Abu Dhabi’s NMC Health reported a 72.6 per cent jump in net profit during the first half of the year on the back of increased numbers of patients and rising revenues from maternity, long-term care and fertility services.
The London-listed group’s net profit climbed to US$70.5 million as revenue rose by 46.9 per cent year-on-year to $578.3m, the company said yesterday.
Revenue per patient was the highest at its long term and home care services at $8,611 during the first half. Expensive maternity and fertility services are driving NMC’s top line – revenue per patient at its maternity and fertility centres was $636.2 during the first half, while it was $131 at its multispeciality hospitals.
“We expect strong performance to continue going forward supported by the increased utilisation of our organic 485-bed capacity expansion over the past 18 months, [and] recent acquisitions,” said B R Shetty, NMC Health’s chief executive.
NMC shares fell 0.6 per cent to close at £12.80. They were trading at £6.95 a year ago.
The company, which is also listed on Nasdaq Dubai, has taken steps to limit the impact of recent Abu Dhabi healthcare reforms, NMC told the LSE but no details were given.
Health Authority – Abu Dhabi changed health insurance policies during the first half with increased co-payments.
NMC’s healthcare division contributed 66 per cent of the group’s revenue – $389.8m – compared with 55 per cent, $223.6m, last year. NMC had cash and cash equivalents of $46.8m at the end of June, down from $84.02m at the end of last year.
Meanwhile, London-listed Hikma Pharmaceuticals said it expects group sales to be between $2bn and $2.1bn for the year, on the back of growth in injectables and branded medicine sales.
The Amman-based group reported a year-on-year decline of 14 per cent in its core operating profit to $176m in the first six months of the year, following lower contribution from the generics business. Generics contribute 30 per cent of its revenues.
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