Net revenue at $1.19 bn exceeds business plan by 9pcÂ
ABU DHABI/December 17-2020:The net revenue generated by NMC Healthcare during the 10-month period ended October 31, 2020, registered a 9 per cent growth to $1.19 billion against the business plan (BP) estimate made by the company at $1.09 billion for the said period.
However, the same revenue has been lower by 8 per cent compared with that generated in the same period in the earlier year, at $1.295 billion.
The EBITDA (before one-offs and restructuring costs) for the period until October end, 2020, was $89.7 million against the business plan estimate of a negative $9.4 million, which.by any measure is a big fillip to the team.
However, the EBITDA for the period under review was down by 12 per cent compared with the actual EBITDA of $101.9 million the company had earned for the same period last year.
The company that has been kept under Administration stated that the net operating cash flow during the period was well ahead of the forecast due to strong underlying business performance combined with tight cash controls and working capital management.
Certain entities in the troubled NMC Group have been put under Administration on September 27 in the Abu Dhabi Global Market (ADGM). The affairs, business and property of these certain companies within the NMC Group are being managed by the Joint Administrators.
The real trouble in the group was triggered by the discovery last year that the NMC Group owed to financial institutions, local and overseas, much more than disclosed by the management and that a big chunk of this has been routed outside the group.
The total outstanding debt and guarantees of the embattled healthcare company has been estimated at $6.8 billion. While $5.9 billion is in relation to core debt, an amount of $760 million has been on account of sukuks and convertibles, with the remainder being international borrowings.
Out of the core outstanding at about $5.87 billion, 11 syndicated loan facilities account for $3.69billion, whereas 86 bilateral arrangements are valued at $2.181 billion,, a document released on December 16 says.
