Tuesday 23 April 2024

PureHealth revenues up 31% to $4.47bn

DUBAI, February 13, 2024

PureHealth Holding, a leading healthcare platform in the Middle East, delivered a strong performance for the period ended December 31, 2023, achieving a revenue of AED16.4 billion ($4.47 billion) versus AED12.5 billion for FY2022, marking a 31% increase year-on-year. 
The group recorded an EBITDA of AED2.4 billion and an EBITDA margin of 15% driven by cost-optimisation and realised synergies. On an absolute basis, PureHealth reported a net profit of AED965 million ($262.74 million) in FY2023 and a total comprehensive income of AED1.1 billion.
The strong results are attributed to the group’s local and international expansion over recent years ahead of its successful initial public offering in December 2023.
As part of PureHealth’s growth journey, the group had completed a series of value-accretive acquisitions, enhancing operational capacity and subsequently revenue generation capabilities. During the fourth quarter of 2022, PureHealth welcomed SEHA, Daman, and TLC, reputable players spanning healthcare subsectors including hospital operators, health insurance providers, and pharmacies. Committed to its vision to bring healthcare from Abu Dhabi to the world, the group expanded to the US in 2023, marking its first international acquisition – a AED1.8 billion stake in Ardent Health Services. 
Hamad Al Hammadi, Chairman of the Board of Directors of PureHealth, said: “The group’s robust performance coupled with the series of successful acquisitions to date positions PureHealth among the world’s leading healthcare groups, benefitting people in an increasing number of countries while reliably leading the way in executing development objectives of our nation. Testament to this ongoing success is the tireless pursuit of our employees as we continue to build our portfolio across the UAE and internationally. As we continue to move forward, we remain committed to maintaining this momentum and driving further progress in the years ahead."
The group reported a significant growth in total assets of 17% year-on-year to AED28.2 billion. The increase is primarily due to the inclusion of the group’s AED1.8 billion ($500 million) investment in Ardent Health Services in May 2023 and proceeds of AED3.62 billion from its IPO in December 2023. Despite PureHealth’s accelerated expansion, it continues to hold a strong cash position coupled with a debt-to-equity ratio of 0.2x at end of 2023 and net cash to EBITDA ratio of 3.0x, key to its growth ambitions of further expanding its global footprint, the statement said.
Shaista Asif, Group Chief Executive Officer of PureHealth, said: “The past few years have presented unprecedented changes as the pandemic disrupted lives and healthcare access globally. PureHealth played a crucial role in combating the pandemic across the Emirates, and amidst these challenges, a calling emerged - an opportunity to empower individuals to live healthier, happier, and longer lives, regardless of their location. 
She added: “Reflecting the successful integration of our acquisitions as we move forward, we remain guided by a three-pronged strategy to further drive global expansion through strategic acquisitions that broaden our reach, enhance healthcare delivery through innovation, and maximize societal impact through sustainable stewardship. With this bold vision and unwavering dedication of our employees, we are poised for continued success.”
In January 2024, PureHealth completed the strategic acquisition of Circle Health Group, a leading UK hospital operator, for $1.2 billion (pre-debt), providing immediate access to the UK's largest private hospital network. 
Looking ahead, PureHealth remains optimistic about its future prospects, supported by its strong financial performance, well-defined growth strategy, and commitment to operational excellence. Over the mid-term (2024-2027), the group aims to strategically expand its global footprint, unlock synergies from its acquisition of Circle Health and drive value for its stakeholders, the group said. - TradeArabia News Service


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