Aster DM gains on inking contract with Faruk Medical City in Iraq

Aster DM Healthcare rose 2.46% to Rs 232.85 after the company said that it has signed a contract with Faruk Medical City to collaborate on academic and professional training programs for clinical staff and healthcare professionals in Iraq.

Through this partnership, doctors from Aster DM will visit Faruk Medical City's facilities to consult and provide surgical services which are not locally available and for which patients have to travel overseas.

According to the agreement, both the companies will jointly provide training and academic support to medical and paramedical staff of Faruk Medical City hospital. Aster will also play an advisory role in guiding Faruk Medical City to apply for international accreditation.

Faruk Medical City is a part of Faruk Investment Group, one of the largest investment groups in Iraq. Faruk Investment Group and Aster DM Healthcare have also signed a memorandum of understanding to explore potential collaboration opportunities to expand Aster Pharmacy's services to Iraq, including the distribution and retail of pharmaceutical and wellness products.

Faruk Mustafa Rasool, founder and chairman of Faruk Investment Group and Faruk Medical City said, With Aster, we will build synergies on all medical and administrative levels to improve hospital operations and clinical services through the joining of the strengths of Faruk Investment Group and Aster. We are envisaging further developing the healthcare sector in Iraq through active contribution to medical education in the fields of Nursing and Biomedical sciences.

Aster DM Healthcare operates in various segments of the healthcare industry, which include hospitals, clinics and retail pharmacies, and provides healthcare services to patients across economic segments in various gulf corporation council (GCC) states through its various brands, such as Aster, Medcare and Access.

The company's net profit slumped 56.8% to Rs 46.21 crore on 12.5% rise in revenue from operations to Rs 2,816.30 crore in Q2 FY23 over Q2 FY22.

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