Cape Town – Private healthcare group Mediclinic International says it sees the Middle East as a key growth market after its revenue from the region surged by 72 percent to AED3.109 billion for the year ended March.
The company says its focus during the period has been on integrating the Abu Dhabi-based Al Noor Hospitals Group with the established Mediclinic Middle East business in Dubai
“Our focus has been on steering the business in Abu Dhabi towards a more sustainable long-term growth path. We expect a gradual improvement in the Middle East platform as we progress through the 2018 financial year and beyond,” the company says.
The group’s total revenue for the year under review was up 30 percent to £2.749 billion, while its Southern Africa revenue increased by 7 percent to R14.367 billion. The group says its operating profit for the year under review grew by 26 percent to £362 million.
The group’s underlying earnings per share slid by 19 percent to 29.8 pence-it attributed this to the underperformance of its Abu Dhabi business. The group has proposed a total dividend of 7.90 pence for the year.
The group has in the period been opening new facilities in Abhu Dhabi. These include Mediclinic Al Jowhara Hospital, clinics in Ghayati and the creation of a new Comprehensive Cancer Centre at Mediclinic Airport Road Hospital. The company says it earlier this year decided to re-brand Al-Noor facilities to Mediclinic.
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The company in 2015 agreed to buy United Arab Emirates' Al Noor Hospitals Group for around £1.4 billion. The deal created London-listed group with 73 hospitals with over 10 000 beds and 35 clinics.
The group says it will seek to assert itself as a leader in its core markets and was well positioned to deliver sustainable long-term growth."
"We continue to see growing demand for quality healthcare services which is underpinned by an ageing population, growing disease burden and technological innovation. This is why we place such an emphasis on our Patients First strategy and continue to invest in our facilities and people,” says the company.
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