NMC reports record profits

Prasanth Manghat, chief executive officer of NMC Health

NMC Health, the largest healthcare provider in the United Arab Emirates, has reported record profits and revenues for 2018.

For the full year the group posted a 20.4% bump in profits to US$251.9 million on revenues that rose 28.3% to US$2.1 billion – the highest in NMC’s history.

“Strong operational performance of our existing assets, combined with smooth integration of previous and new acquisitions continue to translate into stellar financial performance. Both 2018 revenues and EBITDA came in ahead of our guidance,” said chief executive officer Prasanth Manghat.

“A strong start to the current year reinforces our confidence in the business and we remain confident that 2019 will prove to be another year of record top and bottom line,” he added.

As we reported earlier this week, the group has just finalised a 52%/48% healthcare joint venture with Saudi Arabia’s Hassana Investment, the investment arm of the country’s pension fund General Organisation for Social Insurance.

Last year’s strong performance came on the back of what the group called continued efficiencies at existing facilities and successful integration of acquired assets. Strategic initiatives last year included expansion into Saudi Arabia, integration of CosmeSurge and extension of the IVF platform, including in the US and Africa.