35,590 in 2012.
The FTSE250 company said outpatient revenue rose to USD274.5 million from USD241.0 million, while inpatient revenue rose to USD90.6 million from USD83.4 million a year earlier.
Al Noor hired 78 net additional revenue generating doctors in 2013, in addition to the 42 doctors that were added from two acquisitions. The firm bought Manchester Clinic in Jumeirah and Al Madar Medical Centre in Al Ain for a combined fee of USD16 million.
"The hiring of doctors has enabled the company to add new services and expand existing services across all its hospitals and clinics," it said.
Financially, at the end of the period the firm said it had net cash of USD107.4 million and a committed unutilised revolver facility of USD82 million.
The stock was trading at 880.00 pence Monday, down 10.00 pence or 1.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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