Dubai [UAE], May 8 (ANI/WAM): Burjeel Holdings PLC today announced its financial results in accordance with International Financial Reporting Standards (IFRS) for the three-month period ended 31st March 2024, delivering revenue growth of 11.1 per cent to AED 1.2 billion in Q1 2024.
Group EBITDA, excluding one-offs, increased to AED260 million, reflecting ongoing investments in complex care.
Group net profit, excluding one-offs and taxes, grew to AED141 million, underpinned by increased operational efficiencies and lower finance costs.
Burjeel Holdings saw continued progress on its strategic ambitions to ramp up the Group's high-growth assets, expand its healthcare infrastructure and drive patient yields through the provision of highly specialized complex care.
The Group continued to execute geographic expansion, with the opening of 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, meaning the Group is well on track to reach its target of 60 centres by the end of 2025. It also expanded insurance partnerships with leading providers in the KSA like Tawuniya and Al Arabia Takaful.
John Sunil, Chief Executive Officer of Burjeel Holdings, said, "Building on our impressive performance in 2023, Burjeel Holdings delivered another quarter of double-digit revenue growth despite the impact of an earlier start to Ramadan this March. At the same time, outstanding performance across our core business segments drove accelerated revenue and patient footfall results in the pre-Ramadan period, which aligns with our full-year 2024 guidance. First-quarter adjusted EBITDA grew by 7.7 per cent, reflecting ongoing investments in complex care to unlock additional higher yield inpatient footfall. Adjusted net profit was up by 16.3 per cent, driven by robust revenue growth, increased operational efficiencies and lower finance costs.
"Expanding the footprint of PhysioTherabia centres in Saudi Arabia continues to be our key high-potential growth area. Since inception, we have already rolled out 17 of the 30 centres due to be operational this year, putting us well ahead of schedule.
Moreover, PhysioTherabia has gained access to a broader clientele through strategic partnerships with leading insurance providers, accelerating the Kingdom's penetration and solidifying its position as a key player in the sector.
"We reiterate our 2024 guidance of delivering mid-teens revenue growth and improving EBITDA margin. On top of that, we continue to evaluate various CAPEX-light opportunities in the Gulf, where we anticipate introducing new value-based products in KSA and additional advanced healthcare service lines in the UAE," he added. (ANI/WAM)
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