PureHealth Holding PJSC (‘PureHealth’ or ‘the Group’) (ADX Symbol: PUREHEALTH), the largest healthcare platform in the Middle East, today announced its financial results for the period ended 30 June 2024. PureHealth recorded a strong revenue increase of 53% y-o-y to AED 12.5 billion in H1 2024 on the back of solid growth booked across the majority of its verticals, primarily from the Hospitals, Insurance and Procurement segments.
Commenting on the results, the Group’s Chairman, Hamad Al Hammadi, said: “PureHealth remains committed to its vision of transforming healthcare delivery in the UAE and beyond. I am pleased to report that the Group has closed out the first half of 2024 with strong performance, which reflects the continued trust our patients place in the quality and breadth of our services. We are committed to progressing our journey as a leading UAE-based healthcare provider with global aspirationswith unwavering focus and determination.”
Revenue from Hospitals grew 83% y-o-y to AED 9.6 billion in H1 2024, primarily driven by the contributions generated from the Group’s acquisitions of Sheikh Shakhbout Medical City (SSMC) and Circle Health Group during the period. The segment’s revenue was also supported by higher patient volumes (OP up 17% y-o-y, IP up 43% y-o-y, and ED up 43% y-o-y)1 along with an 11% increase in overall bed occupancy to 72%, as well as the addition of the National Rehabilitation Center (NRC) to PureHealth’s portfolio during the period.
The Insurance segment’s revenues grew 15% y-o-y to AED 3.3 billion in H1 2024 due to an overall increase in premiums, specifically from the Enhanced Insurance portfolio, as well as from the rise in the segment’s total number of active members to 3.1 million in H1 2024 compared to 2.9 million in H1 2023. Parallel to this, the Procurement and Supply of Medical Related Services segment also supported the Group’s top-line growth for the period. The segment recorded revenue growth of 36% y-o-y to AED 2.7 billion in H1 2024 as the Group onboarded new customers and executed strategic expansions in diagnostics and medical devices as well as across the pharmaceutical and diabetes divisions.
On the strategic front, the Group acquired a 100% stake in Circle Health Group, the UK’s largest independent hospital operator, as well as SSMC, which stands as the UAE’s premier healthcare complex, known for its cutting-edge stem cell therapy facilities and top-tier clinical expertise. Additionally, the Group has offloaded its investments in Yas Clinic Group and Abu Dhabi Stem Cell Center (ADSCC) with effect from April 1, 2024. These divestments enable PureHealth to focus on advancing the specialised healthcare services previously provided at ADSCC and Yas Clinic, now fully integrated into SSMC, which aligns with PureHealth’s overarching strategy to streamline operations and relocate resources towards synergies across the Group as it looks to enhance its focus on advancing specialized healthcare services.
Shaista Asif, Group Chief Executive Officer at PureHealth, said: “The first half of the year has seen us continue to deliver on our growth strategies as we are actively pursuing expansion across both the local and international stages and have delivered on those fronts through the acquisition of Circle Health Group and SSMC. These assets provide us with additional avenues for growth within our Hospitals segment, allowing us to serve a wider patient base across the UAE and establish a stronger international presence.
Moreover, technology continues to be a critical driver of our success. Our recent advancements in digital health and AI solutions are not merely technological accomplishments; they represent transformative tools that have a tangible impact on patient care. These innovations exemplify our commitment to leveraging technology to streamline operations, enhance patient outcomes, and ultimately empower us to deliver on our promise of a healthier future for all.”
The Group has continued to innovate and establish technological advancements through its dedicated technology company PureCS, which powers PureHealth’s digital and technology segment. These include the most recent launch of an AI-powered blood glucose monitoring app, which empowers users to take charge of their health, as well as the significant progress made in the National Unified Medical Records initiative, aggregating millions of records and facilitating better patient care coordination across the UAE.
In terms of profitability, the Group’s EBITDA grew 15% y-o-y to AED 2.2 billion in H1 2024 and yielded an EBITDA margin of 17.2% during the period. The net profit for the Group for H1 2024 is AED 1.0 billion, reflecting a net profit margin of 8.0%.
Shaista provided conclusionary remarks, stating: “Looking ahead, the strong foundation we have built in the first half of 2024 positions us perfectly to capitalise on exciting opportunities and maximise the value creation opportunities for our shareholders. Our commitment to executing on an attractive acquisition pipeline, combined with the Group’s continuous innovation through its technology segment, will continue to fuel our growth engine. We are confident that these advancements will not only expand our reach and serve a wider patient base but will also further solidify PureHealth’s position as a healthcare leader at the forefront of innovation.”
