(MENAFN- Khaleej Times)NMC Health plc profit rose 41 per cent year-on-year to $58 million in the first six months of the year on stronger revenues from new acquisitions.
The London listed healthcare company reported revenues growing by 25.3 per cent year-on-year to $393.8 million in January-June period 2015. Strong performance across all major assets contribution from acquisitions and better than expected impact from Dubai mandatory insurance. Revenue per patient increased 10.4 per cent to $125.7 while patient visits grew by 28.7 per cent year-on-year to reach 1.48 million. NMC's stock had its "buy" rating reissued by stock analysts at Jefferies Group in a research report issued on Wednesday Analyst Ratings Network.com reports. The healthcare providers currently have a GBX 1120 ($17.55) price target on the stock. The healthcare company continued its capacity expansion program with the recent openings of Brightpoint Royal Women's Hospital DIP General Hospital Al Ain Medical Centre and MBZC Day Surgery in the UAE. All four assets achieved better than expected operational and financial performance during the period Dr B.R.Shetty said. The group prepared to launch of operations at its 250 bed NMC Royal Hospital in Abu Dhabi City which will open to outpatient services on 1 September 2015 with inpatient services expected to commence before the end of 2015. The completion of NMC's hub-and-spoke healthcare network and the largest private sector capacity expansion program coupled with the strategic market opportunities in the Gulf region underpin this shift towards growth focused on capabilities to expand NMC's market-leadership in the UAE and eventually the regional specialty healthcare services market. To expand its capabilities NMC acquired one of the leading global providers of fertility treatments Clinica Eugin to replicate and present its international standards and capable platform to the region. Work is already well underway to establish a Clinica Eugin hub in Abu Dhabi. NMC acquired two local entities; ProVita to offer market-leading operations in long-term care market; and home-care market leader Americare which completed on 29 April 2015. . The group is expected to have a licensed bed capacity of 855 a growth of 82 per cent year-on-year by the end of 2015. NMC sees a growing probability of mandatory medical insurance being introduced in other Emirates following Abu Dhabi and Dubai. Completed on August 17 2015 NMC's acquisition of Dr Sunny's well established network in Sharjah with over 400000 patients and 100 doctors serves to expand the referral network of the company. After the board meeting in London Dr B.R. Shetty chief executive officer his healthcare company did well when market conditions are tough. NMC has executed the largest private sector expansion programme in the fast growing UAE healthcare market with five new healthcare assets and 410 new licensed beds introduced into our hub-and-spoke network he said. Dr Shetty said the next stage of healthcare company's growth will focus on increasing capabilities technological know-how and medical expertise with the introduction of more leading specialty healthcare services to our local and regional markets. For the remaining part of the year the chief executive said he look forward to the continued expansion of operations at new hospitals integration and unlocking of synergies with the recently acquired entities and successful implementation of partnership agreements to further enhance medical expertise. -
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