PureHealth focused on acquisitions to drive its growth in 2024
A. SREENIVASA REDDY (ABU DHABI)Pure Health Holding, the Middle East's largest healthcare group, has placed acquisitions at the forefront of its growth strategy in 2024, according to its Integrated Report submitted to the Abu Dhabi Securities Exchange (ADX).PureHealth uniquely integrates all aspects of the healthcare value chain, including hospitals, primary care centers, pharmacies, group purchasing organisations, diagnostics, research, health tech and insurance. This integration allows PureHealth to enhance patient outcomes, and create synergies across its diverse entities.PureHealth has demonstrated strong financial performance in 2024, with consolidated revenue increasing by 58% year-on-year (YoY) to Dh25.8 billion, according to the report. The company's EBITDA grew by 69% to Dh4.1 billion, and net profit increased by 78% to Dh1.7 billion. This growth is attributed to strong performance across its core segments, including hospitals, insurance, diagnostics, and procurement, and also from key acquisitions, the report said. In 2024, PureHealth's growth strategy has been significantly fuelled by key acquisitions, including the acquisition of Circle Health, the UK's largest independent hospital operator, for £1.2 billion, which has expanded Pure Health's international footprint and provided access to the UK healthcare market, and the acquisition of Sheikh Shakhbout Medical City (SSMC) in Abu Dhabi for Dh600 million, which is the region's largest healthcare complex, providing advanced tertiary care. Circle Health contributed Dh6 billion to the top line, demonstrating a 7% YoY revenue growth, while SSMC added Dh2 billion to revenue, reinforcing domestic operations and enhancing specialised tertiary care services.PureHealth boasts more than 100 clinics, over 300 hospitals, and a workforce exceeding 56,000 employees.Founder and Managing Director, Farhan Malik, stated: 'Our strong financial performance underscores the effectiveness of our strategy. The acquisition of Circle Health Group has strengthened our international reach, enabling us to leverage best practices and bring world-class healthcare closer to those who need it. Simultaneously, our expansion within the UAE, acquiring the largest healthcare complex in the region, which focuses on specialty care, reaffirms our commitment to elevating healthcare standards at home while positioning the UAE as a global hub for medical excellence'.Group Chief Executive Officer Shaista Asif noted: 'PureHealth's 2024 journey was marked by strategic expansion, innovative patient-centred care, and robust financial growth, solidifying our position as a global healthcare leader whilst enhancing value for all stakeholders.'Manzoor Ahmad, Group Chief Financial Officer (CFO), said: 'Despite significant investments and acquisitions, PureHealth has maintained a strong financial position. The Company's net leverage, including leases, stands at 0.9 times EBITDA, well below the upper limit of 3.0x required to maintain an investment-grade credit profile. This prudent approach to financial management ensures flexibility to pursue further growth opportunities while maintaining financial stability.'PureHealth's share price and market capitalisation demonstrated robust performance throughout 2024, building on the momentum from its successful IPO. The Company's market value continued to grow as investors recognised its strong financial results and strategic expansion, the CFO added. PureHealth is committed to fostering a diverse, equitable, and inclusive workplace. The company has over 56,000 employees, representing more than 100 nationalities, with women comprising 60% of the workforce. In the UAE, 21% of the workforce are UAE Nationals, and 16% are females. The company's focus remains on sustaining digital transformation, enhancing talent development, deepening culture transformation, and strategic workforce planning.PureHealth is committed to maintaining high standards of transparency, communication, and corporate governance. The company has established an Investor Relations Department to ensure timely and accurate communication with the market, stakeholders, and investors, in full compliance with applicable capital market regulations.The main shareholders of PureHealth include Q Health LLC, which holds the largest stake at 40.51%, followed by Alpha Dhabi Health Holding LLC with 24.93%. IHC Healthcare LLC and AH Capital (FZE) are also key players. Collectively, these top four shareholders control a substantial 77.65% of Pure Health. Shareholder base is primarily institutional, with companies holding a significant 97.29% of the shares, while individual shareholders constitute a small 2.71%. Pure Health Holding has been listed on the Abu Dhabi Securities Exchange (ADX) since 2023.
The integrated report also dealt with various sustainability initiatives of the healthcare group. It said PureHealth's 2024 Sustainability Report, which will be launched in H1 2025, will communicate full and detailed sustainability performance.
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