14th Mar 2016 07:32
LONDON (Alliance News) - NMC Health PLC on Monday gave a positive outlook for the year ahead, expecting strong growth from its enlarged network, as the private hospital group reported a rise in pretax profit for 2015.
In addition to operating hospitals in the United Arab Emirates, NMC provides fertility treatments in Spain through its subsidiary Clinica Eugin, which it acquired in February 2015.
NMC reported a pretax profit of USD85.4 million in 2015, up from 7.5 million in 2014, as a rise in revenue to 880.9 million from 643.9 million was partly offset by a rise in general and administrative expenses and by higher depreciation and and amortisation costs.
NMC's revenue growth was partly driven by five acquisitions throughout the year, on top of a strong organic performance, it said, helped by a strong inpatient and outpatient performance at its existing hospitals and medical centres.
The company said that it expects a good year for the UAE economy in 2016, supported by a reasonable gross domestic product growth of around 3% despite lower oil prices, based on forecasts from rating agencies.
For NMC more specifically, the company expects growth to be driven by the ongoing adoption of mandatory healthcare insurance in Dubai.
NMC maintained its dividend for the year at 6.2 pence per share.
"2015 was a transformative year for NMC Health, signalling the approaching completion of our capital development programme initiated by our listing on the London Stock Exchange in 2012, and marking the beginning of the next phase of our growth," said NMC Health Chief Executive Bavaguthu Raghuram Shetty in a statement.
"Our rapid expansion both organically and through acquisitions, during 2015 accelerated our growth and widened our offering of high quality healthcare services in an unprecedented manner to the benefit of UAE residents and citizens," Shetty added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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