UAE healthcare group Burjeel's net profit up 55% in 2022

Burjeel Holdings, a leading healthcare services provider in UAE, has reported a net profit of AED355 million ($97 million), up 52% from the prior year, demonstrating the ability to deliver on its yield enhancement strategy.

Announcing its financial results for the 12-month and three-month period ended December 31, 2022, Burjeel said it had secured a revenue of AED3.9 billion ($1.1 billion), up 17% over 2021.

The group ebitda increased by 13% year-on-year to AED878 million in FY 2022, delivered at a stable margin of 22.4%, it stated. Significant efficiency gains were delivered through the continued ramp up of Burjeel’s centralised laboratory, offset by a proportional increase in manpower costs due to investment made in the recruitment of highly-specialised surgeons and physicians, particularly at Burjeel Medical City, to roll out new services and offerings.

These additions greatly enhance Burjeel’s capabilities and will drive further expansion of patient yields and margin improvement as volumes ramp up, said the statement from the UAE group. The overall group patient footfall increased by 15%, it added.

On the results, Chairman Dr Shamsheer Vayalil said: "Our full year results are a testament to the dedication of our people and their commitment to our vision of ensuring quality healthcare across UAE and Oman. 2022 was a milestone year for Burjeel Holdings, having welcomed new shareholders through our listing on ADX and expanded our offering, particularly in the provision of highly specialized and complex care in our core markets."

"This momentum continued in 2023, with the announcement of our joint venture with Leejam Sports to jointly establish and operate a network of physiotherapy, rehabilitation and wellness centers in Leejam clubs across KSA," stated Vayalil.

"With record earnings and a robust balance sheet in place following our IPO, the Group is well positioned to accelerate growth, by deepening expertise in complex care, driving expansion into new markets and elevating utilization and patient yield," he added.

According to him, hospital inpatient footfall increased by 17%, outpacing outpatient footfall growth of 15%, reflecting the group’s strategic focus on complex inpatient treatments.

Both inpatient and outpatient growth was driven by the ramp up of growth assets and the addition of new services, he added.