NMC Health revenues up 18.4% for Q1

UAE healthcare provider NMC Health said revenues for the first four months ending 30 April increased 18.4 percent to US$166.4m from US$140.4m a year earlier. The firm, founded by Indian entrepreneur BR Shetty, said revenues at its healthcare division rose 22.3 percent to US$84.1m while revenues from its distribution arm grew 14.7 percent to US$82.3m. The Abu Dhabi-based company did not give profits for the period. “In relation to the expansion plans of the group, all capital projects being undertaken are continuing as planned and on budget,” Shetty said in an emailed statement Tuesday. “At this early stage of the year we continue to trade in line with the Board\'s expectations for 2012,” he added. NMC Health, one of the largest private sector healthcare providers in the UAE, raised £117m (US$186.9m) in its London initial public offering (IPO) in April. The firm sold 55.7 million new shares at 210 pence each. NMC, which operates general and specialised hospitals, pharmacies and medical centres, said it will use the proceeds from the IPO and a $150m credit facility to finance its expansion. The firm on Tuesday said it had drawn down US$120m of its JP Morgan loan facility to date and net cash as of 30 April stood at US$282.4m. Expansion plans include the continued development of a maternity hospital in Abu Dhabi - slated for completion in the second half of 2012 ¬¬- and the acquisition of Dubai-based medical centre Healthcare Suites in July. Other projects include construction of a day patient medical centre and pharmacy at Dubai Investment Park, and a similar facility in Mussafah, Abu Dhabi. NMC also plans to build a hospital at Khalifa City in Abu Dhabi by 2014, and is exploring the possibility of developing a day patient medical centre on Sheikh Zayed Road, Dubai.