PureHealth posts Dh965 million net profit for 2023

PureHealth Holding, a leading vertically integrated healthcare platform, reported on Wednesday 31 per cent revenue growth to Dh16.4 billion and a net profit of Dh965 million in FY23.

Attributing its strong performance to the group’s local and international expansion over recent years ahead of its successful initial public offering in December 2023, PureHealth reported an EBITDA of Dh2.4 billion and a net cash position of Dh7.2 billion for FY2023.

In a statement, the listed firm said as part of its growth journey, the group had successfully 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 USA in 2023, marking its first international acquisition – a Dh1.8 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 it 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," said Al Hammadi.

The group reported a significant growth in total assets of 17 per cent year-on-year to Dh28.2 billion. The increase is primarily due to the inclusion of the group’s Dh1.8 billion investment in Ardent Health Services in May 2023 and proceeds of Dh3.62 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,” said the statement.

“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,” said Shaista Asif, group chief executive officer of PureHealth.

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 statement said.

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