Updates

Al Noor Hospitals - Third acquisition post float

February 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Al Noor has ticked another box, with its third acquisition post float of the Gulf International Cancer Centre (GICC) in Al Bahia, Abu-Dhabi for an initial US$24.5m including a payment for lease rent. That takes acquisition spend to just over US$40m since IPO. Founded in 2004, GICC is a leader in cancer treatment in Dubai, offering radiation therapy, medical oncology and PET/ CT scan services. Revenues and EBITDA were US$10.4m and US$2.0m respectively for the year ended December 2012. Al Noor intends to improve GICC's utilisation through referrals from its existing network, while cancer care in Dubai is forecast to grow 10-14% annually. All eyes will now turn to the rate of recruitment of new physicians, a key proxy for eps ...

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