- PureHealth booked a 53% y-o-y increase in revenue to AED 12.5
billion in H1 2024 following solid growth across its
verticals.
- The Group's EBITDA grew 15% y-o-y to AED 2.2 billion and it
recorded a margin of 17.2% in H1 2024.
ABU
DHABI, UAE, July 31,
2024 /PRNewswire/ -- 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."
1 Outpatient (OP), inpatient (IP), and emergency
department (ED) patient traffic figures from the comparable period
exclude Covid-related patient traffic.
About PureHealth
By advancing the Science of Longevity, PureHealth is introducing
the healthcare of the future from the United Arab Emirates to the rest of the world.
PureHealth is the largest healthcare platform in the Middle East with an ecosystem that challenges
lifespans and reimagines health spans. With 100+ hospitals, 300+
clinics, multiple diagnostic centres, health insurance solutions,
pharmacies, health tech, procurement, investments and more, its
groundbreaking innovations are at the forefront of healthcare as
the company is on a mission to unlock time for humankind.
Pure Health's network comprises:
- SEHA – One of the largest healthcare networks of
hospitals and clinics in the UAE
- Ambulatory Healthcare Services (AHS) - Delivering
comprehensive community-based healthcare services
- Daman (The National Health Insurance Company) –
The UAE's leading health insurer
- The Medical Office – Overseeing Sheikh Khalifa Hospitals and healthcare facilities
established under the initiatives of H.H. The President of the
UAE
- Rafed – The UAE's largest healthcare Group Purchasing
Organisation
- PureLab – Managing and operating the largest network of
laboratories in the region
- One Health – A network that provides
end-to-end medical solutions to a base of over 300 healthcare
service providers
- The Life Corner – Abu
Dhabi's first holistic pharmacy, serving the health and
wellness establishment
- Ardent Health Services – The fourth largest privately
held acute care hospital operator in the US
- Circle Health Group – The largest independent operators
of hospitals in the UK
- PureCS - A leading cloud and technology services
provider, specialising in IT management and consulting solutions,
cybersecurity, cloud services and AI information systems
- Sheikh Shakhbout Medical City (SSMC) – The UAE's
largest healthcare complex, delivering integrated complex care
To learn more, please visit www.purehealth.ae
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