Embattled NMC Healthcare reveals 6% drop in revenues

Embattled NMC Healthcare reveals 6% drop in revenues

Troubled UAE-based NMC Healthcare has revealed revenues of $1.536bn in financial results for 2020, down six percent on the previous year as a result of the “difficult circumstances” created by the coronavirus pandemic.

Founded by Indian entrepreneur Bavaguthu Raghuram Shetty, NMC had a market value of $10bn at its peak on the London Stock Exchange before allegations of fraud pushed it into administration last year.

A release from the company revealed that “despite difficult circumstances due to Covid-19”, gross revenues for NMC's UAE and Oman business were $1.121bn, which was 11 percent ahead of the business plan.

It added that NMC Group is expected to be comprised of operations in the UAE and Oman, following the anticipated sale of non-core assets in early 2021, with forecasted gross revenue growth of six percent this year.

How London's financial watchdog missed the red flags remains a mystery

Michael Davis, chief executive officer, said: “It was a very challenging year for healthcare services around the world, yet NMC and our subsidiaries were able to fully demonstrate the value our facilities bring to the communities they serve in 2020.”

Alvarez & Marsal were appointed joint administrators of NMC Health PLC, the holding company of NMC Healthcare, on April 9 last year. 

As part