NMC Reports Rise In Q1 Revenues

The UAE healthcare provider said that revenues rose 18 per cent to $166.4 million during the period.

UAE healthcare provider NMC Health announced on Monday that its total revenues increased 18.4 per cent during the first quarter of the year to $166.4 million, up from $140.4 million during the same period last year.

Revenue in the Healthcare division increased 22.3 per cent year-on-year to $84.1 million, the company said in a statement.

“This was as a result of increased occupancy levels and outpatients in all facilities, as well as an increase in the number of higher revenue clinical procedures in 2012,” it said, adding that occupancy levels rose to 60.7 per cent during the quarter.

Distribution division revenues also increased 14.7 per cent year-on-year to $82.3 million mainly due to the introduction of new products, NMC said.

“The capital projects that were set out in the Company’s IPO Prospectus are also progressing as planned and on budget,” it added.

NMC plans to complete the acquisition of Healthcare Suites, a day patient medical centre in Dubai, at the beginning of July 2012.

The development of its new maternity hospital in Abu Dhabi is also continuing as per schedule and is expected to open in the second half of this year.

Work has also started on the day patient medical centres in Mussafah and Dubai Investment Park and both will begin operations in the fourth quarter of this year, NMC said.

Last month, the company raised 117 million ($186.9 million) from an IPO on the London stock exchange. The first Abu Dhabi company to list on London’s main market, NMC said that the funds would be used to finance further growth opportunities.