2 May 2017 07:00
2 May 2017
NMC Health plc
(the "Company" or "NMC")
Abu Dhabi regulatory announcement and trading update
NMC Health plc (LSE:NMC), the leading integrated healthcare provider operating across the United Arab Emirates notes the recent statements made by His Highness Sheik Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander of the UAE Armed Forces and subsequent confirmation by the Health Authority of Abu Dhabi ("HAAD") to NMC on 27 April 2017, regarding regulatory changes to Thiqa cardholders in Abu Dhabi, effective immediately:
· The removal of the 20% co-payment on services accessed by Thiqa cardholders at private Abu Dhabi healthcare facilities;
· Reduction in the co-payment for services accessed by Thiqa cardholders outside of the Emirate of Abu Dhabi from 50% to 10%; and
· Removal of IVF related restrictions
As previously communicated, NMC's Long-term & Home Care vertical was exempt from the changes made to the co-payment on services.
NMC expects these changes to positively impact its entire healthcare portfolio. In particular, NMC Royal Hospital, Al Zahra Hospital and Fakih IVF are anticipated to be key beneficiaries of the revised regulations. NMC now expects full year EBITDA to be towards the top end of the current guidance range of USD 335-350mn.
Enquiries:
NMC Health plc
Prasanth Manghat, Chief Executive Officer
+971 (0)50 522 5648
Suresh Krishnamoorthy, Chief Financial Officer
+971 (0)50 591 5365
Asjad Yahya, Investor Relations
+971 (0)56 219 0975
Media:
FTI Consulting, London
Matthew Cole
+44 (0)20 3727 1101
FTI Consulting, Gulf
Shane Dolan
+971 (0)4 437 2100
About NMC Health
The NMC group (the "Group") is the leading private sector healthcare operator in the United Arab Emirates, with a nation-wide network of hospitals and operations in the country since 1975. The Group currently operates or manages eight hospitals, two day-care patient centres, nine medical centres and fifteen pharmacies. In addition, the Group owns and operates Clinica Eugin in Barcelona, Spain - one of the leading fertility treatment centres globally. NMC also owns a 51 per cent. shareholding in Fakih IVF Group, the Middle East market leader for in-vitro fertilisation ("IVF") services. Moreover, NMC also owns and operates Americare Group, the leading home care provider in the UAE as well as ProVita, the pioneering provider of long-term medical care, also in the UAE. The enlarged company received almost 4.3 million patients in 2016. The Group is also a leading UAE supplier of products and consumables across several key market segments, with the major contribution coming from healthcare related products. The Group reported revenues of US$1,220.8 million for the year ended 31 December 2016.
In April 2012 NMC was listed on the Premium Segment of the London Stock Exchange. NMC is a constituent of the FTSE 250 Index.