Profits at Al Noor Hospitals Group rose 11.6 per cent in the first half of the year as the healthcare company that went public two months ago used cash it raised in its initial public offering to repay outstanding loans.
“After listing on the London Stock Exchange in June, raising primary proceeds of US$150 million, the Abu Dhabi-based company repaid all outstanding loans,” Al Noor Hospitals said yesterday. The company’s net cash position at the end of the period was $88m.
Earnings before interest, taxes depreciation and amortization rose to $41.3m in the first half, an 11.6 per cent rise from a year earlier. Al Noor’s shares traded 3.1 per cent higher to £7.32 in mid-morning trading in London following the release of the financial results.
Outpatient volumes rose 9.8 per cent to 843,375. Inpatient volumes jumped 18.7 per cent to 20,516, while the number of revenue-generating physicians rose 12.9 per cent to 45. Al Noor had 227 operational beds and 461 physicians as of March 31, according to its intention-to-list filing.
The company did not provide a breakdown for the second quarter.
Three new medical centres were commissioned at Mamoura and Sanaya in the emirate of Abu Dhabi, along with Muscat, Oman, bringing the total figure to 10, the company said in a statement.
“Al Noor is performing in line with our expectations, and we are on track to achieve our objectives for 2013,” the statement said. “We continue to pay special attention to physician recruitment and licensing, and we are on course to open two additional medical centres in the second half of the year.”
The company added it continued to “view the outlook with confidence”, as the region grappled with a rapidly ageing demographic and suffered lifestyle-related medical conditions such as diabetes and obesity.
The healthcare industry in the UAE has experienced a surge of investment driven by a rapidly expanding population, rising incomes and a high incidence of chronic conditions such as cardiovascular disease and diabetes.
Al Noor's initial public offering in June followed public offerings by two Abu Dhabi-based companies in London over the past year.
Abu Dhabi Capital Management, an alternative investment firm, listed one of its funds on London's Alternative Investment Market.
At the time, the company said that the local markets did not have adequate liquidity to support such a listing and that they faced numerous other hurdles in attracting business.
NMC Health, founded by the Indian entrepreneur BR Shetty, raised $187m in a share sale, winning a primary listing on the London Stock Exchange.
halsayegh@thenational.ae
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
