Abu Dhabi healthcare provider Burjeel Holdings reported an almost 52 per cent jump in 2022 net profit, driven by an increase in hospital patient numbers.
Net income for the January to December period surged to more than Dh354.5 million ($96.5 million), the company said in a statement to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.
The company’s revenue surged more than 17 per cent on an annualised basis to Dh3.92 billion, driven by nearly 125 per cent revenue growth at its flagship hospital Burjeel Medical City (BMC), the company said.
Hospital inpatient numbers increased by 17 per cent, outpacing outpatient footfall growth of 15 per cent.
Both inpatient and outpatient growth was driven by the “ramp-up of growth assets and the addition of new services”, the company said.
“2022 was a milestone year for Burjeel Holdings … expanded our offering, particularly in the provision of highly specialised and complex care in our core markets,” Dr Shamsheer Vayalil, chairman of Burjeel Holdings, said.
“With record earnings and a robust balance sheet in place following our IPO [initial public offering], the group is well positioned to accelerate growth, by deepening expertise in complex care, driving expansion into new markets and elevating utilisation and patient yield,” Mr Vayalil said.
In October, Burjeel’s IPO drew strong demand from investors in the UAE and the region and was more than 29 times oversubscribed.
Its shares surged as much as 20 per cent above the listing price on October 10, as the company made its debut on ADX. The IPO resulted in Dh2.2 billion of liquidity being injected into the business, Burjeel said.
“Our focus on the provision of high-quality complex care is a crucial part of the strategy we presented during our IPO,” John Sunil, chief executive of Burjeel Holdings, said.
“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,” he added.
In its 2023 fiscal guidance, the company expects its revenue to grow “organically in the high-teens”. The BMC revenue is expected to grow more than 1.5 times, Burjeel said.
The company’s revenue from the hospitals segment, which made up to 88 per cent of the total sales last year, increased 18 per cent year-on-year to almost Dh3.47 billion.
The medical centres segment, which accounted for 10 per cent of the company’s revenue, increased to Dh381 million.
Burjeel Holdings, founded in 2007 by Dr Vayalil, has a network of about 61 assets, including hospitals and medical centres, as well as pharmacies and other allied services throughout the UAE and Oman.
Last year, the company said it planned to enter Saudi Arabia, with investments of up to $1 billion through joint ventures and public-private partnerships.
Earlier this month, Burjeel announced the formation of a joint venture with Leejam Sports Company, the owner and operator of ‘Fitness Time’ branded fitness centres in Middle East and North Africa region. The agreement will involve Burjeel and Leejam jointly establishing and operating a network of physiotherapy, rehabilitation and wellness centres in Leejam clubs across the kingdom.
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
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The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
