Burjeel Holdings has reported a 10.4 percent increase in revenue to Dh2.4 billion for the first half of 2024, fueled by a 6.2 percent year-over-year rise in patient visits, an increase in complex medical procedures, and enhanced patient yield. Both outpatient and inpatient revenues saw increases of Dh137 million (+10.3 percent year-over-year) and Dh82 million (+11.0 percent year-over-year), respectively. The group's revenue growth was largely due to a 64.1 percent year-over-year increase in medical oncology services, which contributed approximately 30 percent to the growth. The group's performance was bolstered by a 13.6 percent increase in inpatient visits during the first half of 2024, driven by strong demand for advanced care services.
The group conducted 7,100 medical and surgical oncology procedures (+41.3 percent year-over-year) and 4,200 radiation oncology sessions (+42.7 percent year-over-year), reflecting the growing demand for complex oncology care. Growth in inpatient visits was primarily driven by Burjeel Medical City, Burjeel Specialty Hospital Sharjah, Medeor Hospital Dubai, and Burjeel Royal Hospital Al Ain. Outpatient visits also increased due to the expansion of medical services at Burjeel Medical City, LLH Salalah, Burjeel Day Surgery Center Al Reem, and Burjeel Royal Hospital Al Ain.
Despite an increase in direct costs from ongoing investments in medical oncology, the group's Ebitda, excluding one-offs, grew by 2.2 percent to Dh477 million. This growth also took into account the ramp-up of new assets and increased overhead costs related to medical tourism development and regional expansion. The group's net profit, excluding one-offs and taxes, rose by 5.9 percent to Dh238 million, supported by revenue growth and reduced finance and depreciation costs. The hospitals segment continued to be the primary revenue driver, contributing 88 percent of the total group revenue for the first half of 2024.
The group's bed occupancy rate increased to 64 percent, indicating potential for further expansion within the existing infrastructure. Revenue and Ebitda for the hospitals segment grew by 9.2 percent and 8.6 percent, respectively, mainly due to increased inpatient and outpatient visits, driven by growth in medical oncology and other advanced specialty services. The medical centers segment, which serves as a key referral source, achieved a robust revenue growth of 13.3 percent. Specialty care departments within this segment, such as obstetrics, gynecology, pediatrics, orthopedics, and cardiology, saw rapid growth.
Burjeel Medical City contributed 26 percent to the total revenue in the hospitals segment for the first half of 2024. It recorded a 20.8 percent increase in revenue to Dh574 million and a 41.2 percent increase in Ebitda to Dh93 million. The facility saw a 26.5 percent increase in patient numbers, demonstrating strong demand for super-specialty services. Bed occupancy at Burjeel Medical City reached 57 percent, an increase of 13 percentage points compared to the first half of 2023.
John Sunil, CEO of Burjeel Holdings, commented: "In the first half of 2024, Burjeel Holdings achieved strong top-line growth, increased patient visits, and continued market penetration. We have also made significant progress towards our strategic and operational goals. Burjeel is well-positioned for continued growth and profitability, aligned with our guidance. We anticipate that the second half of 2024 will be driven by the rapid expansion of high-growth assets and services, as well as a surge in international and domestic patient visits."
