ISEC Healthcare (40T) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of S$74.2 million in FY2024, marking a 6% year-over-year increase and the fourth consecutive year of topline growth, driven by higher patient volumes and new centre openings in Malaysia.

• Net profit was S$12.9 million, a slight 2% decrease from S$13.2 million in FY2023, mainly due to higher operating expenses and a S$1.5 million impairment loss for goodwill in Singapore GP clinics.

• Gross profit rose to S$32.7 million, with a stable gross margin of 44.0%.

• Proposed total dividend of 1.00 Singapore cent per share for FY2024.

Financial highlights

• Revenue: S$74.2 million (+6% YoY); Malaysia S$59.6 million (+6%), Myanmar S$2.7 million (+38%), Singapore S$11.9 million (-1%).

• Gross profit: S$32.7 million (+5% YoY); gross margin 44.0%.

• Net profit: S$12.9 million (-2% YoY); EPS: 2.23 cents (FY2023: 2.26 cents).

• Total assets: S$119.0 million (FY2023: S$107.1 million); cash and cash equivalents: S$15.9 million.

• Dividends paid: S$6.6 million in FY2024.

Outlook and guidance

• Full-year contributions expected from new Malaysian centres in FY2025; partial contributions from new Klang centre.

• Positive outlook driven by rising affluence, aging population, and increased demand for private eye care in the region.

• Continued focus on regional expansion, including potential entry into Vietnam.