Dubai: Burjeel Holdings reported a net profit of Dh355 million in 2022, up 52 per cent compared to the year-ago period, it said on Friday.
The group’s revenue stood at Dh3.92 billion, up 17 per cent year-on-year.
The growth was driven by 125 per cent growth at its flagship hospital Burjeel Medical City (BMC)
Burjeel Holdings completed its IPO on the Abu Dhabi Securities Exchange (ADX) in 2022, which saw Dh2.2 billion of liquidity injected into the business. The Holding ended 2022 with Group Net Debt of Dh1.11 billion.
“2022 was a milestone year for Burjeel Holdings, having welcomed new shareholders through our listing on ADX and expanded our offering, particularly in the provision of highly specialized and complex care in our core markets,” said Dr Shamsheer Vayalil, Chairman of Burjeel Holdings. “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.”
“Our focus on the provision of high-quality complex care is a crucial part of the strategy we presented during our IPO to propel growth by increasing patient yields and drive utilization,” said John Sunil, Chief Executive Officer of Burjeel Holdings. “The positive performance we delivered in 2022 reflects the successful execution of this strategy and we expect to maintain this momentum in 2023 with strong revenue and margin growth.”
Group EBITDA increased by 13 per cent year-on-year to Dh878 million in 2022. “Significant efficiency gains were delivered through the continued ramp up of Burjeel’s centralized laboratory, offset by a proportional increase in manpower costs due to investment made in the recruitment of specialized surgeons and physicians, the group said in a statement.
Overall Group patient footfall increased by 15 per cent. Hospital inpatient footfall increased by 17 per cent, outpacing outpatient footfall growth of 15 per cent.