ISEC Healthcare (40T) Q4 2025 earnings summary

Executive summary

• Revenue grew 7% year-over-year to $79.21 million, driven by increased business activities and new/expanded centres, especially in Malaysia.

• Net profit rose 4% to $13.42 million, with profit after tax margin stable at 17%.

• Gross profit margin was 42.1%, slightly down due to higher accruals for doctor remuneration.

• Final dividend of 0.58 cents per share proposed, subject to shareholder approval.

Financial highlights

• Specialised health services revenue increased by $4.74 million (7%) to $75.34 million; general health services up $0.27 million (8%) to $3.87 million.

• Cost of sales rose 10% to $45.85 million, mainly due to higher business volume and accruals.

• Administrative expenses increased by $1.58 million to $15.45 million, reflecting expansion and higher staff costs.

• Other expenses dropped by $1.84 million due to absence of prior year goodwill impairment.

• Earnings per share (EPS) up 4% to 2.32 cents (basic and diluted).

• Net asset value per share increased to $0.18 from $0.16.

Outlook and guidance

• Construction of new KL Medical Centre on track, with operations expected to commence by 2027.

• Group continues to seek expansion opportunities in Vietnam and Myanmar, while strengthening core markets.

• Political uncertainty in Myanmar noted, but operations remain profitable.