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Al Noor Hospitals Group H1 revenues surge 25.2%

August 13, 2014

Al Noor Hospitals Group, on Tuesday said its 2014 first-half revenue surged 25.2 per cent at $224.8 million and claimed that the group is on track to deliver strong growth this year.

The largest healthcare service provider in Abu Dhabi, which reported $179.5 million first-half revenues in corresponding period of 2013, said outpatient volumes rose 19.7 per cent in January-June 2014 while inpatient volumes increased 1.2 per cent. The number of revenue-generating doctors increased by 106, a 26.8 per cent surge since first half of 2013. Of these, 31 were added in the six months ended June 30, 2014.

During January-June 2014 period, the group inaugurated three new medical centres, bringing the total number of centres to 16.

"I am pleased to announce that our 2014 first half results have shown further strong profitable growth," Dr Kassem Alom, chief executive, Al Noor Hospitals Group, said.

The group, which is listed on London Stock Exchange, said its 2014 first-half profit before tax soared 83.9 per cent to $45.6 million from $24.8 million in similar period last year. However, the group's net cash position during first half fell by 1.9 per cent to $86.3 million from $88 million in the same period previous year.

"Trading in the second half of the year has begun in line with management expectations," he said.

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Source: Khaleej Times (United Arab Emirates)

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