Dubai: Burjeel Holdings reported a revenue of Dh2.83 billion in the first nine months of 2022, up 17.8 per cent compared to the year-ago period, it said on Wednesday.
The group’s net profit stood at Dh205.1 million, up 61.7 per cent year-on-year.
The growth was driven by gains in the hospitals and medical centres segments, where revenues increased by 18.8 per cent and 9.1 per cent, respectively
Clinic revenue during the period grew by Dh421.7 million, mainly due to the growth in Burjeel Medical City (BMC) by Dh230.79 million, which was in turn mainly attributable to the hospital being fully operational in 2022, compared to prior period.
Doctors’ and other employees’ salaries and benefits increased by Dh223.8m (up 22.5 per cent), while inventories consumed increased by Dh102.5m because of the growth in operation compared to the prior period, the group said.
The major increase in salaries is contributed by BMC, increasing by Dh135.9m. BMC average headcount increased from around 793 in YTDSep’21 to 1,707 average headcount during similar period in 2022, contributing to an increase in salary cost. Inventories consumed increased mainly due to growth in revenues across all hospitals and pharmacies, with key increase noted in BMC of Dh41.8m during YTD22.
Total assets were reported at Dh5.044 billion as in September 2022 and earnings per share (EPS) jumped 100 per cent year-on-year to Dh0.04, the company said.
Provision for expected credit losses decreased by Dh23.1 million as compared to the previous period. The decrease is driven by improved collections for long outstanding balances (of over 300 days) mainly in Burjeel hospital LLC, Lifecare Hospital LLC, Burjeel Medical City and Burjeel Specialty Hospital.