Burjeel Holdings 9M-2023 net profit up 76.4% to Dh362 million
Revenue from its hospitals, its mainstay segment, amounted to Dh2.95 billion
UAE hospital operator Burjeel Holdings’ profit rose 76.4 per cent to Dh362 million during the first nine months of 2023, driven by higher patient yield in its hospitals and medical centres.
Revenue rose 17.15 per cent to Dh3.32 billion during the same period, of which revenue from its hospitals, which make up 89 per cent of its total, amounted to Dh2.95 billion.
Revenue growth was aided by inpatient and outpatient revenue of Dh241 million and Dh212 million, respectively, with a combination of patient volume growth as well as improvement in patient yield, Burjeel added.
In its hospital segment, growth was led by Burjeel Medical City (BMC), Burjeel Royal Hospital LLC (BRH) and Burjeel Day Surgery Center LLC (BDSC). “The increase in BMC revenue is evidence of greater demand in the super speciality segment, which is a high yield compared to multi-speciality,” it added.
During the period, the hospital operator's operating profit rose 19.5 per cent year-on-year to Dh727 million, which was attributed to a fall in expenses and finance costs.
Some expenses fell due to the change in fair value of profit rate swaps and increase in repair and maintenance costs, housekeeping and hospitality expenses, legal and professional expenses, utility charges and rent expense.
Meanwhile, finance-related costs decreased by Dh68 million. The decrease was mainly due to the settlement of loans amounting to Dh2.3 billion in Q3/Q4 2022 during the IPO, as well as the group securing its cost by way of price hedging on the majority of the loan portfolio.