UAE's biggest healthcare entity PureHealth's Q1-2024 revenues soar to Dh6.1b
Healthcare group sees gains from recent acquisitions in the UAE and UK
Dubai: A 52 per cent increase in Q1-2024 revenues to Dh6.1 billion helped PureHealth - the UAE's biggest healthcare group - deliver net profits of Dh490.6 million. Of particular importance for the Abu Dhabi headquartered entity is the 85 per cent increase in revenues from its hospitals to Dh4.8 billion.
This was helped by a 10 per cent increase in patient volumes, at 1.5 million, as well as a 10 per cent spike in bed occupancy. In the recent past, PureHealth, listed on ADX, has been through an extensive expansion program, including asset buys overseas.
"This upward trajectory was bolstered by the consolidation of recent 100 per cent acquisitions of Sheikh Shakhbout Medical City in Abu Dhabi and Circle Health Group in the UK," said a statement.
“PureHealth's performance is setting us on a path to joining the ranks of top-tier global healthcare providers," said Hamad Al Hammadi, Group Chairman. "We are committed to maintaining this momentum and driving further advancements in pursuit of our mission to advance the science of longevity in the years to come, delivering premium healthcare services to people in the UAE and beyond.“
Margin gains
The EBITDA shot up 127 per cent year-on-year to around the Dh1.1 billion mark, helped by 'operational efficiencies improving across all key segments'. The EBITDA margin firmed up to around 18 per cent from 12 per cent a year ago.
"The successful acquisitions of (UK's) Circle Health Group and SSMC have added over 2,000 beds across a network of more than 50 hospitals," said Shaista Asif, PureHealth’s Group CEO. "This expansion underscores our commitment to excellence and demonstrates a clear path toward creating long-term, sustainable shareholder value."
The Sheikh Tahnoon Bin Mohammed Medical City, a tertiary-care facility with more than 850 beds, is 'ramping up its operations in response to increased demand in the Al Ain region'.
More acquisitions?
"While we are experiencing organic growth within our current business units, we will continue to actively explore opportunities for capital deployment in our pursuit of inorganic growth," said Shaista. "This strategy aims to further enhance diversification, scale, and income growth.”