In 2024, the Group achieved robust growth across most of its sectors, notably in hospitals, insurance, and procurement. The net profit for the first half of 2024 stood at Dh1.0 billion, marking an 8.0 percent net profit margin. The Group also reported a 17.2 percent earnings before interest, taxes, depreciation, and amortization (EBITDA) margin during this period. Hospital revenue surged by 83 percent year-over-year to Dh9.6 billion in the first half of 2024, largely due to the Group's acquisitions of Sheikh Shakhbout Medical City (SSMC) and Circle Health Group. This segment also benefited from increased patient volumes and higher bed occupancy, along with the inclusion of the National Rehabilitation Center (NRC) in PureHealth's portfolio.
The insurance segment's revenue rose by 15 percent year-over-year to Dh3.3 billion in the first half of 2024, driven by higher premiums and a rise in active members to 3.1 million from 2.9 million in the previous year. Meanwhile, the procurement and supply of medical services segment contributed to the Group's top-line growth, with a 36 percent year-over-year revenue increase to Dh2.7 billion, thanks to new customer acquisitions and strategic expansions in diagnostics, medical devices, pharmaceuticals, and diabetes divisions.
Strategically, the Group acquired full ownership of Circle Health Group, the UK's largest independent hospital operator, and SSMC, the UAE's leading healthcare complex. Additionally, the Group divested its interests in Yas Clinic Group and Abu Dhabi Stem Cell Centre (ADSCC) effective April 1, 2024. These divestments allow PureHealth to concentrate on enhancing specialized healthcare services previously provided at ADSCC and Yas Clinic, now integrated into SSMC, aligning with PureHealth's strategy to streamline operations and focus resources on synergies within the Group.
The Group's Chairman, Hamad Al Hammadi, expressed his satisfaction with the strong performance in the first half of 2024, reflecting the trust patients place in the Group's services. He emphasized the Group's commitment to transforming healthcare delivery in the UAE and beyond, with a steadfast focus and determination. Shaista Asif, the Group CEO, highlighted the continued execution of growth strategies and the acquisition of Circle Health Group and SSMC, positioning the Group well to capitalize on future opportunities and maximize value for shareholders.
