TOP NEWS: NMC Looks To Promising 2018 After Strong 2017 Performance

7th Mar 2018 08:26

LONDON (Alliance News) - United Arab Emirates-focused healthcare company NMC Health PLC said on Wednesday it saw substantial growth in profit and revenue for 2017.

For the year, pretax profit rose to USD210.4 million, up from USD151.6 million the year before, on revenue that grew by 31% to USD1.60 billion from USD1.22 billion.

The greatest increase in revenue came from the group's Healthcare unit, which remained the biggest contributor, with revenue growth of 41% to USD1.61 billion from USD823.3 million the prior year. Distribution revenue meanwhile rose 13% to USD486.8 million from USD431.9 million.

During 2017, NMC's patient numbers increased by 34% to 5.8 million, and revenue per patient rose by 7.6% to USD189.3. Hospital bed occupancy however dropped by 270 basis points to 71.6% with the number of operational beds nearly doubling to 1,365 beds from 679 in 2016.

NMC Health declared a final dividend of 13.0 pence per share, up from 10.6p the year before. The group paid no interim dividend for either year.

NMC said it expects 2018 to be promising despite a challenging environment, with continued discipline in organic and inorganic expansion, sustained ramp up of utilisation at facilities and the integration of acquired assets.

"2017 proved to be a year of tremendous achievements for NMC, enhancing further the successful track record already achieved by the group in previous years. Qualification for the FTSE 100 index, consolidation of previous organic and inorganic expansions, extension of our geographic footprint and strengthening and deepening of the management structure all marked a very active year for NMC. In short, we see 2017 as setting the stage for many more years of growth for the company and we begin 2018 with confidence," said Chief Executive Officer Prasanth Manghat.

Shares in NMC Health were down 7.4% at 3,110.00 pence on Wednesday.

---

Related Shares:

NMC.L