Pure Health Holding, a prominent healthcare provider in the UAE, recently announced significant revenue growth of 52 per cent, reaching Dh6.1 billion. The impressive growth was primarily driven by an 85 per cent increase in hospital revenue, totaling Dh4.8 billion. This growth was supported by a surge in total patient volumes and bed occupancy rates, as well as recent acquisitions of Sheikh Shakhbout Medical City in Abu Dhabi and Circle Health Group in the UK.
The Chairman of Pure Health, Hamad Al Hammadi, expressed optimism about the company’s performance, highlighting the dedication of employees as a key factor in their success. The company is focused on expanding its presence in the UAE and internationally while delivering premium healthcare services to people in the region and beyond. The mission of Pure Health is to advance the science of longevity and provide top-tier healthcare services globally.
Shaista Asif, the Group Chief Executive Officer, emphasized the strategic acquisitions of Circle Health Group and Sheikh Shakhbout Medical City, which have added over 2,000 beds across a network of more than 50 hospitals. The company’s expansion efforts reflect its commitment to excellence and creating long-term shareholder value. Pure Health’s recent inauguration of Sheikh Tahnoon Bin Mohammed Medical City is expected to further enhance its hospital portfolio and contribute to the Group’s value-creation journey.
In the first quarter of 2024, Pure Health completed the 100 per cent acquisitions of Circle Health Group and Sheikh Shakhbout Medical City, aligning with its vision of extending Abu Dhabi’s healthcare influence globally. Sheikh Shakhbout Medical City, valued at $600 million, generated revenues of Dh2.2 billion in 2023 and has an overall capacity of 732 beds, offering a range of specialized medical services.
The company’s operating performance in Q1 2024 demonstrated significant growth, with the insurance segment recording a revenue increase of 13 per cent year-on-year and the procurement segment contributing to revenue growth. Pure Health reported a gross profit of approximately Dh1.5 billion, a 6 percentage point increase year-on-year, attributed to enhanced patient mix and operational efficiencies.
As a result of increased operational efficiencies and organic growth, Pure Health reported a strong EBITDA of approximately Dh1.1 billion, marking a 127 per cent increase year-on-year. Net profit for the company also showed significant growth, reaching approximately Dh491 million, with a margin improvement to 8.0 per cent. As of March 31, 2024, Pure Health reported total assets of approximately Dh47 billion, with a healthy total cash balance of Dh8 billion.
The impressive financial performance and strategic acquisitions have positioned Pure Health as a leading healthcare provider in the region. With a focus on expansion, innovation, and delivering high-quality healthcare services, the company is poised to continue its growth trajectory and make a significant impact on the global healthcare industry. Pure Health’s commitment to excellence and long-term value creation sets the stage for a promising future as it strives to advance the science of longevity and provide premium healthcare services to individuals worldwide.
