Last year’s flotation of Abu Dhabi’s largest private healthcare provider Al Noor Hospitals (ANH) signalled a new entry into London’s FTSE 250 index. Citing a higher profile and access to capital as motivations for joining London’s main market, the group achieved its 2013 objectives, particularly the declaration of an admittedly modest 9p dividend.
The private healthcare market in the Middle East is evolving fast. Having capitalised on the legal requirement for universal coverage in Abu Dhabi, Al Noor will try to repeat the trick in neighbouring Dubai, which introduced similar legislation last November. Chief strategy officer Sami Alom says compulsory healthcare insurance is crucial in expanding Al Noor’s patient base – specifically wealthy residents and ex-pats.
Al Noor hopes to continue its acquisition-led growth strategy this year. In 2013 it bought its first clinics in Jumeirah and Dubai as well as the Al Madar Medical Center in Al Ain, Abu Dhabi’s second largest city. After the period-end the group confirmed a $22m (£13m) deal to buy the Gulf International Cancer Center in Abu Dhabi, which makes it the only private cancer treatment provider in the country.
Before the results, analysts at Shuaa Capital were expecting EPS of 102ȼ this year.
AL NOOR HOSPITALS (ANH) | ||||
|---|---|---|---|---|
| ORD PRICE: | 881p | MARKET VALUE: | £ 1.03bn | |
| TOUCH: | 881-886p | 12-MONTH HIGH: | 966p | LOW: 570p |
| DIVIDEND YIELD: | 0.6% | PE RATIO: | 26 | |
| NET ASSET VALUE: | 153ȼ | NET CASH: | $107m | |
| Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (ȼ) | Dividend per share (p) |
|---|---|---|---|---|
| 2010* | 241 | 38.2 | n/a | nil |
| 2011* | 293 | 50.8 | n/a | nil |
| 2012 | 324 | 60.5 | 60.5 | nil |
| 2013 | 365 | 61.5 | 56.3 | 9 |
| % change | +13 | +2 | -7 | - |
Ex-div:12 Mar Payment:11 Apr *Pre-IPO figures. No tax paid on profits. £1 = $1.67 | ||||
