Al Noor Hospitals Q3 revenue hits $84m
Abu Dhabi, October 24, 2013
Abu Dhabi-based Al Noor Hospitals Group has posted revenues of $84 million during the three months to September 30, as against $75.4 million during the corresponding period in 2012, marking an increase of 11.4 per cent.
The number of revenue generating physicians also increased by 22.9 per cent, from 340 to 418, a company statement said, adding that the Group hopes to achieve its target of hiring up to 100 additional physicians in 2013.
The Group continued to perform in line with the expectation in Q3 2013, demonstrating topline growth and increased patient volumes. Underlying EBITDA margin levels remain as expected.
The Group has successfully concluded the purchase agreements for two acquisitions including the 75 per cent acquisition of the Al Madar Clinic in Al Ain City and the 75 per cent acquisition of the Manchester Clinic in Jumeirah, Dubai. The two acquisitions together were valued at $16 million.
During the first three quarters, three medical centers have been commissioned at Mamura in Abu Dhabi, Sanaya in Al Ain and Muscat in the Sultanate of Oman. In addition, the Group plans to open two new medical centers by the end of this year in Abu Dhabi as part of its organic growth plan.
The Group continues to remain debt free with a strong net cash position allowing Al Noor to continue exploring further acquisition opportunities. In addition, the Group has a committed $81.7 million working capital and acquisition revolver facility expiring on 21/11/2017 that is unutilized and available for future use.
Dr Kassem Alom, CEO, Al Noor Hospitals Group, said: “Trading in the third quarter has been in line with management expectations and we continue to make good progress hiring and retaining our physicians, who are essential to our success. Overall we remain on track to meet our expectations for the full year and continue to view the outlook with confidence.”
“We have successfully concluded the purchase agreements on two acquisitions comprising; Al Madar Medical Centre, a successful medical centre primarily focused on dentistry and cosmetics in an Emirati neighborhood in Al Ain and Manchester Clinic our first step into the Dubai market,” he added. – TradeArabia News Service
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