NMC Health posts revenue rise from UAE

NMC Health, the integrated healthcare provider focused on the United Arab Emirates, says revenues grew in the first half of 2012, during which it achieved a premium listing on the London Stock Exchange.

Total revenues from the hospitals, pharmacies and veterinary services it provides were $238m, an 8.4% rise on the same period of 2011.

Profits before tax were $27.5m versus the $22.8m seen in the prior year. Occupancy at its four hospitals rose from 51.6% to 60.3%.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

NMC is also investing heavily, with a $70m maternity hospital set to open in Abu Dhabi in December. Total capital expenditure in the first half was $37.1m.

NMC's Chief Executive, Dr B R Shetty, said: "Our expansion plans are progressing well and we are excited about our new facilities, in particular the opening of our new maternity hospital expected in the second half of this year.

The market was impressed with the group's first set of results since the IPO in April. At 8:16 the stock was up 4.4%, although since launch, NMC shares have still fallen 12.8%.

BS