The Group listed and started trading on the ADX on 10th October 2022
Abu Dhabi, United Arab Emirates, 10 October 2023: Burjeel Holdings PLC (“Burjeel Holdings“, “Burjeel” or “the Group”), a leading Integrated Healthcare Network in the UAE and MENA listed on the Abu Dhabi Securities Exchange (“ADX”) (SYMBOL: BURJEEL; ISIN: AEE01119B224), today celebrates its one-year anniversary since its successful IPO and listing on ADX. The IPO raised gross proceeds of AED 1.1 billion with an oversubscription level of 29 times in aggregate.
Burjeel’s network served 5.6 million patients in 2022 and 2.9 million patients in the first six months of 2023, reflecting the trust patients have in its healthcare system and its ability to add new services to increase patient footfall. Furthermore, with a substantial in-patient private market share of 19% in the UAE, Burjeel Holdings has solidified its position as a formidable presence in the Emirates’ healthcare system, particularly in areas of highly complex healthcare.
Delivered strong total shareholder return
Since its IPO in October 2022, Burjeel has delivered a total shareholder return (TSR) of 46%, enabled by the Group’s consistent and continued implementation of its growth strategy. In the first half of 2023, Burjeel increased revenue by 13.9% year-on-year to AED 2.2 billion and EBITDA by 12.7% year-on-year to AED 467 million. It also grew net profit by 47% in the six-month period to AED 225 million. The Group’s outpatient and inpatient footfall saw substantial increases of 11.1% and 20.2%, respectively, primarily due to Burjeel’s investment in super specialties and its ability to drive cross-group referral. Bed occupancy reached 59% during the same period in the first half of 2023, reflecting both impressive improvement in utilization as well as the significant untapped capacity across Burjeel’s 16 hospitals.
The Group’s cash-generative business model and strong financial performance have enabled it to pay out a debut dividend of AED 95 million, in alignment with its dividend policy, demonstrating Burjeel’s commitment to creating long-term value for its shareholders.
Enhancing world-class super-specialty care proposition
Since its IPO, Burjeel Holdings has continued to rapidly expand its partnerships with international specialists, particularly at Burjeel Medical City (BMC), Burjeel’s flagship hospital. BMC opened The Paley Middle East Clinic in January 2023, specializing in orthopaedic care for musculoskeletal conditions and complex procedures, while also commencing its affiliation with Northwell Health and the Franco-European Multidisciplinary Institute of Endometriosis Academy (IFEM Endo). These partnerships signify the Group’s global credentials and commitment to deepening the level of care available to citizens and residents in the UAE.
Burjeel Holdings has also formed partnerships with Digipharm, a UK-based healthcare solutions innovator, demonstrating the Group’s commitment to enhancing its research and development capability and its use of technology to greatly enhance patient care. Burjeel announced Project NADER, in collaboration with BridgeBio and MENA Organization for Rare Diseases, to revolutionize early diagnosis and treatment for rare diseases in the UAE and the region. In April, Burjeel announced it would establish a cutting-edge laboratory in Abu Dhabi to provide advanced molecular genetics, cellular, and immunological profile testing to patients in the UAE, doing so alongside Canada-based OncoHelix Inc.
Based on Burjeel Holdings share price as at close of market on 9 October 2023
Investing in technology and state-of-the-art infrastructure to drive patient value
Technology is at the heart of Burjeel’s back-office and patient-facing strategy. In September 2023, Burjeel announced it would implement Oracle’s state-of-the-art Electronic Medical Record (EMR) technology to deliver transformative clinical, commercial, and operational efficiencies across Burjeel’s healthcare facilities.
BMC also introduced the cutting-edge da Vinci Xi robotic system in August 2023, allowing surgeons to perform intricate, minimally invasive procedures with exceptional precision. The Group will continue to elevate investment in technology over the coming years to drive efficiencies and improve patient experience.
Burjeel Holdings also achieved significant medical milestones over the past year while extending international assistance to those in need. Burjeel’s team treated two Syrian children who were found trapped under rubble in Syria following the earthquake in February, delivering lifesaving treatment. Additionally, BMC’s doctors successfully completed around 80 bone marrow transplants, including the first pediatric bone marrow transplant in the UAE.
In June, doctors at Burjeel Medical City’s Kypros Nicolaides Fetal Medicine and Therapy Center performed a groundbreaking in-utero surgery to treat spina bifida in the unborn child of a Colombian couple, underscoring the network’s popularity among international patients seeking complex care. Burjeel’s dedication to excellence extended to reshaping the skulls of two one-year-old girls with skull deformities. The Group commenced a comprehensive kidney transplant program (live and deceased donor) to expand treatment options and offer hope to patients in need of life-saving treatment.
Expanding geographically through high-return and low-Capex opportunities
In line with its strategic, geographic growth pillar, Burjeel Holdings will commence operations in KSA in Q4 2023, in partnership with Tadawul-listed Leejam Sports Company. The PhysioTherabia joint venture is a unique gym-based model for high-quality physiotherapy, rehabilitation, and wellness services, utilizing Leejam’s existing locations and leveraging its loyal member base.
In a testament to Burjeel Holdings’ strong O&M capabilities, the Group secured a contract to operate and manage ADNOC’s 122-bed Al Dhannah Hospital in the Al Dhafra Region of Abu Dhabi, while also adding an additional medical center to its network. By assuming responsibility of the Al Dhafra region’s largest healthcare facility, the Group works to elevate the quality of healthcare services for ADNOC employees, their families, and the local community.
Dr. Shamsheer Vayalil, Founder and Chairman of Burjeel Holdings, said:
“As we look back at our achievements since our IPO on ADX, we do so with a profound sense of pride. Our journey has only just begun, and our strong commitment to patient excellence continues to drive us forward. With every milestone we reach, we reinforce our aspiration to create a healthier, brighter future for all. The challenges we face only serve to fuel further our determination to innovate, grow, and provide unparalleled care to those who trust in us. Our achievements today are a testament to the collective dedication of our team, and we eagerly anticipate the continued success that lies ahead”
John Sunil, Chief Executive Officer of Burjeel Holdings, said
“Several milestones, including forming groundbreaking partnerships and venturing into the growing market of Saudi Arabia, have marked the past year.”
“Our continued improvement in operational and financial performance underscores the success of our strategy. This growth reflects our ability to effectively maximize utilization and elevate patient yield. Our experienced team has played a crucial role in conducting life-saving surgeries while we continue to attract skilled doctors to enhance our medical expertise and the services we deliver for patients.
“As we further enhance our existing offering, we remain committed to exploring opportunities within and beyond our current region. Our determination to reach even greater heights in the coming years is unwavering, and we will continue to invest in cutting-edge medical capability and the delivery of compassionate care.”
About Burjeel Holdings
Founded in 2007, Burjeel Holdings is one of the leading private healthcare services providers in the MENA region. With a network of 64 assets, including 16 hospitals and 26 medical centers, as well as pharmacies and other allied services, the Group provides the highest standard of patient care in the region. Burjeel Holdings’ brands include Burjeel Hospitals, Medeor Hospitals, LLH Hospitals, Lifecare Hospitals, Tajmeel. It has 12 JCI-accredited facilities, with a total 1,660 patient beds across its operations in the UAE and Oman, and holds a leading position in the UAE. The Group has comprehensive cancer care facilities in the UAE and is the country’s leading mother and childcare provider.
Click here to access Burjeel Holdings’ latest investor presentation.
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