26 Jun 2014 12:58
NMC Health Plc
Opening of two new hospitals and 2014 Half-Year pre-close statement
London, 26 June 2014: NMC Health Plc (LSE:NMC / 'NMC'), the leading integrated private sector healthcare operator in the United Arab Emirates, today announces its trading update for the period from 31 December 2013 to 25 June 2014 and that both Brightpoint Womens Hospital and DIP General Hospital are expected to open and to start receiving patients in the first week of July 2014.
Trading Update
NMC expects to report results and a financial position in line with management expectations for the six months ended 30 June 2014.
Opening of Brightpoint and DIP Hospitals
NMC is pleased to announce that it expects to open Brightpoint Womens Hospital in Abu Dhabi (100 bed capacity) and DIP General Hospital in Dubai (60 bed capacity) in the first week of July 2014. All Regulatory licences have been received to start seeing patients in relation to Brightpoint Womens Hospital and DIP General Hospital.
As a result, NMC has achieved two further major milestones having now completed four out of the five additional healthcare facilities which were committed to during its IPO in April 2012 (1: BR Medical Suites, 2: NMC Day Surgery in Mussafah, 3: Brightpoint Womens Hospital and 4: DIP General Hospital).
With the start of operations at these new assets in the first week of July 2014, the bed capacity available to the group will increase by 52%, an increase of 160 beds (a 55% increase in capacity in Dubai and a 50% increase in Abu Dhabi Emirate). This brings total bed capacity to 470 beds across the UAE, of which 64% are in Abu Dhabi and 36% in Dubai.
Both these new healthcare facilities will commence operations with highly experienced teams of medical and administrative staff, which we will continue to expand along with the growth in operations.
Brightpoint, will be the first private sector womens hospital in Abu Dhabi. It occupies a modern building in a strategic city centre location accessible through several key traffic arteries and with ample parking space available for the convenience of patients.
DIP General Hospital will be a needed addition to the rapidly growing residential and commercial areas around Dubai Investment Park, Dubai World Central and the planned Dubai Expo zone. DIP is also a timely expansion for NMC ahead of Dubai's roll-out of mandatory healthcare insurance later this year, where an estimated 66% of the 3m population remains uninsured according to Dubai Health Authority (DHA).
The development of our largest capital project, Khalifa City Hospital, and the Sanaiya Medical Center in Al Ain, are both progressing well and remain on track to open in H1, 2015 and H2, 2014 respectively.
Annual General Meeting
NMC is today holding its Annual General Meeting commencing at 2.00 pm. The result of voting on the resolutions being considered at the Annual General Meeting will be announced following that meeting.
Dr B.R.Shetty, Chief Executive Officer, commented:
"The Management team and the Board are pleased with the group's performance during the first half of 2014 and in particular with the completion of two of our largest and most ambitious expansion projects, the Brightpoint and DIP Hospitals.
I look forward to the imminent opening of these two hospitals and the long-term growth they will bring to our operations by expanding our geographic presence, increasing our service offering and our competitive advantage in the fast growing UAE market."
Interim Results
Interim results for the six months ended 30 June 2014 will be announced on 19 August 2014. NMC will host an analyst/investor webcast on that day.
Further details will be announced in due course.
Contacts
Investors
NMC Health
Prasanth Manghat, Chief Financial Officer +971 50 522 5648
Roy Cherry, Head of Strategy and Investor Relations +971 50 667 0184
Media
Brunswick London
Justine McIlroy / Azadeh Varzi +44 20 7404 5959
Brunswick Gulf
Steve Martin +971 5 6696 9232
Wajih Halawa +971 5 0100 9207
About NMC
NMC Health plc group is the leading integrated private sector healthcare operator in the United Arab Emirates, with a nation-wide network of hospitals and operations in the country since 1975. The Healthcare division currently operates or manages five hospitals, two day-care patient centres, one medical centre and eight pharmacies. The company received 2.1m patients in 2013. The group also operates a significant UAE wide Distribution business supplying product lines across several key market segments, including: Pharmaceutical, FMCG, Food and Scientific and Medical Equipment. NMC Health plc group reported revenues of US$ 550.9m in 2013.
In April 2012 NMC Health plc was listed on the Premium Segment of the London Stock Exchange. At the time of its IPO, the group raised funds to enable it to pursue a further growth plan with a number of capital projects for new healthcare facilities in Abu Dhabi and Dubai. NMC Health plc is a constituent of the FTSE 250 Index.