25th Feb 2014 08:56
LONDON (Alliance News) - NMC Health PLC Tuesday raised its final dividend and expressed confidence for 2014, as it saw pretax profit rise in the full year ended December 31, 2013.
The United Arab Emirates-based private sector healthcare operator posted revenue of USD550.9 million, up from USD490.1 million in the previous year. The company saw a strong performance across its two main business lines, seeing 15% growth in its Healthcare division and 11% revenue growth in it Distribution division.
As a result of his higher revenue, pretax profit rose to USD69.1 million from USD59.8 million, although profit was hampered by higher general and administrative expenses, depreciation costs and a GBP210,000 impairment charge.
NMC raised its final dividend dividend 7.3% to 4.4 pence from 4.1 pence. NMC said that the macro-economic outlook for the UAE in 2014 remained positive. Dubai's decision in late 2013 to roll out mandatory healthcare insurance for residents has been positive for its business divisions, NMC said, as it has two hospitals and a day surgery in Dubai.
It also expects to strengthen its market position as a pharmaceutical distributor in Dubai through the opening of a General Hospital later in the year. NMC will add a total of three new hospitals and a day centre in 2014 and 2015.
Shares in NMC were trading up 2.2% at 456.90 pence Tuesday morning, the second biggest gainer on the FTSE 250.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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