PureHealth Holding has recorded revenue growth of 52 per cent, reaching AED6.1bn ($1.7bn), according to its financial results for the period ended March 31, 2024.
The 85 per cent year-on-year increase in hospital revenue is particularly noteworthy, totalling AED4.8bn ($1.3bn).
This growth was propelled by a 10 per cent year-on-year surge in total patient volumes, reaching 1.5m patients, and a 10 per cent rise in bed occupancy rates to 71 per cent.
PureHealth revenue growth
Furthermore, this upward trajectory was bolstered by the consolidation of recent 100 per cent acquisitions of Sheikh Shakhbout Medical City (SSMC) in Abu Dhabi and Circle Health Group in the United Kingdom.
As a result of increased operational efficiencies and organic growth, the Group’s net profit was notably strong at approximately AED491m ($134m), up by around AED272m ($75m) from Q1 2023, with a margin improvement of approximately 2.5 percentage points to 8 per cent.
PureHealth’s EBITDA has increased to approximately AED1.1bn ($299m), a 127 per cent increase year-on-year, with the EBITDA margin for Q1 2024 expanding to around 18 per cent (compared to 12 per cent in Q1 2023).
As of March 31, 2024, PureHealth reported total assets of approximately AED47bn ($12.8bn), up from around AED28bn ($7.6bnbn) in Q1 2023, which includes a healthy total cash balance of AED8bn ($2.2bn).
The Net Cash balance stood at approximately AED4.4bn ($1.2bn) (excluding lease liabilities), resulting in a Net Cash to EBITDA ratio of 1.45x as of the last twelve months to March 31, 2024.
Group Chairman Hamad Al Hammadi said: “PureHealth’s performance is setting us on a path to joining the ranks of top-tier global healthcare providers.
“The dedication of our employees is the cornerstone of this success, and their efforts continue to fuel our expansion across the UAE and internationally.
“We are committed to maintaining this momentum and driving further advancements in pursuit of our mission to advance the science of longevity in the years to come, delivering premium healthcare services to people in the UAE and beyond.”
Shaista Asif, PureHealth’s Group Chief Executive Officer, highlighted that the recent acquisitions of Circle Health Group and SSMC have expanded the hospital network to over 50 hospitals with more than 2,000 beds.
This expansion reflects the Group’s commitment to excellence and aims to create long-term shareholder value.
Additionally, the Sheikh Tahnoon bin Mohammed Medical City (STMC), inaugurated in 2023 with over 850 beds, is increasing its operations to meet rising demand in Al Ain.
STMC is a significant addition to PureHealth’s portfolio and marks a milestone in its value-creation journey.
Alongside significant achievements in the hospitals segment, the insurance segment recorded a revenue increase of 13 per cent year-on-year to AED1.6bn ($436m) in Q1 2024, driven by higher gross written premiums, reflecting the growing demand for Daman’s insurance offering.
The procurement segment further supported revenue growth, with a 4 per cent increase to AED1.1bn ($299m) in Q1 2024.
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