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PUREHEALTH-
Healthcare giant PureHealth saw its bottom line increase 124% y-o-y to AED 490.6 mn in 1Q 2024, according to the company’s financial results (pdf). Revenues rose 52% y-o-y to AED 6.12 bn during the quarter, driven by growth in patient volume and bed occupancy rates, as well as acquisitions of hospital groups, the company said in a separate earnings release.
ICYMI #1- In January, PureHealth completed its USD 1.2 bn acquisition of 100% of UK-based Circle Health Group as part of its global expansion plans. The company also purchased Minnesota-based Mayo Clinic’s 25% stake in Abu Dhabi 741-bed hospital Sheikh Shakhbout Medical City for USD 150 mn (c. AED 551 mn) in the same month.
ICYMI #2- The acquisitions came after PureHealth went public on the ADX in December in what was the second-largest IPO in the UAE in 2023, raising AED 3.62 bn. The company said it would use IPO proceeds to support future expansion, including acquisitions of hospital groups and healthcare assets in the Middle East, the Americas, Europe and the Far East.
BANK OF SHARJAH-
Bank of Sharjah’s net income reached AED 80 mn in 1Q 2024, according to an earnings release (pdf). The lender noted improved net income due to higher net interest income and operating income, and reduced operating costs. Net interest income came in at AED 89 mn, according to the earnings release. The bank did not include figures for the comparative quarter last year, citing “accounting anomalies that occurred prior to the effective date of delinking of its Lebanese subsidiary on April 1, 2023.”
UMM AL QAIWAIN GENERAL INVESTMENTS COMPANY-
Umm Al Qaiwain General Investments Company net income stood at AED 11 mn in 1Q 2024, up 240% y-o-y, driven by returns from dividends on its investment portfolios and sales of shares earmarked for trading in local and Gulf portfolio, according to an earnings release (pdf). The company’s total revenue rose 151.9% y-o-y to AED 12.7 mn during the quarter, according to the company’s financial results (pdf).
COMMERCIAL BANK INTERNATIONAL-
CBI’s net income rose 7% in 1Q: Commercial Bank International (CBI) reported 7% y-o-y growth in net income to AED 36.6 mn in 1Q 2024, according to the lender’s financial statements (pdf). CBI’s net operating income fell 18% y-o-y during the quarter to AED 120 mn, while net interest income fell 19% y-o-y to AED 82.4 bn.
STANDARD CHARTERED BANK UAE-
Standard Chartered Bank UAE’s underlying net income before tax rose 4.2% y-o-y to USD 125 mn in 1Q 2024, according to its earnings release (pdf). Operating income rose 10.7% y-o-y to USD 237 mn during the quarter.
