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Interim Results

Al Noor revenues rise

25 August 2015 07:29

Al Noor Hospitals Group reports improved revenue for tjhe six months to the end of June driven by higher outpatient volumes.

Revenues rose by 8.5% to $244.0m and underlying earnings before interest, tax, depreciation and amortisation increased by 4.3% to $53.9m. Net profits were 1.6% lower at $44.9m.

Chief executive Ronald Lavater said: "Overall, Al Noor medical centres and hospitals performed well with good revenue growth over the first six months of the year. We continued to make investments in our infrastructure, strengthen our systems and processes and enhance our clinical staff to support sustainable growth. Al Noor retains leadership in our home market of Abu Dhabi by providing patients with the highest quality medical services, the best clinical staff and the most advanced technology in the private sector.

"Trading in the second half of the year has started in line with our expectations and we expect to deliver additional growth in earnings from our recent investments in infrastructure and equipment in our hospitals and higher patient volumes at our newest medical centres. We expect our margins in the second half to continue to be impacted by the opening of new medical centres and the continued repositioning of Khalifa Street Hospital, however we expect these factors to diminish during 2016.

"In line with our strong commitment to patient-focused care, we invested in a new role Group Chief Nursing Officer (CNO). Our new Group CNO, working alongside the Group's Chief Medical Officer, is leading nursing teams from across the company building a stronger collaborative environment among all caregivers, integrating best practices and improving staff efficiency resulting in improved quality and patient experience."

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