Abu Dhabi drags Mediclinic down
Mediclinic International reports a strong ramp-up in patient activity at the newly opened Dubai hospital
The share price of Mediclinic International, the private hospital group controlled by investment company Remgro, was sent reeling on Monday by a less than rosy trading update. Mediclinic’s shares, which have a primary listing on the London Stock Exchange, were down nearly 5% on the JSE in afternoon trading as the market registered its disappointment with the company’s performance in the Middle East. Mediclinic CEO Danie Meintjes said the company had performed stoutly in its two biggest markets — Switzerland and SA. But he noted that the company’s Middle East operations were a mixed bag. The Dubai-based operations fared satisfactorily, while the Abu Dhabi operations, acquired in the recent Al Noor Group reverse takeover, were still struggling in the second half of the financial year to end-March. The good news in the Middle East performance was a strong ramp-up in patient activity at the newly opened Mediclinic City Hospital North Wing in Dubai. But in Abu Dhabi, Meintjes said, patie...
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