Burjeel Holdings PLC (BURJEEL) Q4 FY2025 Earnings Call Transcript & Summary

Hello, ladies and gentlemen, and welcome to the Burjeel Holdings Fourth Quarter and Full Year 2025 Earnings Call. Today's call will be hosted by CEO, Dr. Shamsheer Vayalil; and CFO, Muhammed Shihabuddin, who will provide an overview on Burjeel Holdings' financial and operational performance, followed by a Q&A session. I'm Sergei Levitskii, Director of Investor Relations, and I will be moderating today's session. First, please review the disclaimer on Slide #2, which includes important information regarding the interpretation and limitations of historical data and forward-looking statements. I will now hand over to our CEO, Dr. Shamsheer, to present our financial highlights, recent business developments and progress in executing our growth strategy.

Good afternoon, everyone. Before I begin, I would like to acknowledge the current situation in the region. I hope that everyone joining us from the UAE and across the wider Gulf is safe and well. As you know, at the end of last year, I stepped into the role of CEO. Having founded and led Burjeel since inception, I do so with strong conviction in our strategy and long-term direction. That direction remains unchanged; disciplined growth, clinical excellence and sustainable value creation alongside the founder moat. 2025 has been a clear turning point for Burjeel Holdings. We built on the strength of our integrated health care platform and delivered on our guidance. On the left, the results speak for themselves. We served over 7 million patients, grew revenue by 10% to AED 5.5 billion and increased EBITDA by 20% to AED 1.1 billion, with margins approaching 20%. Net profit rose 39% to AED 503 million, reflecting not just growth but improving quality of earnings. This performance marks a deliberate shift in how the group is now operating. 2024 was an investment year where we expanded capacity, front-loaded physicians onboarding and built the platform ahead of demand to secure the first-mover advantage. 2025 was about execution. With major investments behind us, we ramped up assets, improved utilization, optimized cost and translated scale into margin expansion, while volumes continued to outpace the regional population growth. As we move into the mid-term, our focus is clear: selective expansion, continued surgical mix improvement, stronger cash conversion and further margin progression. With that foundation established, let me now walk you through the strategic progress that supported this performance. Building on that performance, 2025 was also a year of meaningful strategic progress across our core pillars. We strengthened our integrated network, opening more than 10 new health care assets across the UAE, including advanced oncology and specialized medical centers. Bed capacity increased to 1,784 beds and our physician base grew to 1,776 doctors, enhancing clinical depth and future operating leverage. At the same time, we doubled our O&M portfolio, reinforcing our position as a leading asset-light operator with 15 active projects across the UAE and Africa. We also moved decisively up the complexity curve. We launched the GCC's first osseointegration clinic and expanded Centers of Excellence across genetics, rare diseases, neurosciences, orthopedics, mental health and advanced oncology. This translated into scale. In 2025 alone, we delivered 31 organ transplants, 450 robotic surgeries, 1,290 neurosurgeries and over 18,000 oncology procedures, demonstrating both breadth and clinical sophistication. Innovation continues to differentiate us, from advanced liver transplant milestones to first in GCC hepatic infusion therapy and AI-enabled cancer screening. Burjeel is helping shift the region from exporting complex cases abroad to building world-class capabilities at home. If the previous slide showed the breadth of what we delivered, this slide shows how it all comes together. Our differentiation is not in individual specialties alone, but in how they operate together as an integrated complex care platform. In oncology, we now operate one of the region's most comprehensive cancer care networks, managing the full continuum from early detection and precision diagnostics to advanced medical and surgical oncology, bone marrow transplantations and emerging cell therapies. This allows us to treat highly complex cases locally, improve outcomes and retain value across the care pathway. In transplantation, we have built comprehensive multi-organ program spanning liver and kidney, including complex and pediatric cases, supported by advanced immunology and robotic-assisted techniques with a clear road map to expand into heart and lung transplantation. Across orthopedics, trauma and women's and children's care, we operate fully integrated multidisciplinary ecosystems that combine advanced surgery, intensive care, rehabilitation and specialized subspecialties. These platforms are strengthened through partnerships with globally renowned clinicians and institutions, enabling world-class care delivered locally with continuity across the life stages. What lies and what ties this together is integration. Patients move seamlessly across specialties, facilities and levels of care within a single coordinated system. This improves clinical outcomes, enhances patient experience and drives operating leverage through better asset utilization. This integrated model is a structural advantageous and one that becomes more powerful as they scale. If the previous slide showed how our clinical capabilities come together, this slide shows the power -- this slide shows what powers them at scale operationally. At the core is Oracle Cerner, which we are deploying as unified enterprise backbone across the group. It standardizes workflows, enhances clinical visibility and creates a single source of truth across our network. Phase 1 is complete in our flagship hospitals with more than 5,000 employees trained, and we are progressing towards broader coverage and full operating leverage over the next 2 years. On top of this foundation, we are enabling AI directly into daily workflows. This includes AI-assisted clinical documentations, codings and claim processing, decision support, patient navigation and post-discharge engagements. The impact is tangible; reduced clinician burden, faster billing cycles, stronger revenue capture and improved patient experience. All this is coordinated through our clinical operations command center, which acts as a real-time control hub for capacity, staffing and throughput. Using predictive analytics, we optimize asset utilization and proactively manage bottlenecks across the network. In short, digital and AI are not add-ons. They are embedded into how we operate, driving structural efficiency, margin expansion and scalable growth. With our clinical model integrated and our digital backbone in place, we are now positioned to scale in a disciplined and return-focused manner. This slide outlines the next phase of our expansion pipeline. Between 2026 and 2028, we plan to add 18 new health care facilities across the UAE and Saudi Arabia. Importantly, these assets are either under construction or in advanced planning. This is measured growth aligned with demand, not speculative or an aggressive expansion. In the UAE, the focus is on strengthening and densifying our existing network. The pipeline includes; 2 hospitals in Dubai, 4 day surgery centers, 6 medical centers and 2 Trust Fertility Clinic branches. These additions enhance referral density, improve asset utilization and deepen our presence in the core market. In Saudi Arabia, we are expanding very selectively. The market is transitioning towards broader insurance coverage and our experience operating in regulated insured systems position us well. Our initial footprint includes 2 day surgery centers in Riyadh and Al Khobar, alongside plans to launch BCI Radiation oncology centers across the GCC. At maturity, within 3 to 5 years, this pipeline is expected to generate over AED 1.5 billion in annual revenue. This is disciplined expansion that builds on our platform and supports sustained profitable growth. With that, I will now hand over to Shihab, our CFO, to walk you through the performance in more detail. Thank you very much.

Thank you Dr. Shamsheer. Now I would like to go through the operational drivers behind our financial performance, starting with the patient volume. Total outpatient visits increased by 8.3% year-on-year, reaching to 7 million visits in 2025. If you may notice, our volume growth is higher than the population growth in the country, which indicate that we are growing and securing more market share. In Q4 2025, our outpatient volume up by 11.5% year-on-year, reflecting the improving utilization across our expanded health care network. And as it's good to note that the above achievement despite of temporary access restriction to a leading insurer for a period of 6 months. This was successfully resolved with the full alignment achieved in November 2025. Turning to inpatient performance. Inpatient footfall increased by 11.7% for the year 2025 with a Q4 growth of 9.8% year-on-year. This was supported by a strong performance across multiple specialties and especially oncology, cardiology, gastro and orthopedics. Surgical volume increased over 89,000 procedures in 2025, up by 8.3%, while the oncology mix continued to improve that over 750 oncology surgeries performed during the year. Average bed occupancy stood at 67%, reflecting a recent capacity additions and fact that more than half of our hospitals remain in a growth phase. This is clearly indicating the potential of the group to grow with an invested infrastructure. Overall, this trend demonstrates a strong demand and increasing in operating leverage, which directly underpin our margin expansion. Now, I will turn to how this volume momentum translated into our revenue growth and margin expansion. Starting with revenue, the group revenue has increased by 9.5% year-on-year to AED 5.5 billion in 2025, reflecting a deeper market penetration and sustained volume growth across our core specialties. More to note that this growth has secured despite of introducing the UPP in Abu Dhabi. In 2025, the Hospital segment continued to be backbone of the group with the Hospital revenue grew by 7.1%, contributing 88% of the total revenue. At the same time, medical centers scaled up rapidly with the revenue up by 25.2%, driven by the ramp-up of our 14 newly opened centers, demonstrating the scalability of our primary care platform. In terms of the profitability performance, it was very strong in Q4. In Q4, the EBITDA increased by 35.4% to an amount of AED 282 million with the margin expanding to 20.3%. This margin expansion was fully operational, driven by an improved utilization, workforce optimization, procurement efficiency and increasing operating leverage. Both Hospital and Medical Center segment contributed meaningfully. Hospital EBITDA margin reached 25.2% in Q4 2025. For the full year, the group EBITDA increased by 19.9% year-on-year to AED 1.1 billion with the margin expanding to 19.8%. It is also important to note that the full year EBITDA absorbed AED 55 million of ramp-up losses from newly opened assets, highlighting the underlying strength of the core portfolio as these facilities continue to move towards breakeven. Next, I would like to briefly highlight the performance of our Burjeel Medical City, our flagship quaternary care hospital. BMC continued to demonstrate a solid underlying momentum in 2025. The patient volume increased by 18.3% year-on-year and revenue grew by 7.1% to AED 1.3 billion, driven by a higher outpatient mix and continued strength in oncology, where BMC remains the group's largest contributor to the medical oncology activity. Importantly, the profitability strengthened meaningfully. EBITDA increased by 26.1% year-on-year to AED 241 million, with the margin expanding to 18.7% driven by a scale of efficiencies, operating leverage and disciplined cost management. From a capacity perspective, bed occupancy averaged 61% following the addition of 34 critical beds, providing a clear headroom for the future growth. As Dr. Shamsheer mentioned earlier, our ongoing investment in specialized and complex care are delivering the tangible result and as we expected further upside in both realization and margin progression as these programs continue to mature. Let me now move towards the cost performance, where we continue to demonstrate the strong discipline and efficiency across the group. In 2025, the group operating expenses declined to 81.4% of revenue, representing year-on-year improvement as our cost initiative delivered the solid result. Staff cost as a percentage of the revenue is maintained irrespective of the temporary suspension of one of our largest insurer, whereas the health care, we have to maintain the manpower. Still, we maintain our manpower cost percentage against the revenue. This reflects the more efficient workforce deployment, improved scheduling and sustained administrative discipline. Importantly, the physician capacity is now largely in place with only 32 doctors added in 2025 compared to 188 doctors added in 2024. This positions the group to generate incremental operating leverage as the existing physician base continue to mature. Inventory costs improved meaningfully, declining by 1.9% as a share of revenue. This was driven by the tightened procurement controls, implementing the formulary and optimized vendor agreements. Expected credit loss provisioning stood at normalized level and in line with the global health care benchmarks. Margin normalization is clearly visible across portfolio. The mature hospitals have achieved margin -- EBITDA margin of 28% compared to 20% on a medium-growth assets and 12% on high-growth assets in Hospital segment, which reflect the potential of the group to secure the bottom line growth as the new centers continue to mature. Switching over to the cash flow. The net cash from operating activities amounted to AED 402 million in 2025, which is 41%, primarily reflecting the working capital requirement associated with the ramp-up of our newly opened facilities. The increase in receivable was driven by temporary insurance-related access restrictions earlier of this year, which has delayed the claim processing. Days sales outstanding remained at 135 days. But importantly, they're witnessing the improvement in fourth quarter. This marks the first stabilization over this receivable collection days since 2024. We are now targeting a gradual normalization towards approximately 120 days in coming year. On the payable side, we accelerated supplier settlements to reset the payment cycle and secured an improvement in commercial terms. As a result, days payable outstanding declined to 211 days. We view this as a strategic normalization and our supplier relationship continued to provide an operational flexibility during the period of the elevated working capital requirement. Free cash flow reached AED 451 million. Return on capital employed improved to 13.5%, moving steadily towards our historical level of 15%. Before moving on, it is important to step back and frame how the receivable works in our market. Health care in UAE are fully insured, highly regulated environment as providers deliver the care -- we have to provide the care first and wait to collect our money. Within a well-defined and repatriated framework involving the provider and insurance regulator, we are secured in terms of collection. All the reimbursements are governed by an SPA, Standard Provider Agreement, and regulated claims protocols. Claims cannot be rejected unilaterally, and required -- by the insurance companies and require a formal reconciliation between both parties. Delay can occur due to additional requirements, queries, but non-payment is not a structural risk. What we have done differently, the group has invested on the RCM solutions and keep investing on it, which includes AI-based scrubber, Oracle integrated claim management tools, centralized coding. This all will help us to improve efficiency on the coding level and the claims, which ultimately translates into the -- my collection cycle will get improved. Based on the current trend, we expect the receivable days to be continued trending down towards approximately 120 days over the next 12 to 18 months, the normalized already underway. Turning to our balance sheet. We continue to operate under a conservative and disciplined financial framework, ensuring the flexibility to capture the growth while maintaining prudent leverage. As on 31st December 2025, net debt-to-EBITDA stood at 1.8x, reflecting the impact of the growth CapEx associated with our network expansion. Our debt maturity profile remains well distributed, and liquidity is supported by a strong banking relationship and available facilities, reinforcing our financial flexibility. To conclude our 2025 financial performance, net profit increased by 39.5% year-on-year to AED 503 million. The net profit margin improving to 9.2%, reflecting a strong operating leverage, controlled operating costs and a gain from the asset optimization. Based on our full year 2025 results, the Board of Directors has recommended to an AGM to distribute a dividend of AED 120 million. This reflects our commitment to deliver a shareholders' return while maintaining the financial flexibility required to pursue the high-return growth opportunities. Finally, let me close with our updated midterm guidance. Our strategy remains unchanged, and our confidence in the fundamentals of the business is strong. We continue to focus on ramping up of our assets, increasing patient yield, driving operational excellence and expanding across core geography. The updates you've seen here reflect a more prudent and disciplined approach to guidance, not a change in direction. As the business scales, we believe it is important to remain credible and conservative in how we set expectations. As highlighted, our top line and bottom-line guidance has been updated to reflect the impact of regulatory change under the UPP. Importantly, excluding the UPP impact, underlying operational performance and demand trends remain intact. Thank you. We are now happy to take over the questions, and I'll hand over to Sergei.

Thank you. We are now ready to take questions. I will turn back to the operator.

[Operator Instructions] Okay. I believe we have a voice question from [ Ankur from Al Ramz Capital ].

Hi, can you hear me?

Yes, we can hear you.

Just wanted to understand more on the receivables front. As you mentioned, the number of days are likely to come down to 120 days. If you can throw more light on what exactly happened and what level of receivables you feel is likely to practically remain? And do you think that the time frame mentioned, around 12 to 18 months, it's going to be the realistic time, or we can ideally -- means, ideally, we would like to see more expedited kind of recovery. So, any more insights on this whole issue would be highly appreciated.

Yes, for sure. Ankur, all of us know -- Ankur, thank you for the question. So, all of us knows like we are into the -- in a market where the 100% populations are insured basically. So, we are talking about the insured environment. So, we can't expect beyond level basically. Obviously, like an optimal level should be the 120 days, which we are working towards. So, historically, if you see our numbers, basically, we were at 120 days basically. But as we grow, as we expand, as we start new facilities basically, that is where our receivables got extended basically. But as a group, we are putting a lot of effort. As I mentioned, like we are very keen on deploying AI tools. We're working closely with Oracle Fusion, which is the AI-based EMR solutions, which will improve the documentation timing. This all is going to -- ultimately going to translate into the efficiency in the claim. When an insurance company gets an appropriate and efficient claim, basically, they have no reason to delay my claim, basically. They have to pay for it. As I indicated in my note, basically, insurance company cannot reject the claim. They can delay the claim. They can ask 100 questions. So what insurance companies are doing? They are throwing multiple queries, basically. So, all of this, I have to respond within a TAT. That is taking time basically. So, we are working closely as a proactive reduce these queries. That is what we mentioned within 12 to 18 months, we will minimize this, and we'll come to the line.

Ankur, what we also did is, we put a clinical coding team in place. Some of our clinicians are very good and well versed with the coding techniques and tactics. So, we are also moving at multiple fronts where we are putting clinicians to oversee because in insurance companies, they employ general practitioners to raise these queries. So normally, they don't understand the full clinicality, but they are just given the task to delay and to reject and things like that. But what we are doing is, we are going one notch above to bringing our lead clinicians forming a clinical coding committee, which is supervising the entire coding operations inside our revenue cycle management to ensure that there is more light onto the clinical pathways when we are claiming. So, even though the insurance companies are majority, there is a regulator. It's a very regulated environment where there is a regulatory oversight, and definitely, there is a stretch to what they can do. So, we are very well prepared in terms of physical as well as our soft sites, including the AI parts that we are using more diligently right now, ensuring that the documentation is happening faster. So, we see a definite improvement as we go. And we are on top of it because we -- and especially with the current situation, we are also pushing for faster payments. So, we all have full confidence that this is going to come down and to reach to that adequate level soon.

Yes. Just a follow-up, if I may. Should we expect, all receivables should be processed maybe sooner or later as obviously you are, as you mentioned, improving your processes or there is a risk of certain rejections? Or if there are any, what type of ratio should we expect in that case?

Adequate provisions. Yes, Ankur, we -- see, as you may be seeing in our financials, we've given adequate provisions already in our financials, which is 3.5% basically, which is market standard. So, we follow that. It's already provisioned.

Okay. And is it linked to Abu Dhabi, or it should remain -- like in Saudi or Dubai, like we should expect things to be streamlined across the geographies?

Any insurance market will have certain practices like this right from U.S. to -- you take any advanced insurance; they get advanced with time. So, this is what is happening in UAE. When Saudi starts, it won't be this much -- like you will see the good days to begin with, then they'll start adjusting, they'll start dealing it. It's a normal practice of insurance, Ankur. So yes, we have to go up the value chain. We have to improve the clinical standards. We have to go up the value proposition. So more clinical equities like oncology. But the fact -- if you are remaining on the very general level, we will get more and more penalized in the sense that they can find many ways. But when you are going to the highest end of the spectrum, they don't find a reason to do the same thing what they could do with the basic specialties. Thank you, Ankur. Let's pass on the next.

We have received some text questions. First, from Mohammad Afaq from International Securities. Since the company's margin had expanded when Daman services were discontinued, should we expect margin pressure now since the Daman service has been restored?

We don't expect to see much of erosions because we have seen the corrections happening by more Thiqa coming in during the days when the basic was not accepted or the enhanced was not accepted. Now that calibration is happening, and we don't expect to see any margin pressures at this point of time.

Another question from Mohammed. Given the current regional situation, would you consider adjusting or delaying your expansion plans?

Our expansion plans are very specific. We are not going in for acquisitions or we are not going in for any basic projects. What we are doing is essentially reaching out to more people, which will help us in our referral patterns. We are going into more community-based activities. And every product has a uniqueness, which is ideally suited for this particular point of time. So, no, we are not delaying our expansions. We want to finish off whatever we have started because people, when they don't travel, they need more health care closer to their vicinity, and they need to see more products because this is a good opportunity for us also to be showing that we are prudent, and we are on the ground.

And we also received text question from Ahmed from EFG Hermes. What is the current status with your key insurer? Is the situation fully resolved? And do you expect any further impact on the results?

As previously disclosed, the situation is fully resolved and patient access was restored on November 1, and we saw a normalization -- a strong normalization in patient volumes in Q4 and continuing into Q1. And the revised agreement reflects the value of Burjeel complex care capabilities because the question in many people's mind was Daman is monopoly, how do we manage to get a negotiation done. And it's a very strong proof of concept that it's the strength of the network and the quality of the product. The full financial impact, we cannot disclose the specific terms of the contract, but we believe it's a balanced and constructive agreement for patients, Burjeel and the insurer. And the full financial impact will become visible in 2026. And once the revised terms are reflected for the entire year, then we can definitely see the full impact.

Another question from Ahmed. Could you share some color on year-to-date performance and any potential impact from Ramadan or the current situation on Q1 2026?

It is still early in the year to provide the precise numbers. However, based on January and February performance, we are tracking broadly in line with our internal budget expectations. At this stage, we don't see any material impact from the Ramadan because already Ramadan is considered in. And the current situation, it's too early to predict about the outcomes of it right now.

Last question from Ahmed. What margin impact do you expect from the ramp-up of new assets in 2026 and over the mid-term?

Yes. So, as we guided, like we may notice our disclosure, it is very much guided basically. As a blended average, we are expecting low 20s, which is a combination of the -- our ramp-up assets, new assets and mature assets, so -- which is as guided basically.

[Operator Instructions] We have received some text questions from [ Nikita ] from Franklin Templeton. How will asset-light expansion targeting 15 new facilities by 2027 impact margins, particularly as new centers ramp up. Could you please explain the moving parts behind the decline in average revenue per patient in Burjeel Medical City year-on-year?

Yes, 2 things. Nikita, with regards to our margin, basically, as I indicated before, what we guided to the market is low 20s is a blended average, right? Like it includes the mature assets are contributing more ramp-up and the new assets are contributing less. As a blended average, this is what we guided to the market. Obviously, we can't expect that like high margin from the new assets basically. It has to go through the phase. That's where we have a mix of assets. So as a blended, low 20s is what we guided. With regards to the BMC basically, it is all about the mix of patients. What we witnessed in the last year basically, more under the medical specialties is growing and especially on the medical oncology and plus the UPP impact came into the effective. That is where we are seeing that ARR is slightly down. But obviously, like on a top line on ARR level, it impacted, but profitability is -- are growing. And on a BMC basically, like the majority are Thiqa or the government programs patients basically, that is where the UPP impact is reflected marginally into the ARR basically. But BMC as the quaternary care facilities, we are more focused on the surgical conversion and sub-specialization, which is going to be retrieved in the near future, for sure.

And on top of it, Nikita, the UPP impact, how we are mitigating is now by adding new lines in clinical pharmacy. What we're doing is more parenteral infusions. So, people who are on cancer or other kidney failure. We are giving them compounded infusions, which are as per the best practices, and which are never done in the country. So, we are also mitigating the impacts of the regulatory changes in a very meticulous way so that we are catching up and trying to improve these as we move forward.

Our next text question comes from Arushi from Al Ramz. With potential supply chain disruptions and health care input costs remained elevated, how is the company managing procurement and staffing costs? And what scope do you see for operating leverage to support margins?

Thank you for the question. And UAE, if you have seen the recent news, they have announced a regulation, talking about cancellation of monopolies of distribution of medicines and life-saving drugs. So, I think the government has already started putting measures in place for adequate stockpiles and supply chain because I think they have learned from COVID. And I'm sure they had some sense of what is coming in, and already they have implemented the UPP, central procurement. So, for us, we already have a 3-month stock, and we don't know what the stockpiles in the government. I'm sure it's much more than that. So, I think as a country, the stockpiles and the UPP schemes would definitely give us the comfort of ensuring that there is enough supplies in place.

And next question from Arushi. You have indicated plans to issue a Sukuk. Given current market volatility and heightened sovereign risk, is there any change in your timelines or appetite for accessing debt markets?

See, we are ready for the launch, but we are not doing it without watching the situation. We are constantly reviewing the situation, and we will take a decision at the appropriate time.

Next question from Arushi is, how is the current regional conflict affecting the availability and mobility of doctors across your network, particularly among [ expatriate ] physicians? And what implications could this have for capacity and service delivery?

Since the conflict started, we pretty much, myself and the entire team is on the ground. We initiated a unified command operations center, which is directly coordinating with the governmental agencies. The biggest stress what we are putting is on staff welfare measures. We have been very much -- I personally, I go to all the facilities plus the accommodation. So, this is also a chance for us to get close to our staff and the entire workforce, which we have not seen any sort of anxiety. We have opened up mental health call centers for staff who have any sort of apparitions to reach out. We have been on the ground. Every managers have been alerted. And so we are taking it head on, going to the people, talking to them, making more town halls, keeping the comfort levels at the highest. So, we have not seen any sense of worry amongst our staff who wants to leave or who wants to go out as of today. But -- the spirit is very high. We are seeing people more and more active wanting to do more because health care, you have to understand one thing. There is a lot of sense of belonging in health care, especially during COVID. We have had major fatalities. We lost 3 staff to COVID, but that did not deter any people from moving to the front line. In fact, we started getting more and more interest for people to go into the front line. And we all lead by example. We are on the ground. We move as far as there are -- and there are no restrictions in terms of movements. We are continuing life as normal. We are the first sort of response to any incidents that happens. So, we manage, for example, the hospitals for ADNOC, we manage the airport clinics. So, we have a great team, which are on the ground looking at the situation, making sure the staff gets the highest sense of comfort in all sense. So, we have always done that, and we have a lot of learning from COVID times, and we are -- now the situation is, of course, different. But again, the first few days are almost similar. People don't know what to do, how to do. And even the government, within the first 4 days, they've been so active. So, you can imagine as time goes, they will also get better with it, and they know now how to deal with the situation. So we are all fortunate to be in UAE and our major operations here. And even in Oman, we have not seen any sort of disturbances amongst the staff as of now.

[Operator Instructions] Okay, looks like we have no further questions. So, I'm going to pass the line back to the team for their concluding remarks.

Thank you for joining us today. If you have any follow-up questions, please find Investor Relations contacts below the presentation or our corporate website. Thank you.

Thank you, everyone. I wish all of you stay safe, and we are active on the ground. If anyone needs anything for themselves or for the families, we'll be more than happy to look after because that's our primary responsibility. And we wish you all a good evening. Thank you so much.

Thank you. This concludes the call for today. We are now closing all the lines. Goodbye.