NMC expansion plan to continue, says official

Abu Dhabi-based NMC Group will continue with its expansion plans and growth this year despite the recession that could not hamper their businesses in 2009, said the company chief.

Talking to Emirates Business about the company performance in 2009 and 2010 outlook, Managing Director and CEO Dr BR Shetty, said all the businesses under the group have continued their expansion activities in 2009 despite of the severe global meltdown.

He also said the company did not retrench a single employee because of the crisis nor lowered its services in order to cut costs, but had to narrow down overhead expenses for further improvement.

Dr Shetty said: "We have not retrenched any employees across NMC Group during the economic slowdown. We have focused more on improving the value of our products and services in 2009, by constantly exploring possibilities of bettering our operational processes.

"This included narrowing down the expenses on overheads, which has improved our operational margins. We have stayed on course with our cardinal services and our core businesses and taken care to improve them. This has been our success formula for 2009 and helped us register healthy growth."

He said any company like NMC that engages the customer well and delivers lasting value would be the least affected. "NMC Group has been in the market for three and a half decades and we have ensured that we delivered outstanding value to our customers. Today all our brands are close to customers' heart because of our service."

On 2009 achievements, he said their financial services arm, UAE Exchange, has expanded into China to clock 22 countries of operations while Lotus Hospitality opened its fifth facility in Dubai Marina as per schedule in 2009.

"And recognising UAE's need for 'medicine security' with better access to affordable medicines, Neopharma broke grounds, and construction is in progress to expand its pharmaceutical manufacturing capabilities to introduce Cephalosporin, creams and ointments, injectables, nutraceuticals and bio-technology products in keeping with the requirements of the market," he said, adding that the group businesses had strong financial fundamentals, "with no room for speculation".

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.