PureHealth Holding PJSC has announced its financial results for the period ended December 31, 2023, delivering a strong performance attributed to the group’s local and international expansion, ahead of its initial public offering in December 2023.
PureHealth has 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, spanning healthcare subsectors including hospital operators, health insurance providers, and pharmacies. The group expanded to the US in 2023, marking its first international acquisition – a AED1.8 billion stake in Ardent Health Services.
PureHealth delivered revenues of AED16.4 billion for the FY23, a growth of 31 per cent compared to AED12.5 billion in the previous year. The group recorded an EBITDA of AED2.4 billion in FY23 and an EBITDA margin of around 15 per cent driven by cost-optimisation and realised synergies. On an absolute basis, PureHealth reported a net profit of AED965 million in FY23.
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 growth in total assets of around 17 per cent year-on-year to AED28.2 billion. The increase is due to the inclusion of the group’s AED1.8 billion investment in Ardent Health Services in May 2023 and proceeds of AED3.62 billion from its IPO in December 2023.
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.
“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 AED4.4 billion (pre-debt), providing immediate access to the UK's largest private hospital network.
