ABU DHABI - Burjeel Holdings PLC (“Burjeel” or “the Group”), a leading Healthcare Services Provider in the UAE and MENA listed on the Abu Dhabi Securities Exchange, today announced its financial results for the three-month period ended 31 March 2023.

The group secured net profit of AED121.3 million, up 43.4% % y-o-y, demonstrating its improved operational efficiency and a strategic shift towards high-end and specialized services.

A Revenue of AED 1.1 billion was recorded, up 11.6% y-o-y, driven by 32.6% topline growth at our flagship hospital Burjeel Medical City (BMC).

According to a group statement, an EBITDA of AED 241.6 million, was recorded, up 13.4% y-o-y, with a stable EBITDA margin of 22.3%

The statement confirmed a Robust financial position with Net Debt/ EBITDA of 1.4x at the end of the reference period, reflecting a debt reduction from the previous quarter.

John Sunil, Chief Executive Officer of Burjeel Holdings, said:“Burjeel Holdings delivered an impressive result for the first quarter of 2023, achieving strong growth both in top-line and bottom-line whilst making significant operational and strategic progress. Revenue increased by 11.6% year-on-year and net profit by 43.4% reflecting particularly strong growth at our flagship Burjeel Medical City hospital where revenue increased by 32.6% through strong growth in inpatient and outpatient footfall."

He added, “We achieved a major milestone in our geographic expansion, and launched The Paley Middle East Clinic which provides world-class specialized orthopedic care for people with musculoskeletal conditions. Looking ahead, we remain focused on expanding our super specialty and yield-enhancing complex care offering, and adding significant capabilities to our team, in order to further cement our position as a key referral hub in the region and beyond. We are confident that our latest initiatives will enable us to continue to serve our patients better and bring the latest medical treatments and technologies to the region.

"Following our impressive start to the year, we remain positive on the outlook for Burjeel Holdings given our differentiated business model, world class facilities, and strategy to increase asset utilization and patient yield. 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.”

Burjeel Holdings revenue for Q1 2023 was AED1.1 billion, an increase of 11.6% year-on-year, driven by improved utilization across the Hospitals, in particular Burjeel Medical City, and the Medical Centers segments.

Group EBITDA increased by 13.4% year-on-year to AED 241.6 million in Q1 2023. Despite rising manpower costs due to a strategic push to onboard specialized doctors and invest in state-of-the-art facilities, Burjeel Holdings’ EBITDA margins remained stable at 22.3%, demonstrating the strength of our operational efficiencies programme.

Net Profit in Q1 2023 saw impressive year-on-year growth of 43.4% to AED 121.3 million, due to a combination of higher revenues, increased operational efficiencies and lower finance costs stemming from ongoing debt reduction.