Al Noor buyout lifts Mediclinic revenue

Mediclinic, which acquired Al Noor Hospitals of Abu Dhabi in February, said that underlying revenues for the UAE hit £328 million for the 12 months to the end of March, including consolidated revenue from Al Noor from the date of acquisition.

Mediclinic International’s UAE facilities helped the South Africa-based healthcare provider achieve a 7 per cent rise in annual revenues, even as earnings declined for last year.

London-listed Mediclinic, which acquired Al Noor Hospitals of Abu Dhabi in February, said that underlying revenues for the UAE hit £328 million (Dh1.77bn) for the 12 months to the end of March, including consolidated revenue from Al Noor from the date of acquisition.

This represents a 35.54 per cent growth on the previous 12 months.

Mediclinic’s UAE operations contributed £57m to the group’s underlying earnings, compared with £42m during the previous period.

“Following the combination with Al Noor we expect to deliver continued strong growth supported by increased capacity and beneficial underlying demographics,” the company said on Wednesday. “Successful integration of the business is well under way and cost synergies have been identified, which will be partially offset by new project start-up costs and incremental operational investment.”

The acquisition of Al Noor Hospitals takes Mediclinic’s footprint across the UAE to five hospitals and 39 clinics at the end of March, with a total of 721 inpatient beds.

Admissions in the UAE increased by 3 per cent, bed days occupied by 5.7 per cent, with outpatient and accident and emergencies attendance rising by 1.8 per cent.

Despite its growing UAE operations, Mediclinic International reported a year-on-year decline of 27 per cent in group earnings to £177m for the 12 months to the end of March, which it attributed to increased competition and regulatory pressures across its international operations.

“Despite the uncertain economic environment, the market fundamentals remain sound and we anticipate continued capacity and footprint expansion,” the company said.

Mediclinic International shares, listed on the London Stock Exchange, opened up 2.22 per cent in early trade on Wednesday before paring gains to close 0.18 per cent lower.

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