Abu Dhabi healthcare provider Burjeel Holdings reported a more than 52 per cent increase in its 2023 net profit on higher revenue, driven by rising patient footfall in its hospitals.
Net profit attributable to equity holders for the 12 months to the end of December climbed to Dh516.1 million ($140.5 million), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue grew about 16 per cent year on year to Dh4.5 billion as in-patient and outpatient footfall at its hospitals rose 17.5 per cent and 8.3 per cent, respectively, to reach more than six million.
Burjeel's flagship hospital asset, Burjeel Medical City, recorded revenue growth of more than 37 per cent annually to Dh1 billion in 2023.
Finance costs also fell during the period, boosting the profit of the company.
Group earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 18 per cent to Dh1 billion for the January-December period amid growth of assets.
“Our specialised healthcare segment in the KSA [Saudi Arabian] market is strategically pivotal and I expect considerable growth in the kingdom," said Shamsheer Vayalil, founder and non-executive chairman of Burjeel Holdings.
"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 utilisation and lead to revenue and margin growth, providing greater appeal to investors.”
Burjeel Holdings, founded in 2007 by Mr Vayalil, has a network of 76 assets including hospitals, medical centres, pharmacies and other allied services across its key brands – Burjeel, Medeor, LLH, Lifecare and Tajmeel – throughout the UAE, Oman and Saudi Arabia.
Its initial public offering on the ADX in October drew strong demand from investors in the UAE and the region, and was more than 29 times oversubscribed. The IPO resulted in Dh2.2 billion of liquidity being injected into the business.
The company aims to expand its hospital network in the next two years with plans to open one hospital in Dubai, day surgery centres in Al Ain and Al Dhafra regions, as well as one medical centre in Abu Dhabi.
It also plans to launch two specialised day surgery centres in Riyadh as part of its expansion plans in the kingdom.
"The UAE and KSA, Burjeel’s two main markets, continue to experience favourable macro tailwinds, with strong predicted mid-term GDP growth, rapid population growth and increasing demand for added healthcare capacity," the company said.
"Regional aspiration to expand the non-oil-based economy will boost the demand with limited supply in a regulated environment, strongly driving the group's performance."
Last year, the company signed a preliminary agreement with Saudi Arabia's Leejam Sports Company to set up more than 60 centres in the kingdom as part of its regional expansion.
That followed its announcement the previous year that it would invest up to $1 billion in the Arab world’s biggest economy by 2030.
In 2024, the group's revenue is expected to grow in the mid-teens.
For the 2025-2027 period, its revenue is forecast to normalise from the mid-teens to the low double-digits gradually, the company said in its earnings guidance.
It aims to maintain capex levels of 2.5 per cent of its revenue for the period.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5