Abu Dhabi's PureHealth powers up with 78% profit growth in 2024 as deals help

Dubai: Boosted by acquisitions, ADX-listed PureHealth scored a 58% growth in 2024 revenues to Dh25.8 billion. Profit growth came in higher, at 78%, to Dh1.7 billion and with an impressive profit margin of 6.6%.  

“With the acquisition of Circle Health Group in the UK, we extended our world-class care beyond borders,” said Shaista Asif, Group CEO at PureHealth.  

And in the UAE, there was the ‘integration of Sheikh Shakhbout Medical City (that) reinforced our expertise in complex, life-saving treatments’, the CEO added.  

“We remain focused on expanding specialised services, leveraging AI to enhance operational efficiency and advance predictive and personalised care, while accelerating international growth.”

Market analysts say PureHeath will be on the prowl for more acquisitions to consolidate its position. They add that there’s been speculation of the Abu Dhabi company being keenly interested in GCC or Middle East hospital operators.

On its net debt position, the company’s at Dh3.6 billion, which includes lease liabilities and is adjusted for restricted cash. On ADX, the stock is at Dh3.3, some way off from the 52-week peak of Dh4.85. (Market analysts say the stock could be in for some bounce back over the 2024 results and the fact that it may not be proceeding with the purchase of the UAE hospital operator NMC.)

"There are other investment opportunities that PureHealth can easily line up, whether in UAE or overseas," said an analyst. "These would be easy on its stock price too."

For PureHealth, there was also the commissioning of Sheikh Khalifa Hospital Fujairah and the takeover of National Rehabilitation Center in the UAE last year.

Sell-offs too

Among the purchases, PureHealth also had two stake divestments - in Yas Clinics and ADSCC at their respective book values.

"The sale aligns with the Group’s strategy to streamline operations and to focus resources on driving efficiencies and synergies and to enhance its focus on specialized healthcare services," said a statement.

"The financial impact of the sale is immaterial to the Group’s operations."