Burjeel Holdings net profit up 52% to Dh355 million

IPO proceeds of Dh2.2b drives net debt reduction to Dh1.1b


A Staff Reporter

  • Follow us on
  • google-news
  • whatsapp
  • telegram


Burjeel Medical City ramp up continued, with revenue increasing by 125 per cent. - KT file
Burjeel Medical City ramp up continued, with revenue increasing by 125 per cent. - KT file

Published: Fri 10 Feb 2023, 9:11 PM

Last updated: Sat 11 Feb 2023, 1:32 PM

Abu Dhabi-based Burjeel Holdings announced on Friday that its 2022 net profit rose 52 per cent to Dh 355 million. The Group posted a revenue of Dh3.92 billion, up 17 per cent YoY, driven by 125 per cent growth at its flagship hospital Burjeel Medical City (BMC).

Ebitda was up 13 per cent YoY at Dh 878 million, with Ebitda margin stable at 22 per cent. Hospital patient footfall increased by 15 per cent, with outpatient visits totaling more than 5.4 million in the FY 2022 period.

Burjeel Medical City ramp up continued, with revenue increasing by 125 per cent, driven by increased utilization with total patients nearly tripling and complex specialties elevating average realized revenue (ARR).

Dr Shamsheer Vayalil, Chairman of Burjeel Holdings, commented: “Our full year results are a testament to the dedication of our people and their commitment to our vision of ensuring quality healthcare across UAE and Oman. 2022 was a milestone year for Burjeel Holdings, having welcomed new shareholders through our listing on ADX and expanded our offering, particularly in the provision of highly specialized and complex care in our core markets. This momentum continued in 2023, with the announcement of our joint venture with Leejam Sports to jointly establish and operate a network of physiotherapy, rehabilitation and wellness centers in Leejam clubs across KSA. With record earnings and a robust balance sheet in place following our IPO, the Group is well positioned to accelerate growth, by deepening expertise in complex care, driving expansion into new markets and elevating utilization and patient yield.”

John Sunil, Chief Executive Officer of Burjeel Holdings, added: “I’m immensely proud of our performance in 2022 and our continued focus on delivering advanced, yield-enhancing super specialty medicine, and robust utilization improvement across our network. We continued to invest in our ability to deliver complex care and cemented our position as a referral hub in the UAE, as we added world-class talent to our teams, particularly at Burjeel Medical City, our flagship and rapidly growing asset. Our focus on the provision of high-quality complex care is a crucial part of the strategy we presented during our IPO to propel growth by increasing patient yields and drive utilization. The positive performance we delivered in 2022 reflects the successful execution of this strategy and we expect to maintain this momentum in 2023 with strong revenue and margin growth.”

As stated at the time of its IPO, Burjeel Holdings intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 per cent to 70 per cent of net income, dependent on the required investment for additional growth plans.

More news from Business