Abu Dhabi's Response Plus Holding swings to net profit of $10.9mln

Turnaround follows major deals with key clients in UAE

  
Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

REUTERS/Stringer

Newly listed UAE healthcare investment and management firm Response Plus Holding swung to a net profit of 40.1 million dirhams ($10.9 million) during the first nine months of the year, up 817 percent from a loss of 3.9 million dirhams a year earlier. 

The company, which listed on the Abu Dhabi Securities Exchange (ADX) last month, said the turnaround followed major contracts it had signed with key clients in the UAE, including Abu Dhabi Health Services Co. (SEHA), Mafraq Hospital, Emirates Global Aluminium and Abu Dhabi Police. 

Its revenue for the nine-month period climbed to 197.7 million dirhams from 2.1 million dirhams last year, showing a growth of 920 percent. 

As a result of revenue growth and improved margins, gross profit reached 60.1 million dirhams, compared to a loss of 0.4 million over the comparable period of 2020. 

Current assets also grew to 280 million dirhams as of September 30, 2021, compared to 5.6 million dirhams last December 31, 2020. 

Established in Abu Dhabi in 2015, Response Plus operates as an integral affiliate of VPS Healthcare, one of the largest integrated private healthcare service providers in the Middle East. 

It runs more than 260 site clinics, as well as the largest private fleet of ambulances in Abu Dhabi. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021

More From Equities