(MENAFN- Khaleej Times) Burjeel Holdings on Thursday said its nine-month net profit surged 61.7 per cent to Dh205.1 million in 2022 while revenue rose 17.8 per cent to DhDh2.83 billion due to utilisation gains in the hospitals and medical centers segments, where revenues increased by 18.8 per cent and 9.1 per cent, respectively.
In a statement, the healthcare provider that listed recently on the Abu Dhabi Securities Exchange said overall patient footfall increased by 20.4 per cent, reflecting the group's ability to execute on its strategy of elevating asset utilisation. Outpatient visits totalled more than 4.1 million during the first nine months of this year.
It further said that Burjeel Medical City ramp up continued, with revenue up 145.6 per cent driven by an increase in super specialty care, including oncology and transplants.
“About 15 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,” Dr Shamsheer Vayalil, chairman of Burjeel Holdings, said.
“Having recently added Dh2.2 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,” he said.
John Sunil, chief executive officer of Burjeel Holdings, said latest financial results results demonstrate the group ability to deliver on its 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,” he said.
“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,” he said.
Group EBITDA increased by 13.2 per cent year-on-year basis to Dh608.4 million in first nine months of 2022, delivered at a stable margin of 21.5 per cent despite Burjeel Medical City and other high-growth facilities recruiting and onboarding additional doctors and investing in their facilities to drive further, future yield.
Revenue from the hospitals segment made up 88.2 per cent of the group's total revenue in the period, consistent with the prior year.
Burjeel's flagship hospital asset, Burjeel Medical City (BMC), delivered exceptionally strong growth in the nine months of 2022 period, with revenue increasing by 145.6 per cent to Dh524.5 million, as outpatient capacity utilisation increased to 27.6 per cent and inpatient bed occupancy reached 35.9 per cent. BMC, which was opened in 2020 and is the UAE's largest private hospital, contributed 20 per cent of the Group's Hospitals segment revenue in the period.
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