ABU DHABI (WAM)
PureHealth Holding on Wednesday announced its financial results for the period ending June 30, 2024. It recorded a strong revenue increase of 53 percent y-o-y to Dh12.5 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.
The company said that the Group's EBITDA grew 15 percent y-o-y to Dh2.2 billion in H1 2024 and yielded an EBITDA margin of 17.2 percent during the period.
The Group's net profit for H1 2024 is Dh1.0 billion, reflecting an 8.0% net profit margin.
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."
Revenue from Hospitals grew 83 percent y-o-y to Dh9.6 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 Insurance segment's revenues grew 15% y-o-y to Dh3.3 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 Dh2.7 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.
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."