Official name
PureHealth Holding
ADX · PUREHEALTH
PureHealth Holding
- Research depth
- Review ready · verified figures appear when approved
- Sector lens
- Healthcare
- Reporting context
- FY2025 audited; H1 2026 reviewed IAS 34
Company overview
- Exchange
- ADX
- Ticker
- PUREHEALTH
- ISIN
- Not yet available in the public research layer.
- Market identifier code (MIC)
- XADS
- Stable research ID
- ADX-PUREHEALTH
- Industry evidence
- Integrated hospitals, clinics, diagnostics, healthcare procurement/technology and insurance
- Sector
- Healthcare
- Instrument type
- Listed equity
- Research status
- Review ready · verified figures appear when approved
- Latest financial period
- FY2025 audited; H1 2026 reviewed IAS 34
- Identity evidence checked
- 2026-08-10
- Identity checked
- Identity revalidation is due; this dated record is not proof of current listing status
- Listing lifecycle
- Listing confirmed in the dated recordA dated identity record does not prove the current listing state after its verification date.
Issuer participationProfile foundation available
PureHealth Holding · What the issuer can provide
- current identity confirmation
Why this company is in the directory
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
- Identity reconciliation
- Exchange and ticker matched the research registry
- Current public research layer
- Review ready · verified figures appear when approved
- Evidence boundary
- Identity record checked: 2026-08-10
Company evidence map
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Review ready · verified figures appear when approvedStale
Open the Company BriefListed-security identity
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Checked: 2026-08-10→AvailableIssuer profile
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→AvailableSource documents
3 source documents are linked to public facts.
→MissingCompany activity
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→AvailableOfficial sources
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→Public identity dossier
Verified listing identity
The fields below come from the current public company registry and any human-published issuer profile. Empty issuer-contact fields stay visibly missing until source and publication-rights review are complete.
- Official listed name
- PureHealth Holding Available
- Exchange
- ADX Available
- MIC
- XADS Available
- Ticker
- PUREHEALTH Available
- ISIN
- Missing Missing
- Instrument
- Listed equity Available
- Sector
- Healthcare Available
- Industry
- Integrated hospitals, clinics, diagnostics, healthcare procurement/technology and insurance Available
- Identity checked
- 2026-08-10 Available
- Official website
- Missing Missing
- Investor relations
- Missing Missing
- Registered address
- Missing Missing
- Public contacts
- Missing Missing
Company activity context
Only exact-security, human-published activity that passes every public source-document check can appear here.
No linked update currently passes every public gate.
Open the full chronologyPublic identity passport
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Ticker
PUREHEALTH
Exchange and MIC
ADX · XADS
ISIN
Not available in the public evidence layer
Instrument type
Listed equity
Sector and industry
Healthcare · Integrated hospitals, clinics, diagnostics, healthcare procurement/technology and insurance
Listing status
Listing confirmed in the dated record
Official website
Not available in the public evidence layer
Investor relations
Not available in the public evidence layer
Registered address
Not available in the public evidence layer
Public email
Not available in the public evidence layer
Public phone
Not available in the public evidence layer
Business description
Not available in the public evidence layer
Verified issuer profile
A verified public issuer profile has not been published yet.
Business model
Vertically integrated Care and Cover platform. Care includes UAE hospital/clinic networks, UK Circle Health, Greece/Cyprus HHG, laboratories, pharmacies, medical procurement/logistics and clinical IT. Cover includes Daman health insurance and emerging P&C. Economics depend on patient volumes, occupancy, acuity/case mix, tariffs and payer collection, insurance pricing/claims/reserves/solvency, procurement mandates, physician capacity, M&A integration and lease/put-option obligations.
PureHealth: the brand wall is wider than the consolidation perimeter
Thirty American hospitals on the brand page and none inside the accounts
The issuer's own About page shows Ardent Health and its thirty US hospitals beside SEHA, Daman and Circle. The audited perimeter is narrower. Ardent was an associate before the 2023 listing and has been carried as a financial asset since, so neither its beds nor its revenue sit anywhere inside the AED 27,311.962m the group reported for FY2025. A reader who counts facilities off the brand wall and money off the income statement is describing two different companies at once.
What twenty-seven billion is actually made of
Before eliminations, FY2025 statutory revenue divided into hospitals AED 20,524m, insurance AED 7,758m, procurement AED 5,360m, diagnostics AED 1,139m and technology AED 654m, with AED 8,124m removed as intra-group. That elimination is the size of a mid-cap listing on its own, and it exists because Rafed buys and PureCS builds mainly for sister entities. Management then reports a third cut, Care against Cover: in H1 2026 Care produced AED 10,724m of revenue and AED 2,321m of EBITDA, Cover AED 4,127m and AED 552m. The three views answer different questions and none of them replaces the other.
Beds, laboratories and pharmacies, counted
UAE Care ended FY2025 with 3,478 operational beds against roughly 5,000 licensed, at 74% occupancy and 77.5% in Abu Dhabi; H1 2026 showed 3,452 operational beds at 75%. SEHA contributes 14 hospitals, 46 clinics and 34 community centres, The Life Corner more than 100 pharmacies, and Hellenic Healthcare Group 11 hospitals and 23 diagnostic centres. Activity for FY2025 was 7.492m patient interactions, 162,000 admissions, 34.0m laboratory tests, 1.497m radiology studies and 3.010m prescriptions. Daman covers 3.4m members at a 189% solvency ratio.
Five years cut apart by four transactions
Restated FY2022 revenue of AED 12,486m grew to AED 27,311.962m in FY2025, up 118.7%, while profit moved the other way, from AED 4,286m to AED 2,020.101m, and operating cash flow rose from AED 4,186m to AED 4,929.147m. The line is not a growth curve. The 2023 listing added AED 3,619m of net proceeds, SSMC and Circle arrived in 2024, and HHG consolidates only from 1 October 2025 after a cash outflow of AED 3,198.088m net of acquired cash. Outside the UAE the group earned AED 4,956.833m in H1 2026, 33.38% of revenue.
The leverage that is not bank borrowing
At 30 June 2026 borrowings were AED 3,214.321m against AED 2,553.205m of cash, a conventional net debt of AED 661.116m. Beside it sit AED 14,818m of lease liabilities and an AED 2,874.778m put liability owed to minority holders of two subsidiaries; management's own lease-adjusted net debt is AED 14,155m, or 2.7 times EBITDA. Recognising that put in FY2025 took AED 2,046m straight out of retained earnings without passing through profit. Half-year operating cash flow turned negative at AED 379.898m from AED 672.083m as receivables absorbed AED 2,740.854m, of which AED 882m was government-programme balances; with AED 487m of capex the derived free cash flow was minus AED 866m. Gross trade receivables of AED 5,545m carry AED 760m of expected credit loss, 13.71% coverage. Q Health holds 40.51%, Alpha Dhabi Health Holding 24.93%, IHC Healthcare Holding 6.45% and AH Capital 5.56%, together 77.45%; foreign holders own 213.350m shares, 1.92%.
Where PureHealth stops disclosing
Daman publishes no product loss or combined ratios, no reserve triangles and no prior-year development, and neither its regulatory capital requirement nor its ability to pass cash upward is quantified. The two subsidiary put options have no published strike formula, exercise window or funding plan. Payer mix, tariffs and receivable ageing are absent, so the half-year working-capital build cannot be tested from outside the company. The FY2025 dividend of AED 600.632m, 5.4 fils a share and 30% of net profit, was recommended on 12 March 2026 and remains an agenda item: approval, ex-date and payment date are all unevidenced.
The old summary table is temporarily withheld because its display did not preserve the exact relationship between metrics, periods and labels. This is a limitation of the website table, not a claim that the issuer did not disclose the data. The review text and sources are preserved. Review documents and sources.
Key reported figures
Physical assets
- SEHA in the UAE: 14 hospitals, 46 clinics and 34 SEHA CLINICS community centres
- 3,478 operational beds at FY2025 against roughly 5,000 licensed beds; occupancy 74%, Abu Dhabi 77.5%
- 3,452 operational beds and 75% occupancy reported for H1 2026
- Hellenic Healthcare Group: 11 hospitals and 23 diagnostic centres in Greece and Cyprus, 60% consolidated from 1 October 2025
- Circle Health Group: private acute hospital network in the United Kingdom
- The Life Corner pharmacy chain: more than 100 locations
- FY2025 volumes: 7.492m patient interactions, 162,000 inpatient admissions, 34.0m laboratory tests, 1.497m radiology studies, 3.010m prescriptions
- H1 2026 volumes: 6.1m patient interactions, of which 4.2m in the UAE and 1.9m international
- Daman: 3.4m active insured members, disclosed solvency ratio 189%, gross written premium AED 5.5bn in H1 2026
Group entities
- SEHA - UAE hospitals and clinics, consolidated
- Sheikh Shakhbout Medical City - entered the perimeter in 2024
- Circle Health Group - United Kingdom, consolidated from 2024
- Hellenic Healthcare Group - 60%, consolidated only from 1 October 2025
- Daman - health insurance, plus a developing property and casualty line
- Rafed procurement, PureLab diagnostics, PureCS technology, TalentOne recruitment
- Ardent Health - carried as a financial asset after the listing, not consolidated
Geographic footprint
- United Arab Emirates - the core Care and Cover base
- United Kingdom - Circle Health Group
- Greece and Cyprus - Hellenic Healthcare Group
- Revenue earned outside the UAE was AED 4,956.833m in H1 2026, or 33.38% of the group total
How to read this company's economics
Numerical values remain in the separate source-document checkHow the operating model becomes revenue and cash
Healthcare economics run through patient volumes, case or product mix, capacity, payer terms and clinical or manufacturing delivery. Hospitals, pharmacies and drug manufacturing have different recognition and working-capital cycles.
Five questions before reading the headline
1. What created demand?
Separate patient, prescription, product and capacity demand by geography and payer.
2. What was actually delivered?
Tie visits, beds, procedures or units to delivered and billable service.
3. What determines the margin?
Read clinical or product mix, staffing, procurement and utilisation before margin.
4. Where is cash tied up?
Trace insurer receivables, inventory, payables and provisions to cash conversion.
5. What must be funded next?
Match facilities, equipment and manufacturing capex to licensed capacity and demand.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
No public snapshot has passed this separate review yet.
Official website, investor-relations, market-record and public contact fields remain unavailable here until their exact source, current value and reuse boundary are reviewed. Nothing is inferred from aggregators or another company.
Healthcare provider analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Licensed and operational beds
- Licensed, installed and operational beds kept separate by facility and reporting date.
- Bed occupancy
- Occupied bed-days relative to available bed-days for the same hospital perimeter and period.
- Patient volume
- Inpatient admissions, outpatient visits and procedures kept as separate counts.
- Revenue per patient
- Revenue per visit, admission or procedure with payer, service and period basis stated.
- Payer mix
- Revenue or patient share by insurer, government, self-pay and other disclosed payer classes.
What changed
Full company chronologyVerified company activity
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No linked activity currently passes every public source-document check.
Sources
Identity evidence
- Identity evidence
- Exchange-hosted evidence
- Identity record checked
- 2026-08-10
- Evidence host
- apigateway.adx.ae
Research collections
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