Al Noor Hospital H1 profits rise on more patients

Al Noor Hospitals Group, a private healthcare provider in Abu Dhabi, on Tuesday announced that it posted $45.6 million (Dh167.352m) profit before tax in the first half of this year as against $24.8m in the corresponding period last year, an increase of 84 per cent.

Revenues rose 25 per cent to $224.8m in H1 2014 as against $179.5m. The London Stock Exchange-listed company proposed a £3.7 (Dh22.8) per share dividend for the shareholders.

Outpatient volumes rose 19.7 per cent while inpatient volumes increased 1.2 per cent compared in H1 2014, the firm said. Number of revenue-generating doctors increased by 106, a 26.8 per cent increase since H1 2013. Of these, 31 were added in the six months ended June 30, 2014.

In the first half of the year, three new medical centres were opened, bringing the total number of centres to 16. As of June 30, 2014, the company had 223 operational beds and 610 physicians.

“Trading in the second half of the year has begun in line with management expectations. We remain on track to deliver strong growth through our physician hiring programme and the opening of three medical centres,” said Dr. Kassem Alom, CEO, Al Noor Hospitals Group.

“We remained focused on M&A activity to both consolidate our home market and enter into new ones. We look forward to the future with confidence. We continue to pay special attention to physician recruitment and licensing, and to focus on potential inorganic opportunities to both consolidate our core market and enter new ones,” he said.

“We continue to work on hiring and retaining our physicians. Despite a slowdown in physician intake in Q2 due to slower physician hiring, we added 31 revenue-generating physicians during the first six months, which contributed to the rise in outpatient volumes. Acquired centres also contributed to volume growth. The company expects to meet target of an additional 70-80 physicians in 2014,” Alom added.

He said construction on the new 40-bed hospital in Al Ain is on schedule and expected to commission the hospital in 2016 as planned.

It has also signed a lease to open a medical centre in Sharjah in a commercial centre which is expected to be operational in Q2 2015.
 

Follow Emirates 24|7 on Google News.