PureHealth posts AED1 billion net profit in H1 2024; EBITDA soars to AED2.2 billion

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PureHealth achieved solid growth across its verticals, with revenues increasing 53% year-on-year to AED12.5 billion in the first half of 2024.
The group’s EBITDA increased 15% year-on-year to AED2.2 billion, with a profit margin of 17.2% in the first half of 2024.

Abu DhabiUnited Arab Emirates, July 31, 2024 /PRNewswire/ — PureHealth Holding PJSC (‘Pure and healthy‘ or ‘Groups‘) (ADX: PUREHEALTH), the largest healthcare platform in the United States middle Easttoday announced the June 30, 2024.PureHealth achieved a 53% year-on-year revenue growth to AED12.5 billion in the first half of 2024, driven by solid growth across most of its verticals, primarily from hospitals, insurance and procurement.

PureHealth announces first half 2024 results

Commenting on the performance, the Group Chairman said, Hamad Hammadiexplain: “PureHealth remains committed to its vision of transforming healthcare delivery in the UAE and beyond. I am pleased to report that the Group closed out H1 2024 with strong results, reflecting the continued trust our patients have in the quality and breadth of our services. We are committed to continuing to move forward as a leading UAE-based healthcare provider with global ambitions, with unwavering focus and determination.”

Hospital revenue increased 83% year-on-year to AED 9.6 billion in the first half of 2024, mainly driven by the contribution from the Group’s acquisitions of Sheikh Shakhbout Medical City (SSMC) and Circle Health Group during the period. The division’s revenue was also supported by an increase in patient volume (17% year-on-year growth in OP, 43% year-on-year growth in IP and 43% year-on-year growth in ED)¹ Meanwhile overall bed occupancy increased by 11% to 72%, and the National Rehabilitation Centre (NRC) was added to PureHealth’s portfolio during the period.

The Insurance division’s revenue increased by 15% year-on-year to AED 3.3 billion in the first half of 2024, driven by an overall increase in premiums, particularly from the enhanced insurance portfolio, and an increase in the division’s total active members from 2.9 million in the first half of 2023 to 3.1 million in the first half of 2024. Meanwhile, the Procurement and Supply of Healthcare-related Services division also supported the Group’s revenue growth during the period. The division’s revenue increased by 36% year-on-year to AED 2.7 billion in the first half of 2024, as the Group acquired new customers and implemented strategic expansion in the Diagnostics & Medical Devices and Pharmaceuticals & Diabetes divisions.

On the strategic front, the group acquired Circle Health Group, the largest independent hospital operator in the UK, as well as 100% of SSMC, the UAE’s premier healthcare complex renowned for its cutting-edge stem cell treatment facilities and top clinical expertise. In addition, the group has sold its investments in Yas Clinic Group and Abu Dhabi Stem Cell Centre (ADSCC) from January 2019. April 1, 2024. These divestitures allow PureHealth to focus on advancing the specialty healthcare services previously provided at ADSCC and Yas Clinic, which are now fully integrated into SSMC, in line with PureHealth’s overall strategy to streamline operations and reallocate resources towards synergies across the Group as it looks to increase its focus on advancing specialty healthcare services.

Shaista AsifPureHealth Group CEO said: “In the first half of this year, we continued to execute on our growth strategy, actively pursuing expansion on both the local and international stage, and achieved these goals through the acquisitions of Circle Health Group and SSMC. These assets provide additional avenues for growth in our hospital division, allowing us to serve a wider patient base in the UAE and establish a stronger international presence.

Additionally, technology remains a key driver of our success. Our recent advances in digital health and artificial intelligence solutions are more than just technological achievements; they represent transformative tools that have a tangible impact on patient care. These innovations exemplify our commitment to using technology to streamline operations, improve patient outcomes and ultimately enable us to deliver on our promise of a healthier future for all.”

The Group supports PureHealth’s digital and technology divisions with continuous innovation and technological advancements through its dedicated technology company, PureCS. These include the recent launch of an AI-powered blood glucose monitoring app that empowers users to take control of their health, and significant progress in the National Unified Medical Records initiative, which brings together millions of records and facilitates better coordination of patient care across the UAE.

In terms of profitability, the group’s EBITDA increased by 15% year-on-year to AED 2.2 billion in the first half of 2024, with an EBITDA margin of 17.2% during the period. In the first half of 2024, the group’s net profit was AED 1 billion, with a net profit margin of 8.0%.

Shaista made concluding remarks, stating: “Looking ahead, the solid foundation we have established in the first half of 2024 positions us to take full advantage of exciting opportunities and maximize shareholder value creation. Our commitment to executing on our attractive acquisition pipeline, coupled with the Group’s continued innovation through its technology division, will continue to fuel our growth engine. We are confident that these advancements will not only expand our reach and serve a wider patient population, but will also further solidify PureHealth’s position as a healthcare leader at the forefront of innovation.”

¹Outpatient (OP), inpatient (IP) and emergency department (ED) patient flow data for the same period do not include Covid-related patient flow.

About PureHealth

By advancing the science of longevity, PureHealth is United Arab Emirates To the rest of the world. PureHealth is the world’s largest healthcare platform. middle East The company’s ecosystem challenges people’s lifespan and redefines people’s healthy lifespan. With more than 100 hospitals, more than 300 clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health technology, procurement, investments, etc., the company’s breakthrough innovations are at the forefront of healthcare. The company’s mission is to unlock time for humans.

Pure Health’s network includes:

cut – One of the largest medical networks of hospitals and clinics in the UAE
Ambulatory Health Services (AHS) – Provide comprehensive community medical services
Daman (National Health Insurance Corporation) – Leading health insurance company in the UAE
Infirmary – Supervising Sheikh Khalifa Hospital and healthcare facilities established at the initiative of His Highness the President of the UAE
Rafid – The largest medical group purchasing organization in the UAE
Pure Lab – Manage and operate the largest laboratory network in the region
One Health – A network Providing end-to-end healthcare solutions to more than 300 healthcare service providers
Living Corner – Abu Dhabi The first holistic pharmacy serving health and wellness organizations
Enthusiastic about health services – Fourth largest private acute care hospital operator in the U.S.
Circle Health Group – The largest independent hospital operator in the UK
Pure CS – A leading cloud and technology services provider, focusing on IT management and consulting solutions, cybersecurity, cloud services and artificial intelligence information systems
Sheikh Shahbut Medical City （SSMC (Mitsubishi Electric) – The largest healthcare complex in the UAE, providing comprehensive care