Abu Dhabi, UAE—Burjeel Holdings reported a net profit of AED205.1 million ($55.83 million) for the first nine months of 2022, up 61.7 percent from the prior year.
The company reported a revenue of AED2.831 billion, an increase of 17.8 percent year-on-year, driven by utilization gains in the Hospitals and Medical Centers segments, where revenues increased by 18.8 percent and 9.1 percent respectively.
The company said the net profit increased mainly due to the Group’s service mix “delivering improved yield and utilization across the network”.
Dr. Shamsheer Vayalil, Chairman of Burjeel Holdings, said, “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, “We have invested significantly in areas of high-yield medical care, including oncology and transplants, where we see both strong domestic and international demand.”
The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion after seeing a significant demand from UAE and outside investors.
At the time of listing in October, Burjeel Holdings is the largest healthcare company trading on ADX, the company said.