Burjeel Holdings Sees Remarkable 52.4% Net Profit Increase To AED 540 Million In 2023

Burjeel Holdings PLC has reported a notable financial performance for the year 2023, with a 15.6 percent increase in annual revenue, reaching AED 4.5 billion. The net profit for the company saw a significant rise of 52.4 percent, amounting to AED 540 million. This financial growth is attributed to substantial revenue growth, enhanced operational efficiencies, and reduced financing costs.

The company's Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw an uplift of 17.7 percent to AED 1 billion in 2023. The profit margin expanded to 22.8 percent, reflecting a change in the mix of services offered towards more complex and highly specialised care, alongside an increase in growth assets.

Burjeel Holdings Group has been actively pursuing its strategic goals to bolster its assets for sustained high growth levels, expand its healthcare infrastructure, and boost patient revenue through the provision of advanced, highly specialised care.

As part of its geographic expansion strategy, Burjeel Holdings launched the PhysioTherabia rehabilitation network in Saudi Arabia. In March 2024, the network saw the opening of 8 new centres across Riyadh, Jeddah, Dammam, Khobar, and Yanbu. This move significantly broadened its geographical footprint throughout the Kingdom, adding to four leading physiotherapy centres inaugurated in Riyadh in 2023.

The group has ambitious plans to further develop the PhysioTherapia network's offerings with a target of opening 60 centres by the end of 2025. Additionally, Burjeel Holdings' expansion strategy over the next two years includes launching two specialised day surgery centres in Riyadh, with plans for further expansion across the Kingdom to meet the growing demand for world-class medical care among residents and tourists in Saudi Arabia.

Dr Shamsheer Vayalil, Founder and Non-Executive Chairman of Burjeel Holdings, highlighted the company's investment in innovation. He mentioned the recent acquisition of state-of-the-art Da Vinci robotic surgical system and Novalis accreditation for its radiation oncology practice as key examples of Burjeel’s progress in this area.

John Sunil, Chief Executive Officer of Burjeel Holdings, reflected on the year's achievements stating, "2023 has been another remarkable year of progress for Burjeel Holdings. Our robust top-line and bottom-line growth, as well as our impressive operational performance, demonstrated the success of our strategy." He further added that Burjeel Medical City recorded a remarkable 37 percent revenue growth, showcasing the strength of their super-specialty segment. The Group's total patient footfall also saw a substantial increase by 9 percent, indicating effective investment in advanced care and successful cross-group referrals.

This comprehensive performance review underscores Burjeel Holdings' commitment to enhancing healthcare services through strategic expansion and innovation. The company's focus on providing highly specialised care continues to drive its financial success and operational efficiency.

With inputs from WAM