29th Apr 2014 08:51
LONDON (Alliance News) - NMC Health PLC said Tuesday revenues rose 11% in the first quarter to March 31, driven by higher occupancy levels and good trading conditions.
The private healthcare network operator in the United Arab Emirates posted revenue of USD153.8 million, up from USD139.0 million in the previous year.
Healthcare revenues were up 10% to USD79.2 million from USD71.8 million, as occupancy levels at its hospitals rose to 71.3% in the first quarter from 64.7% at the end of 2013.
The company said it expects the implementation of mandatory healthcare insurance in Dubai to begin in the fourth quarter of 2014. It expects to see benefits from this from 2015 onwards. It will add a total of 410 new beds to its capacity in 2014 and 2014 it said.
In its Distribution revenues also rose 10% to USD85.1 million from USD77.3 million, driven by positive economic conditions and the ramp-up in sales of products it introduced last year.
The division signed distribution agreements with several bands during the quarter, including National Food Industries Co Ltd's Luna Brand and Super-Max Ltd.
The company said it was on track with its projects and will open three new healthcare facilities during the year.
NMC had net debt of USD69.4 million as at March 31, which it said was in line with its expectations.
Shares in NMC were trading up 3.2% at 465.30 pence Tuesday morning, putting them in the top-10 gainers in the FTSE 250.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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