UAE-based healthcare network PureHealth has reported a substantial year-on-year (YoY) increase in net profits for the first quarter (Q1) of 2024.
The company’s net profits for the quarter were AED490.64m ($133.56m), compared with AED219.11m ($59.64m) in the same period of last year.
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Its revenue for the three months to 31 March was AED6.11bn, up by 52% from AED4.02bn a year earlier.
PureHealth’s hospital revenue specifically saw an 85% YoY increase, reaching $1.3bn in the quarter.
This growth was driven by a 10% YoY increase in total patient volumes, which reached 1.5 million patients, and a 10% rise in bed occupancy rates to 71%.
PureHealth’s earnings before interest, tax, depreciation and amortisation (EBITDA) also rose to around $294m, up by 127% YoY.
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By GlobalDataThe company’s EBITDA margin for Q1 2024 expanded to around 18%, compared with 12% in Q1 2023.
PureHealth 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.”
In terms of profitability, PureHealth’s gross profit for Q1 2024 was around $394m, marking a 6% YoY increase to achieve a gross margin of around 24%.
The company attributed this improved profitability 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.
PureHealth group CEO Shaista Asif said: “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.”
In August last year, PureHealth agreed to acquire British independent hospital operator Circle Health Group from care company Centene.
