Burjeel Holdings delivers mid-teens revenue growth in Q3’24

Burjeel Holdings PLC, a leading super-specialty healthcare services provider, achieved strong top-line growth of 14.1 per cent in Q3’24, driven by an 11.8 per cent rise in patient footfall and improved patient yield, despite a high revenue base from Q3’23 (up 24 per cent YoY). In the first nine months of 2024, revenue increased by 11.7 per cent to Dh3.7 billion, with total patient visits reaching 4.8 million. Key contributors included Burjeel Medical City, Burjeel Specialty Hospital Sharjah, Medeor Hospital Dubai, and Burjeel Royal Hospital Asharej.

Nine-month inpatient and outpatient footfall growth reflected strong demand for its high-quality healthcare, especially in oncology, orthopedics, pediatrics, and women’s care. Medical oncology revenue saw significant expansion (up 50 per cent YoY), contributing around 20 per cent of incremental revenue growth. Inpatient footfall rose by 13.3 per cent, boosting bed occupancy to 66 per cent, with over 60,800 surgeries completed (+13 per cent YoY). Outpatient volume grew by 7.9 per cent, supported by new facility expansions and effective cross-group referral capabilities.

EBITDA grew by 5.1 per cent in Q3’24, reaching Dh273 million, despite higher direct costs from ongoing investments in medical oncology aimed at driving future high-yield patient growth. The increase in direct costs also reflects the ramp-up of new assets and higher overheads due to additional marketing efforts to promote the international patient program and support regional expansion.

Excluding the impact of new assets, Q3’24 EBITDA rose by 11.4 per cent to Dh290 million, with a 22.0 per cent margin. The Group recorded Dh16 million in losses from the ramp-up of recently opened facilities, which include two day surgery centers and two medical centers in the UAE, as well as 28 PhysioTherabia centers in KSA. For 9M’24, EBITDA, excluding one-offs and new assets performance, increased by 7.4 per cent to Dh781 million, with a 21.1 per cent margin.

Net profit before taxes rose 9.8 per cent in Q3’24 to Dh151 million, driven by robust business performance and lower depreciation. For 9M’24, net profit excluding one-offs and taxes increased 7.4 per cent to Dh389 million.

Burjeel Holdings said it maintains a positive outlook for its mid- and long-term growth, with the Group well positioned to capitalize on favorable macro trends in the UAE and Saudi Arabia, including strong GDP growth forecasts, rapid population growth, and increasing demand for healthcare capacity. We refined our year-end guidance to account for short-term changes in the service mix and accelerated investments in network expansion and super-specialty care promotion.

group revenue in the third quarter grew to Dh1.3 billion, driven by strong patient footfall growth and improved patient yield.

Hospitals revenue increased to Dh1.2 billion, primarily boosted by 34 per cent YoY growth in the oncology segment. Hospitals EBITDA grew, driven by the performance of BMC and other high-growth assets. Hospitals net profit before taxes rose sharply, reflecting robust business performance and optimized D&A.

Group patient growth accelerated in Q3’24, bringing the total to 4.8 million in 9M’24.