Home » Burjeel Holdings’ H1 2023 net profit up 47%

Burjeel Holdings’ H1 2023 net profit up 47%

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ABU DHABI, 4th August, 2023 (WAM) — Burjeel Holdings, a leading Healthcare Services Provider in the UAE and MENA listed on the Abu Dhabi Securities Exchange (ADX), today announced its financial results in accordance with International Financial Reporting Standards (IFRS) for the three-month and six-month period (Q1 2023) and (H1 2023) ended June 30th 2023.

The Group reported a revenue of AED 2.2 billion in H1 2023, up 13.9 percent yaer-on-year (YoY), driven by higher inpatient footfall coupled with expansion in patient yield, while Q2 2023 revenue growth accelerated to 16.3 percent YoY to AED 1.1 billion.

Net profit amounted to AED 225 million in H1 2023, up 47 percent YoY, attributable to robust topline growth and significantly lower finance costs. Moreover, Q2 2023 net profit rose by 51.4 percent YoY to AED 103 million.

Burjeel Holdings stated that it continues to deliver on its clear growth strategy of elevating utilisation and patient yield while investing in expansion opportunities across MENA.

In line with its preferred capex-lite approach to network expansion, Burjeel recently agreed to operate and manage Abu Dhabi National Oil Company’s (ADNOC) largest healthcare facility in the Al Dhafra region, Al Dhannah Hospital. The contract to operate the 122-bed hospital will also create incremental opportunities for Burjeel’s broader network, particularly Burjeel Medical City, in the event Al Dhannah patients require more complex treatments outside of the scope of its services. The agreement will commence in early Q4.

The Group also put the final touches on the first of its PhysioTherabia clinics in KSA – the joint-venture network of sports medicine and rehabilitation centers established with KSA-listed Leejam Sports Company JSC. PhysioTherabia expects to open over 60 clinics over the next 24 months, leveraging Leejam’s network of prime-location fitness centers and loyal member base.

John Sunil, Chief Executive Officer of Burjeel Holdings, said, “Burjeel Holdings has performed remarkably well in the first half of 2023, achieving robust top-line and bottom-line growth while making significant strides in operational and strategic advancements.

“During this period, our expansion plan gained substantial traction, preparing our first centers for opening in the Kingdom of Saudi Arabia as part of our partnership with Leejam, a strategic move that reinforces our regional presence. We added more world-class talent to our teams and I’m proud that we secured an operations and maintenance contract with Al Dhannah Hospital, a key piece of infrastructure in an industrial hub of the UAE.

“Our future growth will encompass further strategic geographic expansion, additional strategic alliances in the field of transformative and complex medical care and continuous enhancement of our state-of-the-art infrastructure. As a premier referral hub in the region, our expanding portfolio of services and focus on identifying unique opportunities in healthcare will be key drivers for our future growth.

“We’re also pleased to have confirmed our first interim dividend payment, with an intention to return approximately AED 95 million to shareholders in August 2023.”

EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 12.7 percent YoY to AED 467 million in H1 2023. Burjeel Holdings maintained a steady EBITDA margin of 21.6 percent

The Group remains focused on increasing the proportion of high-yielding complex care and complex surgeries in its overall service mix, delivering a significant impact on the Group’s topline and medium-term margin expansion. Burjeel continues to increase and broaden the mix of complex surgeries performed.

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