Abu Dhabi, UAE–Burjeel Holdings has posted a net profit of $96 million, up 52% from the prior year, demonstrating the Group’s ability to deliver on its yield enhancement strategy.
This came as the group announced its preliminary financial results for the twelve-month and three-month period ended 31 December 2022.
According to the announcement, the group secured a revenue of $1.06 billion, up 17% YoY, driven by 125% growth.
Dr Shamsheer Vayalil, Chairman of Burjeel Holdings, commented: “2022 was a milestone year for Burjeel Holdings, having welcomed new shareholders through our listing on ADX and expanded our offering. This momentum continued in 2023, with the announcement of our joint venture with Leejam Sports to jointly establish and operate a network of physiotherapy, rehabilitation and wellness centers in Leejam clubs across KSA.”
Also read: Burjeel signs MoU with Leejam
He further added: “With record earnings and a robust balance sheet in place following our IPO, the Group is well positioned to accelerate growth, by deepening expertise in complex care, driving expansion into new markets and elevating utilization and patient yield.”
Group EBITDA increased by 13% year-on-year to $239 million in FY 2022, delivered at a stable margin of 22.4%.
Significant efficiency gains were delivered through the continued ramp up of Burjeel’s centralised laboratory, offset by a proportional increase in manpower costs due to investment made in the recruitment of highly-specialised surgeons and physicians, particularly at Burjeel Medical City, to roll out new services and offerings.
These additions greatly enhance Burjeel’s capabilities and will drive further expansion of patient yields and margin improvement as volumes ramp up.
Overall Group patient footfall increased by 15%. Hospital inpatient footfall increased by 17%, outpacing outpatient footfall growth of 15%, reflecting the Group’s strategic focus on complex inpatient treatments. Both inpatient and outpatient growth was driven by the ramp up of growth assets and the addition of new services.
