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DUBAI: UAE-based health care provider NMC Health on Monday raised its full-year core earnings and revenue forecasts, citing strong organic growth, and said it remained confident in achieving its longer-term margin guidance.
The company raised its core earnings forecast by 3.2 percent to $480 million for the year and said it expected revenue to grow 24 percent, 2 percentage points more than its previous expectation.
“2019 guidance will also point toward continuation of strong organic growth on the back of a sustained ramp-up at key facilities, integration and expansion of acquired entities, as well as a strong operational performance,” the company said.
The company, the leading private health care operator in the Gulf, is benefiting from growing demand in the health care sector due to an increasingly wealthy population that is becoming more susceptible to lifestyle diseases such as diabetes and obesity.
NMC Health, which has operations across 17 countries, said during 2019 management anticipated the opening of new greenfield facilities, particularly in the UAE, the expansion of facilities across different countries and the consolidation of Aspen Healthcare, which NMC Health acquired earlier this year.
Revenue for 2019 will increase by between 22 and 24 percent, and earnings before interest, tax, depreciation and amortization were expected to grow by 18 to 20 percent during 2019, it said, adding that the guidance did not include the effects of implementation of IFRS 16, or the impact of the anticipated financial consolidation of National Medical Care Company.