(MENAFN - Khaleej Times) NMC Health has announced its results for the six months ended June 30, 2019, with the healthcare operator serving a total of four million patients with 1,922 operational beds during the period, a growth of 16.7 per cent year on year.
Given the sustained addition of new capacity, 31 per cent of the operational beds are in early ramp-up phase, translating into an occupancy rate of 67.7 per cent. NMC also reported a strong performance for H1 2019 in the core markets of UAE, and is on track for broader GCC expansion. EBITDA stood at $323.5 million (post IFRS 16) and $276.3 million (pre-IFRS16), representing a growth of 22.5 per cent (for pre-IFRS 16). The first half of 2019 is the first period to reflect the adoption of IFRS 16.
Continued successful execution of the group's strategy has remained integral to management's ability to sustainably guide and then deliver on strong growth, year after year. Based on the performance of the group in H1 2019 and the continued off-take in the end market in Q3 2019, management reiterates the guidance provided on May 28, 2019.
Given the company's strong operational and financial performance and continued trend of performing in line with expectations, management remains highly confident in relation to future performance. Looking ahead, the board intends to continue its successful growth strategy, which it believes will continue to create significant value for shareholders over the long-term.
"Our ability to perform strongly in a challenging environment testament to NMC's strategy of developing niche, differentiated verticals in our core markets that provide the best possible care for our patients," said chief executive officer, Prasanth Manghat. "All key financial and operational metrics of our healthcare and distribution businesses performed in line with our guidance. We also made good progress on increasing free cashflow during the period and we see room for further improvement in H2 2019, as has been the trend in previous years."
"We are also particularly pleased to have closed our strategically important partnership with GOSI/Hassana Investment Company which ranks as one of the defining events in the history of NMC. This partnership will provide us with the ideal platform to establish a dominant position in the attractive Saudi Arabia healthcare market," he added. "2019 remains focused on integration and realization of synergies from previous acquisitions. We continue to view the future with confidence and reiterate our guidance for the full year 2019."