UAE’s private healthcare provider Burjeel Holdings PLC, listed on the Abu Dhabi Securities Exchange (ADX), reported a 10.4 percent increase in revenue, reaching AED2.4 billion ($653.4 million) for the first half (H1) of the current year ending June 30, 2024.
The group’s statement highlighted a rise in both outpatient and inpatient revenue, with an increase of AED137 million ($37.3 million) and AED82 million ($22.3 million), respectively.
Despite higher direct costs from continued investment in oncology to boost future revenue growth driven by increasing patient demand, the group’s earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding one-off items, grew by 2.2 percent to AED477 million ($129.86 million).
The group’s net profit, excluding one-off items and taxes, increased by 5.9 percent to AED238 million ($64.8 million), driven by revenue growth and lower finance and amortization costs.
Read more: Shares of UAE’s Burjeel Holdings surge by 20 percent on ADX debut
In 2022, Burjeel Holdings raised more than AED1.1 billion ($299.5 million) from the sale of an 11 percent stake sale in the company’s initial public offering (IPO).
The IPO drew strong demand from investors in the UAE and the region and was more than 29 times oversubscribed. Total gross demand was more than AED32 billion ($8.7 billion).
The company sold more than 550.7 million shares at the lower end of its offer share price of AED2.
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