Bumrungrad Hospital (BH) Q4 2024 earnings summary

Executive summary

• Achieved record-high net profit and EBITDA margins for 2024, with EPS up 11% year-over-year, despite a THB 1.2 billion revenue decline from Kuwait and UAE, offset by strong growth in Qatar, Bangladesh, USA, and China.

• Q4 2024 results exceeded guidance, with strong Thai and expat patient volume growth and positive EBITDA, NOPAT, and margin expansion.

• Board proposes a record THB 5 per share dividend for 2024, pending shareholder approval.

• VitalLife subsidiary delivered double-digit revenue and profit growth, expanding its wellness and longevity offerings.

• Consolidated financial statements for 2024 received an unqualified opinion from the independent auditor, confirming fair presentation in accordance with Thai Financial Reporting Standards.

Financial highlights

• 2024 total revenue rose 1.1% to THB 25.86 billion; EBITDA up 6.7% to THB 10.24 billion; net profit up 11% to THB 7.78 billion; basic EPS increased to 9.78 Baht per share.

• EBITDA margin reached 39.6% and net profit margin 30.1% for the year, both all-time highs.

• Interest income nearly doubled year-over-year; effective tax rate reduced to 17% due to BOI CSR tax benefits.

• Net debt to EBITDA and net debt to equity both negative, reflecting strong cash position; leverage ratios remained low.

• Free cash flow exceeded THB 14 billion; operating cash flow was Baht 8,671 million.

Outlook and guidance

• Management expects continued EPS and EBITDA growth, with margin sustainability dependent on volume, price, cost control, and revenue intensity.

• Q1 2025 guidance provided, with continued focus on volume growth and margin expansion.

• Board proposed a final dividend of Baht 5 per share for 2024, totaling Baht 3,978 million, subject to AGM approval.

• Management believes adoption of new financial reporting standards in 2025 will not significantly impact financial statements.

• The Group expects to pay Baht 48 million in long-term employee benefits in 2025.