Abu Dhabi – Mubasher: Gulf Medical Projects Company reported a 2,665% year-on-year increase in the first quarter of 2017, according to a bourse statement.

Profits reached AED 1.43 billion ($389.4 million) in Q1-17, compared to AED 51.72 million ($14.1 million) in Q1-16.

The profit rise is mainly backed by the sale of one of the company’s units, Al Zahra Private Hospital Company, to London-listed NMC Health.

However, operating profits went down 75% to AED 16.40 million from AED 65.39 million in Q1-16.

Revenues declined 50.5% to AED 109.12 million in Q1-17, compared to AED 220.38 million in Q1-16.