NMC Health Invests $32 Million in Saudi Healthcare Projects
EghtesadOnline: NMC Health Plc, the London-listed company from Abu Dhabi, invested $32 million in two projects in Saudi Arabia.
The health-care provider added 260 beds in the western and eastern regions of the kingdom, expanding its reach in the long-term and home-care market, Prasanth Manghat, deputy chief executive officer, said in an interview with Bloomberg TV. NMC Health bought a 70 percent stake in As Salama Hospital in Al Khobar for $28 million and invested $4 million in a start-up in Jeddah, reports Bloomberg.
The company raised its earnings before interest, tax, depreciation and amortization guidance by $10 million to $300 million for 2017 following the investments. All indicators are showing growth this year, with the company focusing on Saudi Arabia, Qatar and Oman, Manghat said.
The Abu Dhabi-based company’s first-half profit increased 57 percent to $62.4 million as it benefits from the roll-out of mandatory health insurance in Dubai. The share have jumped 20 percent this month, bringing the gain this year to 58 percent.