By Staff Reporter
Dubai: The 9-month net profits for Abu Dhabi based PureHealth shot up 13% to Dh1.4 billion as its UAE hospitals delivered higher growth as did its recent overseas acquisitions. The gains on revenues are even more impressive, up 56% to Dh19 billion.
The net profit margin came to 7.6%. In the recent past, PureHealth has invested in the US and UK as well as added to its healthcare interests in the Northern Emirates.
Strong deal flow
On the deal side, it closed the acquisition of Circle Health Group, the UK’s largest private hospital network, and that of Abu Dhabi-based Sheikh Shakhbout Medical City, the UAE’s largest tertiary care hospital.
There were also strategic sales. PureHealth divested its investments in YAS Clinics Group and Abu Dhabi Stem Cells Centre (ADSCC), which came into effect last April.
“With a focused M&A strategy and continuous asset optimization, we are well-positioned to sustain our growth trajectory,” said Shaista Asif, CEO. “Our recent acquisition and associated integration have strengthened our healthcare network, enhanced operational efficiency, expanded market presence, and advanced patient care.”
Assets and debt load
Total assets by end September had gone up 72% to Dh48.4 billion. “This expansion also led to a corresponding increase in total liabilities to Dh29.1 billion,” the company said in a statement. This includes bank debt rising to AED 1.9 billion. (Excluding lease liabilities, the group has reported a net cash position of Dh6.7 billion as of end September.)
Overall hospital bed capacity has risen to around 4,800 (an increase of 82% year-on-year), along with a ‘considerable expansion in the number of physicians to support increased demand’.
More deals coming?
There has been increased talk in analyst and healthcare sector about PureHealth closing in on another major deal in the UAE. On ADX, the stock is trading at Dh3.5. The highs and lows have been in the Dh3.26-Dh6.05 range.
