Burjeel Holdings, a healthcare service provider headquartered in Abu Dhabi, reported a noteworthy first-quarter revenue growth of 11.1 per cent to Dh1.2 billion. The adjusted net profit also saw a significant surge of 16 per cent to Dh141 million compared to the same period last year. This positive performance was driven by an 11 per cent increase in the inpatient footfall at its 17 hospitals and 42 medical centres across the UAE, Oman, and Saudi Arabia.
The group’s flagship hospital, Burjeel Medical City (BMC), played a pivotal role in generating 90 per cent of the total revenue, with a remarkable 21.8 per cent growth to Dh283 million. BMC contributed significantly to the total hospitals’ revenue, accounting for 26 per cent, primarily due to higher footfalls and the introduction of super-specialty services such as the UAE’s first OncoHelix-CoLab. As a result, the net profit from all hospitals increased by more than 31 per cent to Dh137 million.
The CEO of Burjeel Holdings, John Sunil, affirmed the company’s 2024 guidance, aiming for a mid-teen revenue growth and improved EBITDA margins. The first-quarter results reflected this commitment, with adjusted EBITDA growing by 7.7 per cent to Dh260 million, driven by investments in complex care and operational efficiencies. The adjusted net profit also rose by 16.3 per cent, highlighting the robust revenue growth and cost management efforts.
In addition to its strong performance in the UAE, Burjeel expanded its presence in Saudi Arabia by launching 13 new PhysioTherabia health and wellness centres in partnership with Leejam Sports Company. This strategic move aims to tap into the high potential growth market in Saudi Arabia, with plans to establish a total of 60 centres by the end of next year. The group also expanded its insurance partnerships with key providers in the region to enhance access to healthcare services.
With positive macroeconomic trends in the UAE and Saudi Arabia, Burjeel remains optimistic about its mid- and long-term growth prospects. The group anticipates mid-teens revenue growth, particularly driven by BMC’s anticipated growth of over 30 per cent. Moreover, the CEO revealed plans to introduce value-based products in Saudi Arabia and expand advanced healthcare service lines in the UAE, indicating a strategic focus on diversification and innovation in the healthcare sector.
