Bangkok Dusit Medical Services (BDMS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached THB 28,453–28,460 million, up 5.7–6% year-over-year, with net profit at THB 4,346–4,350 million, up 6.7–7% year-over-year.

• Growth driven by both Thai (+4% YoY) and international patients (+11% YoY), especially from Qatar, UK, and USA.

• Upcountry hospitals and tourist destinations like Chiangmai (+24% YoY) and Rayong (+9% YoY) showed strong revenue growth.

• Total comprehensive income reached THB 4.70 billion, up from THB 4.41 billion in Q1 2024.

• Cash and cash equivalents increased to THB 9.06 billion from THB 7.37 billion at year-end 2024.

Financial highlights

• EBITDA rose 7% YoY to THB 7,236 million; EBITDA margin improved to 25.4%.

• EBIT increased 6% YoY to THB 5,673 million; EBIT margin stable at 19.9%.

• Operating profit for Q1 2025 was THB 5.62 billion, up 5.9% year-over-year.

• Net profit margin improved to 15.3% from 15.1% YoY.

• Insurance payor revenue grew 9% YoY, now 39% of patient revenue.

Outlook and guidance

• Focus remains on expanding international patient base and upcountry hospital growth.

• Continued investment in digital health, AI, and sustainability initiatives.

• Ongoing cost control and leveraging tax incentives expected to support margins.