NMC Health, a leading UAE-based private healthcare operator, said on Thursday that 2018 proved to be another year of record revenues and profits on the back of "continued efficiencies at existing facilities and successful integration of acquired assets."
The company recorded 20.4 per cent jump in net profit year on years for the full year ended 31 December 2018 to $251.9 million, the highest in group's history.
Revenues of the group with international services across 19 countries grew by 28.3 per cent to $2.057 billion on the back of strong financial performance driven by continued growth both organically and inorganically, the company said.
In a statement, the company said a strong start to current year reinforces confidence in operational performance and outlook for 2019 of 22-24 per cent year on year revenue growth and 18-20 per cent Ebitda growth. "The board remains committed to maintaining a 20-30 per cent payout ratio, which it believes to be a progressive policy given our underlying growth rate in the business."
Prasanth Manghat, NMC's chief executive officer, said 2018 was another year of records for NMC with highest ever revenues, EBITDA and profit. 'From an operational standpoint, several high-profile strategic initiatives were completed, which will further cement our position as the leading healthcare operator in the region," said Manghat. "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 at $2.1 billion and $487.4 million, respectively. Moreover, 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," the NMC CEIO said.
He said in addition to strong operational performance, NMC also continues to benefit from sustained economic expansion in its core markets. "For example, our home market of UAE is projected by the Institute of International Finance to grow at 3.1 per cent in 2019, the fastest in the GCC. Saudi Arabia is similarly anticipated to maintain a positive economic trend, with the IMF projecting GDP growth of 1.8 per cent and 2.1 per cent, respectively."
Manghat said the healthcare sector remained a key focus point for governments in all the main markets NMC operates in and promoting private participation is a common theme across all these countries.
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