Bangkok Dusit Medical Services (BDMS) Q3 2024 earnings summary

Executive summary

• 3Q24 and 9M24 saw robust revenue and net profit growth, driven by Thai and international patient segments, upcountry hospitals, and medical tourism.

• Revenue for 9M24 was ฿81.6 billion, up from ฿75.4 billion year-over-year; net profit attributable to owners was ฿11.65 billion, up from ฿10.40 billion.

• Total assets reached ฿148.3 billion as of 30 September 2024, with shareholders' equity at ฿99.8 billion.

• Strategic focus on value-based healthcare, network expansion, and sustainability initiatives continues to enhance operational efficiency and patient outcomes.

• The auditor issued an unqualified review conclusion on the interim financial statements.

Financial highlights

• 3Q24 revenue reached ฿28.56 billion, up from ฿26.71 billion in Q3 2023; 9M24 revenue was ฿81.6 billion, up 8% year-over-year.

• 3Q24 EBITDA rose 8% to ฿7.14 billion (margin 25.0%); 9M24 EBITDA up 9% to ฿19.66 billion (margin 24.1%).

• 3Q24 net profit increased 9% to ฿4.25 billion (margin 14.9%); 9M24 net profit up 12% to ฿11.65 billion (margin 14.3%).

• Basic EPS for the nine months was ฿0.73, up from ฿0.65 year-over-year.

• Gross margin for the nine months improved as cost of hospital operations rose at a slower pace than revenue.

Outlook and guidance

• Tris Rating affirmed AA+ rating with stable outlook, citing strong market position, recovery in medical tourism, and robust balance sheet.

• Management expects no significant impact from new financial reporting standards effective in 2025.

• Continued focus on expanding network, value-based healthcare, and sustainable practices to drive future growth.

• No major customer accounts for more than 10% of revenue, indicating diversified revenue streams.