Burjeel Holdings Sees 11.1% Revenue Increase In First Quarter Of 2024

Burjeel Holdings PLC has recently disclosed its financial achievements for the first quarter of 2024, showcasing a notable 11.1 percent increase in revenue, reaching AED1.2 billion. This growth is attributed to the company's strategic focus on enhancing its healthcare infrastructure and specializing in complex care services. The Group's EBITDA, after adjusting for one-time events, saw a rise to AED260 million, while net profits, also adjusted for one-offs and taxes, climbed to AED141 million. These financial gains underscore Burjeel Holdings' commitment to operational excellence and cost management.

Amidst its financial success, Burjeel Holdings has not slowed down on its expansion efforts, particularly in the Kingdom of Saudi Arabia (KSA). The company announced the opening of 13 new PhysioTherabia centres across various cities in KSA by May 2024. This expansion is part of the Group's ambitious plan to establish a total of 60 centres by the end of 2025. The move not only broadens Burjeel Holdings' geographical footprint but also strengthens its market presence in the region.

John Sunil, Chief Executive Officer of Burjeel Holdings, expressed satisfaction with the company's performance, highlighting the double-digit revenue growth achieved in Q1 2024. "Our impressive performance in 2023 set a solid foundation for another successful quarter," Sunil remarked. He attributed this success to strategic initiatives that boosted revenue and patient footfall, particularly before Ramadan's onset. Sunil also pointed out the significant growth in adjusted EBITDA and net profit, which he credited to enhanced operational efficiencies and reduced finance costs.

The expansion of PhysioTherabia centres in Saudi Arabia is identified as a key growth driver for Burjeel Holdings. With 17 centres already operational and more on the way, the company is ahead of its schedule for 2024. These centres have also facilitated access to a wider client base through partnerships with leading insurance providers like Tawuniya and Al Arabia Takaful, further cementing PhysioTherabia's role in the healthcare sector.

Looking ahead, Burjeel Holdings remains optimistic about its financial outlook for 2024. The company aims to continue its trajectory of mid-teens revenue growth and improved EBITDA margins. Additionally, it is exploring CAPEX-light opportunities across the Gulf region, including introducing new value-based products in KSA and expanding healthcare service lines in the UAE. This strategic approach underscores Burjeel Holdings' commitment to innovation and excellence in healthcare provision.

With inputs from WAM