Abu Dhabi healthcare provider Burjeel Holdings reported a more than 52 per cent increase in its 2023 net profit on higher revenue, driven by rising patient footfall in its hospitals.
Net profit attributable to equity holders for the 12 months to the end of December climbed to Dh516.1 million ($140.5 million), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue grew about 16 per cent year on year to Dh4.5 billion as in-patient and outpatient footfall at its hospitals rose 17.5 per cent and 8.3 per cent, respectively, to reach more than six million.
Burjeel's flagship hospital asset, Burjeel Medical City, recorded revenue growth of more than 37 per cent annually to Dh1 billion in 2023.
Finance costs also fell during the period, boosting the profit of the company.
Group earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 18 per cent to Dh1 billion for the January-December period amid growth of assets.
“Our specialised healthcare segment in the KSA [Saudi Arabian] market is strategically pivotal and I expect considerable growth in the kingdom," said Shamsheer Vayalil, founder and non-executive chairman of Burjeel Holdings.
"I am fully confident that our geographic expansion strategy and focus on complex and super-specialty care, supported by our growing referral network, will yield improved asset utilisation and lead to revenue and margin growth, providing greater appeal to investors.”
Burjeel Holdings, founded in 2007 by Mr Vayalil, has a network of 76 assets including hospitals, medical centres, pharmacies and other allied services across its key brands – Burjeel, Medeor, LLH, Lifecare and Tajmeel – throughout the UAE, Oman and Saudi Arabia.
Its initial public offering on the ADX in October drew strong demand from investors in the UAE and the region, and was more than 29 times oversubscribed. The IPO resulted in Dh2.2 billion of liquidity being injected into the business.
The company aims to expand its hospital network in the next two years with plans to open one hospital in Dubai, day surgery centres in Al Ain and Al Dhafra regions, as well as one medical centre in Abu Dhabi.
It also plans to launch two specialised day surgery centres in Riyadh as part of its expansion plans in the kingdom.
"The UAE and KSA, Burjeel’s two main markets, continue to experience favourable macro tailwinds, with strong predicted mid-term GDP growth, rapid population growth and increasing demand for added healthcare capacity," the company said.
"Regional aspiration to expand the non-oil-based economy will boost the demand with limited supply in a regulated environment, strongly driving the group's performance."
Last year, the company signed a preliminary agreement with Saudi Arabia's Leejam Sports Company to set up more than 60 centres in the kingdom as part of its regional expansion.
That followed its announcement the previous year that it would invest up to $1 billion in the Arab world’s biggest economy by 2030.
In 2024, the group's revenue is expected to grow in the mid-teens.
For the 2025-2027 period, its revenue is forecast to normalise from the mid-teens to the low double-digits gradually, the company said in its earnings guidance.
It aims to maintain capex levels of 2.5 per cent of its revenue for the period.
ENGLAND WORLD CUP SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jos Buttler (wicketkeeper), Tom Curran, Joe Denly, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
Brown/Black belt finals
3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
FOOTBALL TEST
Team X 1 Team Y 0
Scorers
Red card
Man of the Match
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Result:
1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds
2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds
3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds
4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds
5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds
6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
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Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
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2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
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OPINIONS ON PALESTINE & ISRAEL
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Platforms: PlayStation 5, Xbox Series X/S, PC
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Creator: Jenna Lamia
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Engine: 6.2-litre V8
Transmission: ten-speed
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Directed by: Matt Shakman
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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