UAE’s Al Noor Hospitals 2014 Profit Rises 36% On More Outpatients

Abu Dhabi’s Al Noor Hospitals reported a 36 per cent rise in 2014 net profit on Monday, helped by higher outpatient capacity.

The emirate’s largest private healthcare provider, which is listed in London, reported a net profit of $84 million for 2014, up from $61.7 million in 2013.

Revenue for the group, which operates three hospitals and 17 clinics in the United Arab Emirates, rose 23 per cent year-on-year to $449.1 million in 2014, a company statement said.

“This growth was driven predominantly by our increased outpatient capacity, the expansion of our network of medical centres and the impact of medical centre acquisitions,” Ronald Lavater, Al Noor Hospitals chief executive said in the statement.

The company has proposed a dividend of 0.127 pounds ($0.19) per share for 2014 compared to 0.09 pounds ($0.13) per share for 2013.

It plans to open four new medical centres in the UAE this year, Lavater said.

In October, Al Noor said it would allocate up to $200 million for acquisitions in 2015 as it expands its domestic operations and eyes expansion in the Gulf.

That amount could be utilised “if opportunities come,” Sami Alom, Al Noor chief strategy officer said in a conference call on Monday.

“We are focusing on the UAE in the short to medium term,” he said.

The group’s capital expenditure last year was $64 million, he said, with $31 million spent on acquisitions.