NMC Health raises full-year core earnings forecast

Revenue for 2019 will increase by between 22 and 24 percent, NMC Health said. (Reuters)
Updated 22 October 2018
0

NMC Health raises full-year core earnings forecast

  • UAE-based NMC Health has operations across 17 countries
  • Revenue for 2019 will increase by between 22 and 24 percent

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.


Tesla recalls more than 14,000 cars in China over Takata airbags

Updated 18 January 2019
0

Tesla recalls more than 14,000 cars in China over Takata airbags

  • The US giant has already announced the recall of some Model S vehicles as part of a global industry-wide rooting out of parts made by Takata
  • The affected vehicles in China are Model S cars made between February 2014 and December 2016

SHANGHAI: Electric-vehicle maker Tesla will recall 14,123 cars in China over airbags that contained a part made by now-defunct Japanese manufacturer Takata, the Chinese market regulator announced on Friday.
The US giant has already announced the recall of some Model S vehicles as part of a global industry-wide rooting out of parts made by Takata, which went bust in 2017 after its airbags were blamed for a number of deaths.
The affected vehicles in China are Model S cars made between February 2014 and December 2016, the State Administration of Market Regulation said.
It said the cars’ passenger-side airbags were equipped with an ammonium nitrate propellant made by Takata, which was at risk of breakage that could result in the ejection of debris.
Tesla will replace them, it said.
Tesla declined comment on Friday, but an announcement on its website said the “recall of the front passenger airbags in 2012 Model S vehicles began in January 2017, was extended to 2013 Model S vehicles in January 2018, and is now being extended to 2014-2016 Model S vehicles in January 2019.”
Tesla does not announce how many cars it sells in China overall.
Tesla CEO Elon Musk was on hand earlier this month for the ground-breaking of a factory outside Shanghai, which the company says will eventually have an annual production capacity of 500,000 and is geared toward meeting growing Chinese demand for electric vehicles.