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Abu Dhabi-based Burjeel Holdings posted a net profit of AED121.3 million for the first quarter, up 43.4 percent compared to the same period last year.
The group’s revenue rose 11.6 per cent to AED 1.1 billion, driven by growth at its flagship Burjeel Medical City (BMC) hospital. Strong outpatient and inpatient traffic growth of 16.5% and 26.9% continued, and BMC’s patient population continued to grow strongly, driving its revenue up 32.6%.
John Sunil, chief executive of Burjeel Holdings, said the group delivered an impressive first quarter performance, delivering strong top-line and profit growth while making significant operational and strategic progress.
“We have achieved a major milestone in our geographic expansion with the launch of the Paley Middle East Clinic (located in BMC), providing world-class specialty orthopedic care for patients with musculoskeletal disorders. Going forward, we will continue to focus on expanding our super Specialize and increase throughput of complex care products and add significant capabilities to our team to further strengthen our position as a premier referral center in the region and beyond.”
Group EBITDA increased by 13.4% year-on-year to AED 241.6 million. Furthermore, the expansion into Saudi Arabia through the Leejam joint venture is progressing well.
“After an impressive start to the year, we remain positive on Burjeel Holdings’ prospects given our differentiated business model, world-class facilities and strategy to improve asset utilization and patient benefits. In addition, we continue to review the Middle East We are actively evaluating various Capex-lite geographic expansion opportunities to further enhance our growth prospects.”
Revenue from hospitals accounted for 88.3% of the group’s total revenue. Hospital and medical center segment revenues rose 10.9% and 24.8%, respectively
BMC posted strong growth, with revenue up 32.6% to AED 232.4 million and inpatient bed occupancy rising to 40.6% from 29.1% at the end of Q1 2022.
Outpatient capacity utilization also improved from 34.9% at the end of the first quarter of 2022 to 38.2% in the first quarter of 2023. BMC contributed 20.1% of the group’s hospital division revenue during the period.
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