Abu Dhabi-listed hospital operator Burjeel Holdings saw a decline in net earnings for the first quarter of 2024. Its revenue saw a double-digit growth at AED 1.2 billion ($326.7 million).

Total net profit for the period reached AED 104 million, down by 14% compared to the same period last year, according to a statement on the Abu Dhabi Securities Exchange (ADX) on Tuesday.

However, the group’s profit, excluding one-offs and taxes, jumped by 16.3% to AED 141 million, underpinned by a revenue growth of 11%, higher operational efficiencies and lower finance costs.

The company said the hospitals segment was the “core driver” of the overall performance, delivering 90% of total revenue in the first three months of the year, including robust top-line growth at the group’s flagship hospital BMC and other high-growth assets.

The group saw an 11% growth in inpatient footfall, driven by BMC, Burjeel Hospital Abu Dhabi, Medeor Hospital Dubai and Burjeel Royal Hospital Al Ain.

The hospital segment posted a 13.5% increase in revenue.

(Writing by Cleofe Maceda; editing by Brinda Darasha) brinda.darasha@lseg.com