23rd Oct 2013 11:41
LONDON (Alliance News) - Al Noor Hospitals Group PLC Wednesday said that it continued to perform in line with expectations in the third quarter of the year, reporting revenue growth and increased patient volumes.
The private healthcare provider in Abu Dhabi in United Arab Emirates, which floated on the London main market in June, said revenue rose 11.4% to USD84 million in the three months to September 30, up from USD75.4 million the year before.
"Overall we remain on track to meet our expectations for the full year and continue to view the outlook with confidence," said Chief Executive Officer Kassem Alom in a statement.
Al Noor said that the number of revenue-generating physicians increased by 78 in the first three quarters of the year, to 418. It said it remains confident in achieving its target of hiring between 90 and 100 additional physicians in 2013.
The company said that it has successful completed two new acquisitions, including a 75% stake in Al Madar Clinic, a medical centre primarily focused on dentistry and cosmetics, and a 75% stake in Dubai-based, Manchester Clinic. It said that the two acquisitions together were valued at USD16 million.
It also said that three medical centres were commissioned during the first three quarters, and that it plans to open two new medical centres in Dubai by the end of the year, as part of its organic growth plan.
The group said that it continues to remain debt free, with a strong net cash position, allowing it to continue exploring further acquisition opportunities.
Al Noor Hospitals Group Shares were up 0.8% Wednesday morning, trading at 891.90 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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