Al Noor Hospitals Group plans to double capacity in three years its chief executive said on Tuesday after the Abu Dhabi-based company reported a steady first-half profit. London-listed Al Noor is doubling the number of beds from 216 currently to over 400 by end-2018 as it expands existing hospitals and builds new ones across the United Arab Emirates, Ronald Lavater said on a conference call.
Al Noor made a net profit of $44.9 million in the first six months of 2015 versus $45.6 million a year earlier, it said in a statement. Revenue grew by 8.5 percent to $244 million from $224.8 million helped by growth in both its outpatient and inpatient businesses, it said.
"Net profit was flat due to the impact of a refurbishment programme and higher depreciation costs," Joanne Curin, interim chief financial officer, said on the conference call. Al Noor's Khalifa street hospital is undergoing a renovation as it adds 3,000 square metres of clinical space.
Margins in the second half will continue to be impacted by the opening of new medical centres and work at the Khalifa street hospital, Curin said, adding these factors are expected to diminish during 2016. With $90 million in cash, Al Noor is looking for acquisitions in the UAE and the Gulf, Lavater said, declining to be more specific.
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