Fintech PR

PureHealth Posts Net Profit of AED 1.4 Billion and Revenues Increase of 56% for 9 Months of 2024

Published

4 weeks ago

October 31, 2024

PureHealth’s revenue surged 56% year-on-year to AED 19 billion, driven by significant growth in its hospital segment.
The Group’s EBITDA increased by 26% year-on-year, reaching AED 3.1 billion.
Net Profit of the Group increased by 13% year on on year, to reach AED 1.4 billion.

ABU DHABI, UAE, Oct. 31, 2024 /PRNewswire/ — PureHealth Holding PJSC (“PureHealth” or “the Group“) (ADX: PUREHEALTH), the largest healthcare group in the Middle East, today announced its financial results for the nine month period ending September 30, 2024. PureHealth recorded a 56% year-on-year increase in revenue to AED 19 billion, while EBITDA grew by 26% year-on-year to AED 3.1 billion, achieving a 16.5% margin. Net profit increased by 13% year-on-year, reaching AED 1.4 billion. This growth reflects strong performance across key verticals, supported by an expanding hospital network and strategic acquisitions locally and internationally.

Hamad Al Hammadi, Chairman of PureHealth, said: “As we progress along our defined growth trajectory, we remain dedicated to advancing the science of longevity in the pursuit of improving quality of life. The strategic acquisitions made this year have significantly strengthened PureHealth’s global position as an integrated healthcare platform, granting access to a premium cross-sector ecosystem. Our performance metrics underscore our commitment to driving innovation, achieving operational excellence and prioritising a patient-centric, proactive approach to care for the people of the UAE and beyond.”

Financial Performance Highlights:
Revenue growth for the nine-month period was primarily driven by increased patient demand within the Group’s hospitals segment, which remains the largest contributor to overall revenue, reaching AED 14.6 billion. The hospitals segment reported an impressive 87% year-on-year revenue increase, largely attributed to strategic acquisitions completed earlier this year. Key additions include Sheikh Shakhbout Medical City (SSMC), the UAE’s largest healthcare complex, and Circle Health Group, the UK’s largest private hospital group. The integration of the National Rehabilitation Centre (NRC), the UAE’s largest addiction rehabilitation facility, and Sheikh Khalifa Hospital Fujairah, the leading tertiary care hospital in Fujairah, further strenghthend the segment’s performance, enhanced service delivery, and expanded the Group’s operational footprint.

Shaista Asif, Group Chief Executive Officer at PureHealth, said: “PureHealth’s strong financial performance for the period underscores the success of our strategic focus on growth through targeted acquisitions and operational excellence. The significant revenue and profit increases reflect our expanding healthcare network, particularly in the hospital segment, where key assets such as Sheikh Shakhbout Medical City (SSMC) and Circle Health Group have played a pivotal role. As we look ahead, our focus remains on leveraging innovation and digital transformation to drive long-term growth, expand our global footprint, and continue creating value for our stakeholders.”

Patient interactions across our UAE and UK assets increased by 66%. Overall Outpatient, Inpatient and Emergency volumes increased by 70%, 105% and 34% respectively. Alongside the phenomenal volume growth, the Group’s bed capacity has expanded by 82%, bringing the total to approximately 4,800 beds.

The Insurance segment’s revenue grew 17% year-on-year to AED 5.1 billion in the first nine months 2024, driven by a 21% year-on-year increase in the Gross Written Premiums to AED 5.5 billion. The growth was underpinned by an improved value proposition, which enabled the retention of key accounts, along with a 4% year-on-year increase in the segment’s total number of active members to 3.1 million during the period.

Key Strategic Updates:
In 2024, PureHealth achieved significant milestones in expanding both its global and local portfolio. Internationally, Ardent Health successfully completed its initial public offering (IPO) on the New York Stock Exchange, marking a pivotal movement in the Group’s growth strategy. Additionally, Circle Health Group was named as the UK’s Top Private Hospital Operator, further underscoring the Group’s commitment to healthcare excellence on a global scale.

Locally, PureHealth optimised its operations through the sale of equity interests in Abu Dhabi Stem Cells Centre (ADSCC) and Yas Clinic. Sheikh Shakhbout Medical City (SSMC) was recently recognised as a Centre of Excellence for Burn Treatments by the Department of Health – Abu Dhabi.

Sustainability Report:
PureHealth launched its inaugural sustainability report aligned with international reporting standards and ADX Reporting Guidelines. It highlights The Group’s strategic approach and progress towards the decarbonisation pathways. PureHealth has committed to SBTi aligned Net Zero by 2040 target, and joined the United Nations’ Race to Zero Initiative. Being the first and only healthcare company in the Middle East region to make these pledges, PureHealth is leading collective action leveraging its expanding ecosystem. The report also details how The Group is creating innovative solutions that contribute to a lasting positive impact on communities.