PureHealth's Revenue Soars By 53% To AED12.5 Billion In First Half Of 2024

PureHealth Holding has reported its financial results for the first half of 2024, showing a significant revenue increase. The company achieved a 53% year-on-year rise in revenue, reaching AED12.5 billion. This growth was largely driven by strong performances across its Hospitals, Insurance, and Procurement segments.

The Hospitals segment saw an impressive 83% year-on-year revenue increase, amounting to AED9.6 billion. This surge was mainly due to contributions from the acquisitions of Sheikh Shakhbout Medical City (SSMC) and Circle Health Group. These acquisitions have expanded the Group's service offerings and patient base.

In the Insurance segment, revenues climbed 15% year-on-year to AED3.3 billion. This growth was attributed to higher premiums from the Enhanced Insurance portfolio and an increase in active members, which rose to 3.1 million in H1 2024 from 2.9 million in H1 2023.

The Procurement and Supply of Medical Related Services segment also contributed to the Group's overall revenue growth. It recorded a 36% year-on-year increase, reaching AED2.7 billion in H1 2024. This growth was driven by onboarding new customers and strategic expansions in diagnostics, medical devices, pharmaceuticals, and diabetes divisions.

The Group's EBITDA grew by 15% year-on-year to AED2.2 billion during this period, resulting in an EBITDA margin of 17.2%. The net profit for H1 2024 stood at AED1.0 billion, reflecting an 8% net profit margin.

Leadership Insights

Group Chairman Hamad Al Hammadi commented on these results: "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."

Shaista Asif, Group Chief Executive Officer at PureHealth, added: "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."

The company's robust performance underscores its strategic focus on expanding its healthcare services both locally and internationally while maintaining high standards of patient care.

With inputs from WAM