NMC Health revenue rises
Dubai, May 15, 2012
NMC Health, a leading integrated healthcare provider operating across the UAE, has reported a revenue of $166.4 million for the four months up to April 30.
Revenue in the group’s Healthcare division increased 22.3 per cent to $84.1 million on a year on year basis, reflecting an increase in occupancy levels and outpatients in all facilities, said a statement.
Revenue in the Distribution division increased 14.7 per cent to $82.3 million on a year on year basis primarily from the introduction of new products into the company’s portfolio in 2012, it said.
The capital projects that were set out in the company’s IPO Prospectus are progressing as planned and on budget, the statement added.
The company has drawn down $120 million of its JP Morgan loan facility to date. Net cash as at April 30 was $282.4 million, it said.
Dr B R Shetty, chief executive officer, said: “We are very pleased with our good performance so far this year in both our Healthcare and Distribution divisions. The increase in occupancy is a testament to the hard work of all our staff in making patient care their primary responsibility.
“At this early stage of the year we continue to trade in line with the board's expectations for 2012,” he said.
NMC anticipates completing the acquisition of Healthcare Suites, a fully operational day patient medical centre in Dubai, at the beginning of July 2012.
The development of a new maternity hospital in Abu Dhabi is continuing to plan. The facility will focus on maternity, paediatric care and in-vitro fertilisation and is expected to open in the second half of 2012 with the provision of 50 beds at opening, the statement said.
Work has also started in relation to the development of day patient medical centres in Mussafah and Dubai Investment Park. Both these facilities remain on track to commence operations in Q4, 2012. – TradeArabia News Service
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