x Abu Dhabi, UAETuesday 23 January 2018

Clean bill of health for Al Noor Hospitals after London listing

Listed on the London Stock Exchange in June, the group racked up quarterly revenues of $84 million, up 11.4 per cent up on a year earlier.

Al Noor Hospitals Group remains in good health following its listing on the London Stock Exchange in the summer.

The group posted revenues of US$84 million in the three months to September compared to $75.4m in the same period a year earlier, representing a rise of 11.4 per cent.

The number of doctors also climbed by 78 in the first three quarters.

The revenue rise was mainly due to the appointment of the additional physicians, according to Dr Sami Alom, chief strategy officer at Al Noor, which was listed on the LSE in June.

“We set for ourselves a target of 90 to 100 in 2013 and the numbers we released very much show that we are on track to meet that number,” he said.

“If you come and visit our hospital you will see that our waiting rooms are full. What we need to do to meet that demand and reduce waiting times so patients are more satisfied is bring in additional doctors,” he added.

Dr Kassem Alom, the chief executive of Al Noor, said trading in the third quarter was in line with management expectations and the company remains on track to meet its targets for the year.

“We have successfully concluded the purchase agreements on two acquisitions comprising Al Madar Medical Centre, a successful medical centre primarily focused on dentistry and cosmetics in an Emirati neighbourhood in Al Ain and Manchester Clinic, our first step into the Dubai market,” he said.

Together, the 75 per cent acquisitions were valued at $16m.

Three medical centres were also commissioned this year. One is at Mamura on Muroor Road, one is in Sanaya, an industrial area of Al Ain. And the third is in Muscat, the group’s first facility outside the emirate of Abu Dhabi.

“Oman’s healthcare landscape looks a lot like the UAE’s in the 1980s and 1990s, meaning you have a government sector but people are dissatisfied with it due to poor patient experience and long waiting times,” said Dr Alom.

“And you have a stratum of society who are willing to pay out of pocket to access private healthcare, wealthy Omanis and higher income expats. So we got a facility in a very nice part of Muscat and we are going to see how well that does. If it does well we are going to go back and see what else we can do in Oman.”

The group continues to remain debt-free with a strong net cash position, allowing the company to continue exploring further acquisiton opportunities, according to an interim management statement.