ABU DHABI, 10th November, 2022 (WAM) — Burjeel Holdings today reported its financial results for the nine-month period ended 30th September, announcing a net profit of AED205.1, up 61.7 percent from the prior year, revenue of AED2,831.6 million, and EBITDA of AED608.4 million.
Dr. Shamsheer Vayalil, Chairman of Burjeel Holdings, commented, “Fifteen years ago we set out with a vision to make world-class healthcare accessible to everyone in the UAE. We are committed and proud to deliver on that vision, which is reflected in the robust growth in patient footfall and our strong results in the period.
“Having recently added AED2.2 billion liquidity to the business through our landmark IPO on ADX, which was used to repay existing debt, Burjeel Holdings is in its strongest ever position to deliver bold and innovative projects, unlock new markets, explore M&A opportunities and deliver exponential growth across the business.”
John Sunil, Chief Executive Officer of Burjeel Holdings, stated, “Our results demonstrate our ability to deliver on our key strategic priorities, including our focus on elevating the utilisation of our assets and growing the contribution of complex, super specialty medicine. We have invested significantly in areas of high-yield medical care, including oncology and transplants, where we see both strong domestic and international demand.
“Revenue and EBITDA increased significantly across our facilities, particularly at our flagship hospital Burjeel Medical City, where we saw triple-digit revenue growth and generated positive EBITDA. Equally, our ability to serve all patients across different socio-demographic groups through the diagnosis and treatment journey, from our medical centers through to hospitals, day care facilities and pharmacies, continues to drive loyalty to the Burjeel Holdings family of brands.”
Burjeel Holdings reported a positive performance in the first nine months of 2022 with growth continuing throughout the year. Revenue for 9M 2022 was AED2,831.6 million, an increase of 17.8% year-on-year, driven by utilisation gains in the Hospitals and Medical Centers segments, where revenues increased by 18.8% and 9.1% respectively.
Group EBITDA increased by 13.2% year-on-year to AED608.4 million in 9M 2022, delivered at a stable margin of 21.5% despite Burjeel Medical City and other high-growth facilities recruiting and onboarding additional doctors and investing in their facilities to drive further, future yield.
EBITDA in the Hospitals segment increased by 15.8% to AED508.1 million, aided by the Group’s continued focus on high-value, super specialty care. EBITDA margin in the Hospitals segment was 19.4%. EBITDA in the Medical Centers segment rose 13.8% to AED76.3 million, outpacing revenue growth of 8.4% to AED279.1 million. EBITDA in the Medical Centers segment increased slightly to 27.3%.
Net Profit in 9M 2022 increased by 61.7% to AED205.1 year-on-year, as a result of the Group’s service mix delivering improved yield and utilisation across the network.