PureHealth Holding, a healthcare platform in the Middle East, has reported a profit of Dh1.004bn ($273.28m) for the first half (H1) of 2024, marking a 25.8% decrease from Dh1.35bn ($367.47m) in the same period last year.
The second quarter (Q2) of 2024 saw a significant profit decline, with earnings of Dh513.69m compared to Dh1.13bn in Q2 2023.
Despite the profit downturn, the company recorded a revenue increase of 53% year-on-year to Dh12.50bn in H1 2024, up from Dh8.15bn in H1 of the previous year.
This growth is attributed to strong performance across most of PureHealth's verticals, especially in the hospitals, insurance, and procurement segments.
PureHealth’s revenue from the hospitals sector and other healthcare-related services soared by 83% year-on-year to Dh9.61bn in H1 2024, up from Dh5.24bn in H1 2023.
This surge was largely due to contributions from the group's recent acquisitions, including Sheikh Shakhbout Medical City (SSMC) and the UK's Circle Health Group.
Besides, PureHealth streamlined its portfolio by divesting Yas Clinic Group and Abu Dhabi Stem Cell Center (ADSCC) as of 1 April 2024.
These strategic moves allowed the company to enhance its specialised healthcare services, now fully integrated into SSMC, and align with the company's strategy to streamline operations and focus resources on creating synergies across the group.
The increase in segment revenue was further supported by higher patient volumes, with outpatient visits up by 17%, inpatient admissions up by 43%, and emergency department visits also up by 43%.
Additionally, there was an 11% increase in overall bed occupancy to 72%, and the inclusion of the National Rehabilitation Center (NRC) in PureHealth's portfolio contributed to this growth.
However, revenue from diagnostic services saw a decline, dropping to Dh487.64m in H1 2024 from Dh537.66m in H1 2023.
Despite this, the company's gross profit for the first half of 2024 totalled Dh2.82bn, a significant increase from Dh1.31bn in the same period of 2023.
PureHealth's earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 15% year-on-year to Dh2.15bn in H1 2024, compared to Dh1.86bn in H1 2023.
PureHealth group chairman Hamad Al Hammadi said: “PureHealth remains committed to its vision of transforming healthcare delivery in the UAE and beyond. I am pleased to report that the group has closed out the first half of 2024 with strong performance, which reflects the continued trust our patients place in the quality and breadth of our services.
“We are committed to progressing our journey as a leading UAE-based healthcare provider with global aspirations with unwavering focus and determination.”
