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Annual Results

NMC Health lifts FY net profit by 76.5%

08 March 2017 07:27

NMC Health has improved its FY net profit by 76.5% to $151.4m, from $85.8m, in what was a year of record growth for the company.

Revenue was $1.22bn, from $880.9m. The proposed dividend pay-out ratio was maintained at 20% of profit after tax, amounting to 10.6p a share.

"We expect another good year for the UAE economy in 2017 supported by further GDP growth of around 2.3% despite lower oil prices, based on forecasts by leading rating agencies," said CEO BR Shetty in a statement.

"For the local healthcare sector, one of the key drivers of growth will be the increase in the patient volumes with expected completion of mandatory healthcare insurance in the Emirate of Dubai by Q1 2017."

Shetty said that for NMC, in particular, a continued strong performance from the company's enlarged network was expected.

2NMC Health delivered record growth in 2016 as we began to reap the long-term rewards of several years of progress on the two stages of our growth strategy," the CEO added.

Story provided by StockMarketWire.com

Related Company: NMC

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