South African healthcare provider Mediclinic International, which owns Abu Dhabi's Al Noor Hospitals, has revised down its Middle East revenue growth forecast to a single-digit for the 2019 financial year due to a slower first half.
The company’s Middle East revenues jumped about 5 per cent to Dh1.5 billion on the back of “the characteristically quieter” first half of the financial year 2019, which ends in March next year, it said in a statement to the London Stock Exchange, where its shares are listed.
Adjusted earnings before interest, tax, depreciation and amortization (Ebitda) margin rose to 9.5 per cent in the first half of the current financial year, it added. The company had reported the Ebitda margin of 8.5 in first six months of the financial year 2018.
"Trading in the first half of the year experienced the customary seasonality in …. the Middle East. We delivered a gradual improvement in revenue and margin expansion ahead of the anticipated stronger growth in the second half of the year,” Ronnie van der Merwe, chief executive of Mediclinic said.
“In the Middle East, full year Ebitda delivery remains on track with revenue growth lower than previously expected.”
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Read more:
[ Mediclinic forecasts double-digit revenue growth for Middle East unit in 2019 ]
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Healthcare providers such as Mediclinic are expanding in the broader Middle East, especially in the six member Arabian Gulf region as governments of the energy-rich states increase spending on healthcare. The GCC expenditure on health care is forecast to rise to $104.6bn in 2022 from $76.1bn in 2017, rising at a compound annual growth rate of 6.6 per cent, Dubai-based investment bank Alpen Capital said in a report earlier this year.
Mediclinic, which also operates hospitals and clinics in South Africa, the UK and Switzerland, said the inpatient admissions in the Middle East were up 3.1 per cent, while outpatient volumes fell by 0.8 per cent.
Ongoing investment across existing and new facilities is supporting the long-term growth of the Middle East division. Mediclinic opened at the end of September the 182-bed Mediclinic Parkview Hospital in Dubai which the company expects to gradually ramp up over the coming years.
The company has completed the acquisition of two Majid Al Futtaim clinics in Dubai in May. The investment projects at the two main Abu Dhabi hospitals, Mediclinic Airport Road Hospital and Mediclinic Al Noor Hospital are underway.
Mediclinic in May said it expects to invest Dh455m on expansion and has allocated Dh84m for maintenance capex for the 2019 financial year.
THREE
Director: Nayla Al Khaja
Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni
Rating: 3.5/5
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
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Monkey:family-orientated, clever, playful
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Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
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IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
