Bangkok Dusit Medical Services (BDMS) Q2 2024 earnings summary

Executive summary

• 6M24 revenue was THB 52,987–53,019.7 million, up 9% year-over-year, with net profit rising 14% to THB 7,408–7,408.4 million.

• 2Q24 revenue reached THB 26,058 million, up 7% year-over-year, and net profit rose 9% to THB 3,335 million.

• Growth was driven by both Thai and international patients, with strong performance from upcountry hospitals and tourist destinations.

• International patient revenue grew 12% year-over-year in 6M24, with notable increases from China, Qatar, and the USA.

• The company paid a final dividend of THB 0.35 per share, totaling THB 5,561 million, for the 2023 fiscal year.

Financial highlights

• 6M24 EBITDA reached THB 12,528 million (+9% YoY), with an EBITDA margin stable at 23.6%.

• 2Q24 EBITDA was THB 5,751 million (+4% YoY), with an EBITDA margin of 22.1%.

• 6M24 EBIT was THB 9,704 million (+11% YoY); operating profit for the six months was THB 9,581.6 million.

• Net profit margin improved to 14% in 6M24.

• Basic EPS for the six months was THB 0.47, compared to THB 0.41 year-over-year.

Outlook and guidance

• Bangkok Hospital Chiang Mai targets THB 5,000 million revenue and ~400 beds by 2027, with an occupancy rate target of ~75% and EBITDA margin of ~28%.

• Expansion plans include new buildings and specialized centers, such as a cancer center and wellness facilities.

• The company maintains a strong financial position with undrawn credit facilities of THB 21,969 million and USD 2 million.

• No major customer accounted for 10% or more of revenues, indicating a diversified revenue base.