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UAE hospital group Burjeel posts record full-year revenues ahead of a potential IPO


Talk of a potential listing for Burjeel Holdings comes as the Emirates benefits from a Middle East IPO boom, with Abu Dhabi and Dubai taking several government entities public this year.

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DUBAI, United Arab Emirates — Indian billionaire Shamsheer Vayalil is accelerating plans to take Burjeel Holdings public after the Emirates-based hospital group posted record full-year revenues and profit.

Burjeel Holdings, which operates 16 hospitals, 23 medical centers and 15 pharmacies in the UAE and Oman, reported record full-year 2021 revenue of 3.35 billion UAE dirhams ($912m) and a profit for the year of 234 million UAE dirhams, according to a statement released Thursday.

Burjeel said it reported EBITDA (earnings before interest, taxes, depreciation, and amortization) of 779 million UAE dirhams in the 12 months through to Dec. 31 last year.

The figures, audited by EY, offer the first look into the performance of the hospital group wholly owned by Vayalil — a radiologist who started with a single hospital in 2007.

Burjeel, a spinoff of his VPS Healthcare business, now employs more than 1,200 doctors and its portfolio of assets includes Burjeel Medical City in Abu Dhabi, one of the largest private hospitals in the country.

“We are looking at the next phase of growth,” Vayalil told CNBC as the potential listing plans take shape.

Burjeel has appointed JP Morgan, Emirates NBD, EFG-Hermes, and Dubai Islamic Bank as joint global coordinators for the listing, possibly on the Abu Dhabi bourse, as soon as this year.

Burjeel said discussions about a transaction were ongoing and details on the size of the offer and valuation are under review. A final decision has not been made.

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