11.1% growth in revenues "Burjeel Holding" During the first quarter
Abu Dhabi, 8 May / WAM / Burjeel Holding Group PLC announced today its financial results in accordance with International Financial Reporting Standards for the first quarter of this year, as the group achieved a growth in revenues of 11.1% to reach 1.2 billion dirhams.
The group achieved a value of 260 million dirhams in earnings before interest, taxes, depreciation and amortization, excluding non-recurring items, and this notable increase highlights the ongoing investments in advanced care.
The group’s net profit, excluding non-recurring items and taxes, rose to 141 million dirhams, supported by increased operational efficiency and lower financing costs.
Burjeel Holding Group was able to continue making progress in its strategic ambitions to enhance the group’s high-growth assets, expand the scope of healthcare services infrastructure and increase revenues generated from patients by providing advanced, highly specialized care.
The group continued its geographical expansion, with the opening of 13 new physiotherapy centers in the Kingdom of Saudi Arabia by May 2024, bringing the number to 17 centers distributed in Riyadh, Medina, Jeddah, Dammam, Khobar and Yanbu.
This indicates the group’s endless commitment to achieving its goal of opening 60 centers by the end of 2025.
In the same context, the group worked to expand its partnerships with leading companies providing insurance services in the Kingdom, such as Tawuniya and Takaful Arabia.
John Sunil, CEO of Burjeel Holding, said: Building on our performance in 2023, Burjeel Holding delivered another quarter of double-digit growth in revenues despite the impact of the beginning of Ramadan in March of this year, and at the same time strong performance across our core business sectors led to an acceleration in revenues. And increasing patient demand in the period leading up to Ramadan, which is in line with our guidance for the entire year 2024.
He added: Expanding the scope of physical therapy centers in the Kingdom of Saudi Arabia remains our main area of growth, which is characterized by high potential. From the beginning, we have already launched 17 centers out of the 30 centers scheduled to operate this year, which puts us well ahead of schedule.
He explained that, in addition, physical therapy centers were able to reach a broader customer base through strategic partnerships with major insurance service providers, which accelerated their spread in the Kingdom and strengthened their position as a major player in this sector.
He said: We reaffirm our expectations for 2024, which include achieving moderate revenue growth and improving EBITDA margin. Moreover, we continue to evaluate various opportunities with low capital investments in the Gulf, where we expect to launch new value-based products in the Gulf. Kingdom of Saudi Arabia and additional advanced healthcare service lines in the United Arab Emirates.
- For more: Elrisala website and for social follow us on Facebook
- Source of information and images “wam“
