UAE – Burjeel Holdings is exploring opportunities to expand access to highly specialized complex care through an ambitious regional expansion strategy.
In a media statement, Mr. John Sunil, Chief Executive Officer of Burjeel Holdings, said: “Looking ahead, Burjeel will continue solidifying its position as the region’s leading referral hub for complex and innovative medical care.”
Mr. John Sunil divulged the Group’s intention to expand the breadth of its offering and invest in technology to deliver seamless patient journeys with superior clinical outcomes.
This development comes as Burjeel Holdings delivered robust revenue growth of 17.2% to AED 3.3 billion (US$900 million) for the first nine months of 2023, driven by a 10.6% increase in total patient footfall to 4.4 million patients.
Revenue growth accelerated during the third quarter of 2023, delivering an increase of 23.8% to AED 1.2 billion (US$330 million), due to the rising volume of complex medical procedures.
Commenting on the strong set of results, Mr. John Sunil stated: “We are focused on executing our strategy to drive patient yields through the provision of highly specialized complex care delivered by world-class medical professionals as we further ramped up our growth assets.”
It is important to note that the Hospitals segment remains the primary contributor to the Group’s revenue, contributing 89% of total Group revenue for the nine months of 2023, consistent with the previous year.
As part of its regional expansion strategy, Burjeel Holdings opened four new premier Physio & Rehab centers in the Kingdom of Saudi Arabia under the brand PhysioTherabia.
Burjeel Holdings plans Saudi expansion
The opening of these new centers in the city of Riyadh marks a major milestone in the Group’s Saudi Arabia expansion strategy, enabling CAPEX light entry into a market with significant long-term growth potential.
Burjeel Holdings plans to grow its PhysioTherabia offering with a target to open 60 centers by the end of 2025 due to its potential to contribute to the Group’s long-term value-creation plans.
“We continue to explore various additional CAPEX efficient options in Riyadh to tap into the huge potential that Saudi Arabia’s healthcare market represents. We are confident that the Kingdom of Saudi Arabia will significantly drive our long-term growth story,” outlined Mr. Sunil.
The Group continues to expand its network of medical centers, which serve as a key referral source for its specialty hospitals.
The Group recently opened one new Lifecare and two LLH medical centers during the first nine months of 2023.
As part of this expansion, Burjeel Holdings plans to launch two additional medical centers strategically positioned in the emirates of Dubai and Abu Dhabi.
The Group is also gearing up to set up one Burjeel Day Surgery Center in Al Dhafra within the Emirate of Abu Dhabi over the next 6 months.
The UAE-born entity is embarking on strategic projects aimed at elevating patient yield and utilization, capitalizing on the Group’s world-class healthcare assets and infrastructure.
Burjeel Holdings sees steady revenue, profit rise in Q3
In late October, the Group announced its financial results in accordance with International Financial Reporting Standards (IFRS) for the three-month and nine-month (9M) periods ended 30 September 2023.
Burjeel Holdings reported that Q3’23 revenue growth accelerated by 23.8% y-o-y to AED 1.2 billion (US$330 million), while 9M’23 revenue amounted to AED 3.3 billion (US$900 million), up 17.2% y-o-y.
Burjeel Holdings reported better-than-expected results for the third quarter as revenue growth was driven by higher inpatient footfall coupled with expansion in patient yield.
Comparably, the Group’s Q3’23 net profit increased sharply by 162.6% y-o-y to AED 137 million (US$ 37.31 million) while it posted a 9M’23 net profit of AED 362 million (US$ 98.57 million), up 76.4% y-o-y.
Burjeel Holdings posted a record profit buoyed by robust top-line growth and finance costs optimization amid regional expansion plans.
Hence, Burjeel Holdings has enough room within the invested infrastructure to grow organically without any further investment, with significant headroom remaining to ramp up critical growth assets further.