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.

• Recognized for outstanding company performance and top corporate brand value in Thailand for the second consecutive year.

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 10.78 billion.

• Q4 revenue declined 0.6% year-over-year, but EBITDA and net profit increased 1.4% and 10.6%, respectively.

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

• Basic EPS increased 11% to 9.78 Baht per share.

• Net debt to EBITDA and net debt to equity both negative, reflecting strong cash position.

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.

• Strategic priorities include expanding partnerships, clinical excellence, and operational efficiency.