26th Aug 2015 06:48
LONDON (Alliance News) - NMC Health PLC Wednesday said it views its outlook for the remainder of 2015 and for 2016 with confidence, as it posted a rise in pretax profit for its first half.
The company posted a pretax profit of USD41.5 million for the half year to end-June, up from USD40.9 million a year before, as a rise in revenue to USD393.8 million from USD314.3 million was partly offset by costs related to acquisitions, and depreciation of USD12.7 million.
Revenue growth was driven by strong performances from its three speciality hospitals in Abu Dhabi, Al Ain and particularly Dubai, which was boosted by the roll-out of mandatory insurance in Dubai in the fourth quarter of 2015.
During the half year, the company continued to complete acquisitions as part of its expansion strategy, buying up fertility treatment provider Clinica Eugin in Spain in February, Americare in April, and following the year-end ProVita International Medical Center LLC for USD160.6 million in August.
ProVita operates 90 beds in Abu Dhabi, the company said, and is due to open a further 30 beds before the end of the third quarter of 2015. NMC Health said it is continuing to asses potentially attractive opportunities for further business expansion.
The private healthcare provider said that the general macro-economic outlook for the United Arab Emirates remains positive, as on-going population growth, led by the inflow of expatriates, and increasing medical insurance penetration rates continue to expand the healthcare market.
"I view the remainder of 2015 with confidence and look forward to the continued expansion of operations at our new hospitals, integration and unlocking of synergies with the recently acquired entities and successful implementation of partnership agreements to further enhance our medical expertise," said Chief Executive Officer Bavaguthu Raghuram Shetty in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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