Burjeel Holdings PLC today disclosed its financial results for the three-month period ended 31st March 2024, in line with International Financial Reporting Standards (IFRS), achieving a revenue increase of 11.1 percent to AED 1.2B in Q1 2024.
The Group’s EBITDA, excluding exceptional items, rose to AED 260M, reflecting sustained investments in complex care.
Group net profit, excluding exceptional items and taxes, rose to AED 141M, supported by improved operational efficiencies and reduced finance costs.
Burjeel Holdings continued to make progress towards its strategic goals of expanding high-growth assets, enhancing healthcare infrastructure, and increasing patient yields through specialized complex care.
The Group furthered its geographic expansion by opening 13 new PhysioTherabia centres in the Kingdom of Saudi Arabia by May 2024. This brings the total number of PhysioTherabia centres to 17 across Riyadh, Madina, Jeddah, Dammam, Al Khobar, and Yanbu, putting the Group well on track to achieve its target of 60 centres by the end of 2025. It also expanded insurance partnerships with leading providers in KSA such as Tawuniya and Al Arabia Takaful.
John Sunil, CEO of Burjeel Holdings, commented, “Building on our strong performance in 2023, Burjeel Holdings achieved another quarter of double-digit revenue growth despite the impact of an earlier start to Ramadan this March. Exceptional performance across our core business segments drove accelerated revenue and patient footfall results in the pre-Ramadan period, consistent with our full-year 2024 guidance. First-quarter adjusted EBITDA increased by 7.7%, reflecting continued investments in complex care to generate additional higher yield inpatient footfall. Adjusted net profit rose by 16.3%, propelled by robust revenue growth, improved operational efficiencies, and reduced finance costs.”
“Expanding the presence of PhysioTherabia centres in Saudi Arabia remains our primary high-potential growth area. Since inception, we have already established 17 of the 30 centres slated to be operational this year, surpassing our schedule. Moreover, PhysioTherabia has widened its client base through strategic partnerships with leading insurance providers, accelerating penetration in the Kingdom and strengthening its position as a key player in the sector.”
“We confirm our 2024 forecast of achieving mid-teens revenue growth and enhancing EBITDA margin. Additionally, we are actively exploring various low-capital expenditure opportunities in the Gulf, with plans to introduce new value-based products in KSA and expand advanced healthcare service lines in the UAE,” he added.
