PureHealth, the Middle East’s largest healthcare platform, announced a strong revenue increase of 53 percent year-on-year to AED12.5 billion ($3.4 billion) during the first half of 2024, driven by solid growth across the majority of its verticals, primarily from the hospitals, insurance and procurement segments.
In terms of profitability, PureHealth’s EBITDA grew 15 percent annually to AED2.2 billion in H1 2024 and yielded an EBITDA margin of 17.2 percent. The group’s net profit reached AED1 billion, reflecting a net profit margin of 8 percent.
Segment revenues surge
PureHealth’s hospital revenues rose 83 percent annually to AED9.6 billion in H1 2024 due to the group’s acquisitions of Sheikh Shakhbout Medical City (SSMC) and Circle Health Group. Patient volumes also rose, further supporting this segment’s revenues. Meanwhile, overall bed occupancy rose 11 percent to 72 percent.
PureHealth’s insurance segment revenues grew 15 percent annually to AED3.3 billion in H1 2024 due to an overall increase in premiums, specifically from the enhanced insurance portfolio. In addition, the segment’s total number of active members rose to 3.1 million in H1 2024 compared to 2.9 million in H1 2023.
Meanwhile, the procurement and supply of medical related services segment also supported PureHealth’s revenue growth for the period. The segment recorded revenue growth of 36 percent annually to AED2.7 billion in H1 2024 because the company onboarded new customers and executed strategic expansions in diagnostics and medical devices as well as across the pharmaceutical and diabetes divisions.
PureHealth’s acquisitions
PureHealth fully acquired Circle Health Group, the U.K.’s largest independent hospital operator. Moreover, the company acquired SSMC, the UAE’s premier healthcare complex, known for its cutting-edge stem cell therapy facilities and top-tier clinical expertise.
“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,” stated Shaista Asif, group CEO at PureHealth.
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Divestments shift group’s focus
Furthermore, PureHealth offloaded its investments in Yas Clinic Group and Abu Dhabi Stem Cell Center (ADSCC). These divestments enabled the company to focus on advancing its specialized healthcare services previously provided at ADSCC and Yas Clinic, now fully integrated into SSMC. This aligns with PureHealth’s overarching strategy to streamline operations and relocate resources towards synergies across its operations as it looks to enhance its focus on advancing specialized healthcare services.
“Moreover, technology continues to be a critical driver of our success. Our recent advancements in digital health and AI solutions are not merely technological accomplishments; they represent transformative tools that have a tangible impact on patient care,” Asif added.
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