Bumrungrad Hospital (BH) Q2 2024 earnings summary

Executive summary

• Q2 and 1H 2024 delivered strong financial and operational results, overcoming a significant decline in Kuwaiti patient revenue by expanding other international markets, notably Qatar, Bangladesh, China, and the U.S.

• Revenue grew 4.2% in Q2 and 6% in 1H year-over-year, with adjusted growth rates higher due to a one-off asset sale in 2023.

• EPS rose 10.5% in Q2 (adjusted 14.5%) and 17.6% in 1H (adjusted 19.7%), maintaining high efficiency in ROE and ROA.

• EBITDA margin reached a record 40.7% for both Q2 and 1H, the highest in company history.

• Board approved a record interim dividend of THB 2 per share, representing nearly 41% of EPS.

Financial highlights

• Q2 total revenue increased by 4.2% year-over-year to THB 6,330.6 million; 1H revenue was THB 12,901.3 million, up 6% year-over-year.

• EBITDA grew 10.4% in Q2 and 15.9% in 1H (adjusted), reaching THB 2,577 million and THB 5,254 million, respectively.

• Net profit rose 10.5% in Q2 and 17.6% in 1H; adjusted growth was 14.5% and 19.7%.

• Net profit margin hit a record 30.5% in Q2 and 30.4% in 1H.

• Cash and near-cash balance stood at THB 12.2 billion as of June 30, 2024.

Outlook and guidance

• Management guides for continued single-digit top-line revenue growth due to a high base effect.

• Q3 and Q4 expected to benefit from seasonality, further insurance and international market expansion, and technology leadership.