Abu Dhabi: Abu Dhabi-based NMC Health posted 72.6 per cent increase in net profit in the first half of 2016 to $70.5 million when compared to net profit of $40.8 million during the same period last year.
The financial statement on Wednesday, which was posted on London Stock Exchange, where NMC is listed, showed that revenues increased by about 47 per cent to $578.3 million in the first half of this year compared to $393.8 million in the first six months of 2015.
The total patient visits increased by 42.6 per cent to 2.11 million in the first half of 2016 when compared to 1.48 million in the first half of 2015..
The group assets of the company were $1.86 billion ending June 30, up from $1.45 billion in the corresponding period last year.
The company attributed its strong performance to progress across the business with a focus on expansion of the capacity to absorb market growth and building new capabilities through the acquisition of global and regional entities in the healthcare segment.
The group, meanwhile, said that it would not pay an interim dividend, but will pay a final dividend at the end of 2016.
NMC stated that its is optimistic about the growth of the healthcare sector in the UAE with medical insurance penetration increasing in the country, adding that the management team will continue to assess potentially attractive opportunities for further business expansion and diversification.
“Despite record growth this year, we expect strong performance to continue going forward supported by the increased utilisation of our organic 485-bed capacity expansion over the past 18 months,” Dr B.R. Shetty, Chief Executive Officer of NMC, said in a statement.
He added that the focus will be on delivering a long-term strategy capable of enhancing growth prospects in a “diversified and sustainable manner”.
“In H1 [first half] 2016, we have just started to reap the long-term rewards of several years of post IPO [initial public offering] work on the two stages of our growth strategy.”
