UAE: Burjeel Holdings Q1 net profit rises 43.4%, revenue hits Dh1.1 billion

Abu Dhabi-headquartered Burjeel Holdings reported a first quarter net profit of Dh121.3 million, at a growth rate of 43.4 per cent, compared to the same period of last year.

The group’s revenue hit Dh1.1 billion, up 11.6 per cent, driven by growth at its flagship Burjeel Medical City (BMC) hospital. Outpatient footfall and inpatient footfall saw a strong increase of 16.5 per cent and 26.9 per cent, and BMC continued to register strong growth in the number of patients, boosting its revenue growth by 32.6 per cent.

John Sunil, CEO, Burjeel Holdings, said the group has delivered an impressive result for the first quarter, achieving strong growth both in top-line and bottom-line while making significant operational and strategic progress.

“We achieved a major milestone in our geographic expansion, and launched the Paley Middle East Clinic (at BMC) which provides world-class specialised orthopaedic care for people with musculoskeletal conditions. Looking ahead, we remain focused on expanding our super specialty and yield-enhancing complex care offering, and adding significant capabilities to our team, in order to further cement our position as a key referral hub in the region and beyond.”

Group EBITDA increased by 13.4 per cent year-on-year to Dh241.6 million. Also, expansion into Saudi Arabia has been progressing well through the Leejam joint venture.

“Following our impressive start to the year, we remain positive on the outlook for Burjeel Holdings given our differentiated business model, world class facilities, and strategy to increase asset utilisation and patient yield. Additionally, we continue to review partnership opportunities in the Mena region, and we are actively evaluating various Capex-lite opportunities for geographic expansion, further enhancing our growth prospects.”

Revenue from hospitals made up 88.3 per cent of the group’s total revenue. Revenue in the hospital and the medical centres segments increased by 10.9 per cent and 24.8 per cent respectively

BMC delivered strong growth, with revenue increasing by 32.6 per cent to Dh232.4 million, as inpatient bed occupancy increased to 40.6 per cent from 29.1 per cent at the end of Q1 2022.

Outpatient capacity utilisation also improved from 34.9 per cent at the end of the first quarter of 2022 to 38.2 per cent in Q1 2023. BMC contributed 20.1 per cent of the group’s hospitals segment revenue during the period.

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• UAE
• Abu Dhabi