Abu Dhabi: NMC Health, listed on the London Stock Exchange, posted a net profit of $209.2 million (Dh768.2 million) for 2017, up 38.2 per cent from $151.4 million in 2016, the company said in a statement on Wednesday.
Revenues increased by 31.3 per cent to $1.6 billion in 2017 from $1.22 billion during the previous year. Health-care division revenue grew by 41.1 per cent to $1.16 billion in 2017 and distribution division revenue by 12.7 per cent to $486.8 million.
In 2017, the company paid $641 million in acquisitions with the largest acquisition being $322 million for Al Zahra hospital. Total capital expenditure for 2017 was $63.5 million.
The company is recommending a final dividend of 13 pence per share be paid in cash in respect of the year ended December 31, 2017, compared to 10.6 pence per share in 2016.
Last year, the firm expanded its footprint in Saudi Arabia and extended its reach into Oman, where it currently accounts for 20 per cent of the private sector bed capacity in the country.
“Sustained ramp-up of utilisation at facilities we opened in recent years, integration of acquired assets and continued discipline in organic and inorganic expansions should all translate into a very promising 2018 and beyond,” Prasanth Manghat, Chief Executive Officer of NMC, said in a statement while commenting on the company’s outlook.
He added that the company continues to benefit from ready access to debt financing and a supportive shareholder base that we will not take for granted.
“While we continue to apply strict criteria to our expansion opportunities this backdrop gives us confidence in addressing any future funding requirements to support our ambitious growth plans.”
The company will also look for additional acquisitions in Saudi Arabia as part of its expansion plans.