Home » Company Achieves Triple Digit Net Profit Growth to 4 Million as EBITDA Rises to 4 Million

Company Achieves Triple Digit Net Profit Growth to 4 Million as EBITDA Rises to 4 Million

by Dubaiforum

PureHealth, the largest integrated healthcare platform in the Middle East, reported a significant financial performance for the first quarter of 2024. The company achieved a remarkable 52% year-on-year revenue increase to USD 1.7 billion, with EBITDA soaring by 127% to approximately USD 294 million. The EBITDA margin also rose to around 18% in Q1 2024 from 12% in the same period last year.

This growth was largely driven by ongoing organic expansion efforts and successful strategic acquisitions. PureHealth’s Net Cash balance stood at approximately USD 1.2 billion as of March 31, 2024, resulting in a Net Cash to EBITDA ratio of 1.45x.

In particular, PureHealth’s hospital revenue saw an impressive 85% year-on-year increase, reaching USD 1.3 billion. The company also experienced a surge in patient volumes and bed occupancy rates, further boosting its financial performance. Recent acquisitions of Sheikh Shakhbout Medical City in Abu Dhabi and Circle Health Group in the United Kingdom contributed to this growth.

Chairman Hamad Al Hammadi expressed optimism about PureHealth’s trajectory, aiming to position the company among the top global healthcare providers. CEO Shaista Asif highlighted the strategic acquisitions made by the company and emphasized the commitment to creating long-term shareholder value.

During Q1 2024, PureHealth successfully completed the acquisitions of Circle Health Group and SSMC, further solidifying its presence in the healthcare industry. These acquisitions align with the company’s vision of expanding Abu Dhabi’s healthcare influence globally.

PureHealth also reported positive results in its insurance and procurement segments. The company’s gross profit reached approximately USD 394 million in Q1 2024, marking a 6% increase in gross margin. With a strong EBITDA and net profit, PureHealth continues to demonstrate its financial strength and operational efficiency.

With total assets of approximately USD 13 billion and a healthy cash balance of USD 2.2 billion, PureHealth is well-positioned for future growth and innovation in the healthcare sector. The company’s commitment to advancing the Science of Longevity and delivering premium healthcare services remains steadfast as it continues to expand its global reach and impact.

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