Pure Health swings to third-quarter profit as revenue rises on new acquisitions

The UAE's largest healthcare group posted revenue growth of more than 62 per cent

Sheikh Shakhbout Medical City. Pure Health acquired the centre in Abu Dhabi in March. Photo: SSMC

Pure Health, the UAE’s largest healthcare group, swung to a net profit in the third quarter as revenue grew on the back of new acquisitions and expansion of its hospital network.

Net profit attributable to owners of the company for the three months to the end of September stood at Dh430.5 million ($117.2 million), compared with a loss of Dh76 million for the same period last year, the company said in a statement on Thursday to Abu Dhabi Securities Exchange, where its shares are traded.

Revenue for the period grew 62.65 per cent annually to Dh6.4 billion.

The company’s nine-month profit attributable to owners of the company rose 13 per cent year-on-year to Dh1.4 billion as revenue rose 56 per cent to Dh19 billion, driven by increased patient demand at its hospitals.

“Pure Health’s strong financial performance for the period underscores the success of our strategic focus on growth through targeted acquisitions,” Shaista Asif, group chief executive at Pure Health, said.

Shaista Asif, group chief executive at Pure Health. Victor Besa / The National

“The significant revenue and profit increases reflect our expanding healthcare network, particularly in the hospital segment, where key assets such as Sheikh Shakhbout Medical City and Circle Health Group have played a pivotal role.”

Earlier this year, Pure Health bought UK hospital operator Circle Health Group for Dh4.41 billion to expand its network globally.

It also acquired Sheikh Shakhbout Medical City, the UAE’s largest healthcare complex in Abu Dhabi through its subsidiary Abu Dhabi Health Services Company, better known as Seha in March.

Founded in 2006, Pure Health became the largest healthcare provider in the UAE in January 2022 when it was merged with the healthcare subsidiaries of Abu Dhabi holding company ADQ.

In December, it raised Dh3.62 billion from its initial public offering on the Abu Dhabi Securities Exchange in an oversubscribed deal.

It operates more than 100 hospitals, 300 clinics as well as diagnostic centres and pharmacies.

Its portfolio includes Seha, one of the largest healthcare networks of hospitals and clinics in the UAE, health insurance company Daman and healthcare procurement company Rafed.

Revenue from the hospital segment, which is the largest contributor to its overall revenue, rose 87 per cent annually in the nine-month period to Dh14.6 billion amid new acquisitions completed this year, it said. The integration of the National Rehabilitation Centre, the UAE’s largest addiction rehabilitation centre, and Sheikh Khalifa Hospital Fujairah, also supported the segment's performance, the company said.

The insurance segment’s revenue grew 17 per cent year-on-year to Dh5.1 billion in the first nine months this year, while the group's bed capacity has expanded by 82 per cent to 4,800 beds.