- PureHealth achieved a robust 52% year-on-year revenue
increase to USD 1.7 billion in Q1
2024, driven by ongoing organic growth and successfully completed
strategic acquisitions.
- EBITDA surged by 127% year-on-year to around USD 294 million, with operational efficiencies
improving across all key segments. The EBITDA margin rose to around
18% in Q1 2024 from 12% in Q1 2023.
- PureHealth has a Net Cash balance of c. USD 1.2 Billion (excluding lease liabilities) on
31 March 2024, resulting in a Net
Cash to EBITDA (LTM 31 March 2024)
ratio of (1.45x).
ABU
DHABI, UAE, May 2, 2024
/PRNewswire/ -- Pure Health Holding PJSC ("PureHealth" or
"the Group") (ADX Symbol: PUREHEALTH) (ISIN:
AEE01362P238), the largest integrated healthcare platform in the
Middle East, today announced its
financial results for the period ended March
31, 2024.
In Q1 2024, PureHealth achieved robust revenue growth of 52%,
reaching USD 1.7 billion.
Particularly noteworthy is the 85% year-on-year increase in
hospital revenue, totalling USD 1.3
billion. This growth was propelled by a 10% year-on-year
surge in total patient volumes, reaching 1.5 million patients, as
well as a 10% rise in bed occupancy rates to 71%. Furthermore, this
upward trajectory was bolstered by the consolidation of recent 100%
acquisitions of Sheikh Shakhbout Medical City ("SSMC") in
Abu Dhabi and Circle Health Group
in the United Kingdom.
Commenting on the results the Group's Chairman, Hamad Al Hammadi, said: "PureHealth's
performance is setting us on a path to joining the ranks of
top-tier global healthcare providers. The dedication of our
employees is the cornerstone of this success, and their efforts
continue to fuel our expansion across the UAE and internationally.
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."
Commentary from Shaista Asif,
PureHealth's Group Chief Executive Officer, highlighted that:
"Through our integrated strategy and expansion efforts, the
successful acquisitions of Circle Health Group and SSMC have added
over 2,000 beds across a network of more than 50 hospitals. This
expansion underscores our commitment to excellence and demonstrates
a clear path toward creating long-term, sustainable shareholder
value. Moreover, the Sheikh Tahnoon Bin Mohammed Medical City
"STMC", a large tertiary care facility with a capacity of more than
850 beds inaugurated in the latter half of 2023, is ramping up its
operations in response to increased demand in the Al Ain region. STMC is set to be a vital
addition to PureHealth's hospital portfolio, serving as another
milestone in the Group's value-creation journey. 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. This strategy aims
to further enhance diversification, scale, and income growth."
PureHealth's Acquisitions in Q1 2024:
During Q1 2024, PureHealth completed the 100% acquisition of
Circle Health Group, the UK's largest private hospital provider,
followed thereafter by the 100% acquisition of SSMC, the UAE's
largest tertiary hospital. These acquisitions are part of the
Group's commitment to its vision of extending Abu Dhabi's healthcare influence globally
through a series of strategic acquisitions.
Valued at USD 600 million, SSMC
generated revenues of approximately USD 600
million in 2023 and has an overall capacity of 732 beds, 46
service lines within 12 clinical departments, 490 physicians and
1,500 nurses. SSMC has been licensed by Department of Health –
Abu Dhabi to provide Bone Marrow
Transplant and STEM. SSMC is also recognised as a centre of
excellence for stroke care.
Operating Performance:
Alongside significant achievements in the Hospitals segment, the
insurance segment recorded a revenue increase of 13% year-on-year
to USD 426 million in Q1 2024, driven
by higher gross written premiums, reflecting the growing demand for
Daman's insurance offering. The Procurement segment further
supported revenue growth, with a 4% increase to USD 290 million in Q1 2024
In terms of profitability, the Group's gross profit reached
approximately USD 394 million in Q1
2024, marking a 6 percentage point year-on-year increase to achieve
a gross margin of around 24%. This improved profitability is
attributed to several factors, including an enhanced patient mix,
reduced utilisation rates across the insurance segment, and the
successful execution of ongoing operational streamlining and cost
optimisation initiatives.
As a result of increased operational efficiencies and organic
growth, the Group's EBITDA has increased to approximately
USD 294 million, a 127% increase
year-on-year, with the EBITDA margin for Q1 2024 expanding to
around 18% (compared to 12% in Q1 2023). Net profit for PureHealth
was notably strong at approximately USD 134
million, up by around USD 74
million from Q1 2023, with a margin improvement of
approximately 2.5 percentage points to 8.0%.
As of 31 March 2024, PureHealth
reported total assets of approximately USD
13 billion, up from around USD 8
billion in Q1 2023, which includes a healthy total cash
balance of USD 2.2 billion. The Net
Cash balance stood at approximately USD 1.2
billion (excluding lease liabilities), resulting in a Net
Cash to EBITDA ratio of 1.45x as of the last twelve months to
31 March 2024.
About PureHealth
By advancing the Science of Longevity, PureHealth is introducing
the healthcare of the future from the United Arab Emirates to the rest of the world.
PureHealth is the largest healthcare platform in the Middle East with an ecosystem that challenges
lifespans and reimagines health spans. With 100+ hospitals, 300+
clinics, multiple diagnostic centres, health insurance solutions,
pharmacies, health tech, procurement, investments and more, its
groundbreaking innovations are at the forefront of healthcare as
the company is on a mission to unlock time for humankind.
Pure Health's network comprises:
- SEHA (Abu Dhabi Health Services Company) – One of
the largest healthcare networks of hospitals and clinics in the
UAE
- Daman (The National Health Insurance
Company) – The UAE's leading health insurer
- The Medical Office – Overseeing Sheikh Khalifa Hospitals and healthcare facilities
established under the initiatives of H.H. The President of the
UAE
- Rafed – The UAE's largest healthcare Group
Purchasing Organisation
- PureLab – Managing and operating the largest network of
laboratories in the region
- Abu Dhabi Stem Cells Center – Specialist
healthcare centre focused on cell therapy and regenerative
medicine
- One Health – Sales, service support, and
engineering network that provides end-to-end medical solutions
to a base of over 300 healthcare service providers
- The Life Corner – Abu
Dhabi's first holistic pharmacy, serving the health and
wellness establishment
- Ardent Health Services – The fourth largest
privately held acute care hospital operator in the US
- Circle Health Group – The largest independent
operators of hospitals in the UK
- Sheikh Shakbout Medical City- Largest tertiary care
hospital in the UAE
To learn more, please visit www.purehealth.ae
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