Burjeel Holdings' Nine-Month Recurring Net Profit Jumps 42% on Volumes, Efficiency
Recurring net profit reached $112.3 million as revenue rose 5.6% to $1.2 billion, operating cash flow climbed 217% and net leverage fell to 1.4 times.
Burjeel Holdings reported recurring net profit of $112.3 million (AED 412 million) for the first nine months of 2026, a 42.1% increase on the same period a year earlier. Revenue at the Abu Dhabi-listed healthcare provider rose 5.6% to $1.2 billion (AED 4.3 billion) from $1.1 billion (AED 4.1 billion). Earnings grew far faster than the top line, which the company linked to higher patient volumes and improved operating efficiency. The results were released on a Thursday.
Adjusted EBITDA, excluding one-off items, came in at $243.1 million (AED 892 million), up 21.3% from $200.1 million (AED 735 million) in the first nine months of 2025. Cash generation moved sharply higher. Operating cash flow reached $211.2 million (AED 775 million), a 217.4% increase, supported by better operating profitability and improved collection of receivables. Free cash flow was $204.4 million (AED 750 million), up 154.1%. Return on invested capital rose to 13.3% from 11.8%.
Patient footfall across the group reached 5.8 million, 13.1% higher year on year. Inpatient visits rose 10.6% and outpatient visits 13.2%. Bed occupancy stood at 73% across a network of 1,754 beds.
The hospital segment produced $1.1 billion (AED 3.9 billion) of revenue, up 6.9%, and accounted for about 89% of group revenue. Medical centers brought in $103.8 million (AED 381 million), a 12% increase, while adjusted EBITDA for that segment jumped 82.4% to $14.4 million (AED 53 million).
Burjeel Medical City carried much of the growth. Its third-quarter revenue rose 13.4% and patient volumes were up 20.4% year on year, with bed occupancy improving to 67% from 58%. The facility performed 31 kidney and liver transplants during the nine months, taking its cumulative total to 98. Burjeel also introduced AI-powered cardiac catheterization laboratories in Abu Dhabi and Sharjah and expanded clinical documentation capabilities using Oracle Health technology.
The group opened seven medical centers and clinics across the UAE and Oman during the period. It set up dedicated affordable healthcare and day surgery platforms, and brought its Medeor, LLH and Lifecare facilities under a single management structure.
Non-recurring items in the period included impairment charges tied to the wind-down of PhysioTherabia operations in Saudi Arabia and to the planned relocation of Burjeel Hospital for Advanced Surgery in Dubai. A lease-liability derecognition gain partly offset those charges. Recurring profit strips out such items.
Net leverage fell to 1.4 times at September 30, 2026, from 1.8 times at the end of 2025. In July the company issued an inaugural $500 million senior unsecured sukuk under a $1.5 billion programme. The paper carries a 7% profit rate and matures in July 2031, and proceeds went mainly to refinancing existing bank term loans. As of September 30, $188.6 million (AED 692 million) of undrawn committed capacity remained on the revolving credit facility with First Abu Dhabi Bank, and the company intends to repay its outstanding drawing under that facility from internally generated cash.
Shamsheer Vayalil, founder, chairman and chief executive, placed fourth in the Founders & Shareholders category of the 2026 Top Healthcare Leaders ranking and fifth in the healthcare category of the Middle East Sustainability Leaders 2026 ranking.
Burjeel is pushing further into specialized services and day surgery through the platforms it has just created. Lower leverage and faster cash conversion give it room to fund that build-out without adding borrowing, while the sukuk fixes the cost of a large slice of debt at 7% through 2031. The question for the rest of the year is whether volume growth at Burjeel Medical City and the newer clinics keeps translating into earnings at the pace of these nine months.
