NMC health’s first half net profit up by 38.8%

Abu Dhabi: NMC Health posted strong results in the first half of 2017 with net profit going up by 38.8 per cent compared to the same period last year due to higher revenues, the company said on Wednesday.

The net profit of Abu Dhabi-based health provider went up to $97.8 million (Dh358.9 million) in the first half of the year from $70.5 million in the first half of 2016.

Revenues of the company increased by 34 per cent to $775.2 million in the first half of 2017 from $578.3 million in the first half of 2016.

“The first half of 2017 has seen strong performance from our acquired businesses, newly opened facilities as well as continuing growth in our more mature facilities. Our acquisitions in Sharjah are performing well and we are very pleased with initial performance from our new Saudi Arabian and Oman operations, as we start to diversify operations from our primary UAE market into the GCC and beyond,” Prasanth Manghat, Chief Executive Officer of NMC Health, said in a statement.

NMC further said the new management structure has been developed following significant growth over the last two years and is designed to ensure a solid management foundation for the future strategic growth.

Strategic development

Dr B R Shetty stepped down from his executive position of CEO and executive vice chairman with the group in March this year and took up the role of joint non-executive chairman providing advice in relation to the strategic development of the group.

Khalifa Bin Butti rejoined the Board in June as executive vice-chairman alongside his role as a director of the company, NMC said.

In addition to the above board changes, Prashanth Shenoy is promoted to chief financial officer with effect from September 1. Suresh Krishnamoorthy will be stepping down from his position as CFO for personal family reasons and will be taking sabbatical leave from the group.

Hani Buttikhi was appointed an executive director of the company on June 28 in the role of Chief Investment officer and Michael Davis will be the chief operations officer, health care.