491 million dirhams net profits "Purehealth" In the first quarter
ABU DHABI, 2nd May, 2024 – PureHealth Holding Company, listed on the Abu Dhabi Securities Market, today announced its financial results for the period ending March 31, 2024, as its revenues recorded a strong growth of 52 percent to reach 6.1 billion dirhams in the first quarter. From 2024, driven by the strong performance of the hospital sector, which recorded a year-on-year growth of 85 percent, with total revenues reaching 4.8 billion dirhams.
The growth was supported by a 10 percent year-on-year increase in the total number of patients, which reached 1.5 million, in addition to a significant 10 percentage point increase in bed occupancy rates to 71 percent. It was also supported by 100 percent acquisitions, which The group recently carried out this mission at Sheikh Shakhbout Medical City in Abu Dhabi and Circle Health Group in the United Kingdom.
As a result of increased operational efficiencies and organic growth, PureHealth’s EBITDA increased to approximately 1.1 billion dirhams, an increase of 127 percent year-on-year, and expanded its EBITDA margin for the first quarter of 2024 to approximately 18%. percent, compared to 12 percent in the first quarter of 2023.
The group also recorded net profits amounting to about 491 million dirhams, an increase of 272 million dirhams compared to the first quarter of 2023, with the margin improving by about 2.5 percentage points to 8 percent.
The total value of the group’s assets reached about 47 billion dirhams, as recorded until March 31, 2024, compared to about 28 billion dirhams in the first quarter of 2023. This includes a total balance of cash liquidity amounting to 8 billion dirhams, while the net cash balance amounted to about 4.4 billion dirhams, excluding lease liabilities, which resulted in the ratio of net cash to earnings before interest, taxes, depreciation and amortization reaching 1.45 times during the past 12 months until March 31, 2024.
Hamad Abdullah Al Hammadi, Chairman of the Board of Directors of Pure Health, said: “The distinguished performance recorded by our group reflects the level of our aspirations and ambitions to consolidate our position as pioneers in the healthcare sector at the international level. The dedication of our employees represents the basic pillar of this success, and their efforts continue to enhance the expansion of our efforts.” Locally throughout the UAE and internationally around the world, we are committed to achieving our mission of developing the field of life extension science over the coming years, and providing distinguished health care services inside and outside the country.”
For her part, Shaista Asif, CEO of Pure Health Group, said: “The successful acquisitions of Circle Health Group and Sheikh Shakhbout Medical City have added more than 2,000 beds across our network of more than 50 hospitals.”
Asif added that in addition to Circle Health Group and Sheikh Shakhbout Medical City, Sheikh Tahnoun bin Mohammed Medical City, with its specialized services and capacity of up to 850 beds, which was opened in the last half of 2023, is working to intensify its operations to rise to the level of demand for Health care services in Al Ain area.
In conjunction with the group’s achievements in the hospital sector, the insurance sector recorded an increase in revenues by 13 percent year-on-year to 1.6 billion dirhams in the first quarter of 2024, as a result of an increase in total insurance premiums, which reflected the increasing demand for the insurance offers provided by the company. “a guarantee”. The purchasing sector contributed to the growth of the group’s revenues, as it achieved a growth in revenues of 4 percent on an annual basis to reach 1.1 billion dirhams in the first quarter of 2024.
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