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Dr Shetty ... robust growth ahead.

NMC 2015 revenue up 37pc to top $880m

LONDON, March 14, 2016

NMC Health, the leading integrated private healthcare provider operating across the UAE, has posted revenue of $880.9 million for 2015 as against $643.9 million in the previous year, an increase of 36.8 per cent.

Net profit increased by 10.6 per cent to S$85.8 million compared to $77.5 million in 2014, while proforma net profit increased by 27.4 per cent to $98.8 million.

Healthcare division revenue increased by 55.7 per cent to $517.1 million during the year, while proforma healthcare revenues increased by 73.1 per cent to $575 million.

Reported EBITDA increased by 46.7 per cent to $150.3 million. Proforma EBITDA increased by 61.2 per cent to $165.2 million.

Healthcare division’s patients increased by 34.3 per cent to 3.2 million during 2015.

Dr B R Shetty, chief executive officer, said: “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.”

“During our forty year history of operating in the United Arab Emirates, we have achieved countless milestones in the development of NMC’s healthcare delivery platform. However, 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,” he added.

Outlook

“Rapid expansion, as we have experienced this year, always presents its challenges and I would like to thank my fellow members of the Board of Directors, the senior management team and our shareholders for their continued support and dedication throughout the year,” said Dr Shetty.

“Most importantly, I would like to thank the employees of NMC and its newly acquired local and international healthcare assets for their tireless efforts to provide the United Arab Emirates’ and the region’s growing population with increased access domestically to quality healthcare services and products, as we have done so for the last four decades.

“Our transformation from a small pharmacy and clinic over 40 years ago into an internationally recognised provider of healthcare services could not have been possible without the unparalleled support of the UAE government and its residents and I extend my sincerest thanks to you for your encouragement.

“We expect a good year for the UAE economy in 2016 supported by a reasonable GDP growth of around 3 per cent despite the lower oil prices, based on forecasts by leading rating agencies.

“However, for the local healthcare sector the key accelerating driver of growth will be the on-going adoption of mandatory healthcare insurance in Dubai and the expected increase in covered patient rising from 1 million to 3 million according to Dubai Healthcare Authority (DHA).

“Most specifically for NMC, we expect strong growth coming from our enlarged network, its growing specialisms and the introduction of higher value added services especially through our single specialty verticals,” Dr Shetty concluded. – TradeArabia News Service




Tags: profit | NMC Health |

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