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NMC Health net profit up by 76.5% for 2016

The company’s revenues totalled $1.22b last year

Gulf News

Abu Dhabi: NMC Health, the UAE health-care provider, posted a net profit of $151.4 million (Dh556 million) for 2016, an increase of 76.5 per cent over 2015, the company said in a statement on Tuesday. It said profit increased on strong revenues that totalled $1.22 billion in 2016 compared to $880.9 million in 2015, a jump of 38.6 per cent.

“NMC Health delivered record growth in 2016 as we began to reap the long-term rewards of several years of progress on the two stages of our growth strategy,” Dr BR Shetty, Chief Executive Officer and Executive Vice-Chairman of NMC, said in a statement.

In recent years NMC has expanded its asset and brand portfolio organically and inorganically into additional health-care services segments, extending their presence across the continuum of care. The company acquired Al Zahra Hospital in Sharjah from Gulf Medical Projects Company for Dh2.05 billion last year.

The company also entered into higher growth and margin specialities with very favourable regional supply and demand dynamics, and selectively entered new geographies to position the group at the intersection of multiple growth channels.

Health-care division’s patients increased by 34.5 per cent to 4.3 million and revenue per patient from health-care services increased by 28.3 per cent to reach $176.3, according to the company.

Giving an outlook for the company, Shetty said he expects another good year for the UAE economy in 2017 supported by further gross domestic product (GDP) growth of around 2.3 per cent despite lower oil prices, based on forecasts by leading rating agencies.

“For the local health-care sector, one of the key drivers of growth will be the increase in the patient volumes with expected completion of mandatory health-care insurance in the Emirate of Dubai by Q1 2017. For NMC in particular, we expect continued strong performance from our enlarged network, its growing specialisms and the further introduction of higher value added services especially through our single speciality verticals.”

NMC Health promotes Prasanth Manghat to CEO

ABU DHABI: In a separate statement on Tuesday, NMC said it has promoted Prasanth Manghat to chief executive officer from his current role as Deputy CEO and Executive Director. Manghat, who has been part of NMC Health for over 12 years and involved in all strategic execution and financial oversight of the business since listing on the London Stock Exchange (LSE), replaces outgoing founder, CEO and Executive Vice-Chairman, Dr B R Shetty.

Dr Shetty will take up a role as joint Non-Executive Chairman of NMC Health alongside current Chairman, H J Mark Tompkins, with immediate effect.

-Staff Report

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