Abu Dhabi healthcare provider Burjeel Holdings reported an annual net profit increase of about 45 per cent in the first quarter of 2023, driven by higher revenue, better operational efficiencies and lower finance costs linked to a continuing debt reduction exercise.
Net profit for the three-month period ended March 31 surged to Dh118.7 million ($32.3 million), the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue increased by about 12 per cent on an annualised basis to Dh1.08 billion, boosted by revenue growth of 32.6 per cent at the company's flagship hospital Burjeel Medical City.
Burjeel Holdings achieved “strong growth both in top-line and bottom-line, while making significant operational and strategic progress”, said its chief executive John Sunil.
“We achieved a major milestone in our geographic expansion, and launched The Paley Middle East Clinic, which provides specialised orthopaedic care for people with musculoskeletal conditions.
“Looking ahead, we remain focused on expanding our super speciality and yield-enhancing complex care offering, and adding significant capabilities to our team.”
Burjeel Holdings, founded in 2007 by Dr Shamsheer 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.
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.
Parent company VPS Healthcare Holdings continues to own a 70 per cent stake after the listing.
The IPO resulted in Dh2.2 billion of liquidity being injected into the business, Burjeel said.
In the first quarter, outpatient and inpatient footfall rose by 16.5 per cent and 26.9 per cent, respectively, due to the group’s investment in new specialities and enhanced utilisation across assets, the company said.
Revenue from the hospitals segment made up more than 88 per cent of the total revenue in the first quarter.
BMC, which opened in 2020 and is the UAE’s largest private hospital, contributed 20 per cent of the group’s hospitals segment revenue during the period.
Revenue from the hospital and the medical centres segments increased by 10.9 per cent and 24.8 per cent, respectively, the company said.
Earnings before interest, taxes, depreciation and amortisation for the group increased by 13.4 per cent annually to Dh241.6 million in the first quarter.
During the three-month period, Burjeel Holdings further reduced its debt by Dh29.1 million and group net debt stood at Dh1.06 billion as of March 31.
The company is currently pursuing international opportunities to provide operations and management services for healthcare centres, it said.
Last year, Burjeel said it planned to enter Saudi Arabia with an investment of up to $1 billion through joint ventures and public-private partnerships.
In February, it announced the formation of a joint venture with Leejam Sports Company, the owner and operator of Fitness Time centres in the Mena region.
The agreement will involve Burjeel and Leejam jointly establishing and operating a network of physiotherapy, rehabilitation and wellness centres within Leejam clubs across the kingdom.
Burjeel is also on track to add more than 120 new inpatient beds and five new medical centres across the UAE, it said.
“We remain positive on the outlook for Burjeel Holdings given our differentiated business model, facilities and strategy to increase asset utilisation and patient yield,” Mr Sunil said.
“Additionally, we continue to review partnership opportunities in the Middle East and Africa region, and we are actively evaluating various capex-lite opportunities for geographic expansion, further enhancing our growth prospects.”
Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
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
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
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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match info
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Willian (13'), Ross Barkley (64')
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