The Group’s share capital was Dh521 million as of December 31, 2023. Image Credit: Supplied

Abu Dhabi: ADX-listed Burjeel Holdings PLC posted revenue growth of 15.6 per cent to Dh4.5 billion in its 2023 financial year results. This was driven by higher patient footfall and stronger patient yield, Burjeel Holdings said.

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The company’s net profit rose by 52.4 per cent to Dh540 million, reflecting top-line growth and finance cost optimization, the company said. The Abu Dhabi-based health conglomerate’s patient footfall exceeded 6 million, and inpatient and outpatient footfalls increased by 17.5 per cent and 8.3 per cent, respectively.

“The continued ramp-up of BMC—Burjeel Medical City—drove robust revenue and EBITDA growth of 37.4 per cent and 190,6 per cent, respectively,” it said.

The management has also recommended that the Board distribute a final dividend of Dh65 million, regardless of aggressive debt reduction and investments in high-yield growth projects. The healthcare company said that total dividends for the entire year of 2023, together with the interim dividend already paid, amount to Dh160 million.

Dr Shamsheer Vayalil, Founder and Non-Executive Chairman of Burjeel Holdings, said, “During the year, we continued to form and nurture enduring partnerships with the world’s leading institutions, research organizations, and medical practitioners. These partnerships are vital in accelerating the development of complex healthcare in fields such as oncology, transplants, genetics, fetal medicine, neuroscience, sports medicine and advanced rehab.”

He said, “We cared for more than six million patients and achieved high patient satisfaction scores across our facilities.

Dr Vayalil added, “I am fully confident that our geographic expansion strategy and focus on complex and super-specialty care, supported by our growing referral network, will yield improved asset utilization and lead to revenue and margin growth, providing greater appeal to investors.”

Strong momentum

The Group said it maintains its focus on the expansion of its medical network and enhancing operational efficiency through economies of scale and continued digitization. The company also made major investments in Saudi Arabi’s healthcare markets.

“Over the next two years, Burjeel plans to open one hospital in Dubai, day surgery centers in Al Ain and Al Dhafra regions, as well as one medical center in Abu Dhabi,” said the company in a statement.

The Group continued to deliver on its geographical expansion strategy, with the launch of PhysioTherabia rehabilitation network in Saudi Arabia. In addition to four premier physiotherapy centers opened in Riyadh in 2023, Burjeel in March 2024 launched eight new centers in Riyadh, Jeddah, Dammam, Al Khobar, and Yanbu, significantly scaling its geographical footprint across the Kingdom.

Burjeel also plans to grow its PhysioTherabia offering with a target to open 60 centers by the end of 2025. Burjeel’s expansion plan over the next two years also includes the launch of two specialized day surgery centers in Riyadh, which will be expanded across the Kingdom.

John Sunil, Chief Executive Officer of Burjeel Holdings, said, “Our flagship facility, Burjeel Medical City, recorded an impressive 37 per cent revenue growth, demonstrating our super-specialty segment's strength. The Group's total patient footfall substantially increased by 9 per cent, reflecting our investment in advanced care and our ability to drive cross-group referrals.”

He added, “The Group remains uniquely positioned to deliver on its value-creation strategy of increasing asset utilization, patient yield and operational efficiencies, while extending its brands across the region.”