H1 2014 Highlights - A strong start to the year
Group Revenues increased by 15.1% year-on-year (YoY, compared to H1 2013) to reach US$ 314.3m
Group EBITDA was US$ 52.0m (+12.7% YoY) resulting in a Group EBITDA margin of 16.5%
Healthcare division patients increased by 13.7% YoY, achieving a good increase in occupancy despite a rise in operational beds to 277 (+16 beds) and delivered a moderate expansion in revenue per patient to US$ 114
Distribution division's growth was supported by new product introductions and increased sales effort with stock keeping units (SKU's) exceeding 81,000
Operating cash flow increased by 21.7% YoY to US$ 41.4m
Net debt increased to US$ 99.6m on project development progress and remained in line with management expectations. Cash and cash equivalents amounted to US$ 227.5m with a total debt balance at US$ 327.1m
Two major milestones were achieved with the opening of Brightpoint Women's Hospital and NMC Dubai Investment Park General Hospital immediately after the end of H1 2014, in July 2014
Dr B.R. Shetty, Chief Executive Officer, commented:
"I am pleased with the strong start to this year, as NMC crossed the US$ 50m EBITDA mark for the first time by midway through the financial year and simultaneously delivered substantial growth in key performance indicators. The opening of both the Brightpoint and DIP hospitals in early July is also a major positive milestone for the company and management team. We expect these two major additions to our hospital portfolio to make significant contributions to our future growth.
With our home market economy still growing strongly, I view the remainder of 2014 with confidence and look forward to the addition of new assets to our portfolio including the Al Ain Medical Centre in H2 2014 and the Khalifa City Hospital in H1 2015."
