ISEC Healthcare (40T) Q4 2025 earnings summary

Executive summary

• Achieved fourth consecutive year of record revenue, reaching S$79.2 million in FY2025, a 7% increase year-over-year; net profit rose 4% to S$13.4 million.

• Both specialised and general health services segments posted revenue growth, driven by increased business activities and new centre openings.

• Expanded network to 18 centres across Malaysia, Singapore, and Myanmar, with further expansion planned.

• Maintained robust gross profit margin at 42.1%, supported by strong demand and pricing resilience.

Financial highlights

• Revenue: S$79.2 million in FY2025, up from S$74.2 million in FY2024 (+7%).

• Net profit: S$13.4 million, up from S$12.9 million (+4%).

• Gross profit: S$33.4 million, margin at 42.1% (would have been 44.6% excluding one-off accrual for doctor’s remuneration).

• Total assets: S$145.9 million, up from S$119.0 million.

• Cash and cash equivalents: S$23.8 million, up from S$15.9 million.

Outlook and guidance

• Favourable outlook for ophthalmology services in Asia-Pacific, driven by demographic ageing and rising demand.

• Two new centres in Malaysia (Seremban and Batu Pahat) expected by end-2026.

• Flagship Kuala Lumpur centre relocation to a larger facility on track for 2027.

• Continued focus on technological advancements and potential expansion into Vietnam and Myanmar.

• Proposed final dividend of 0.58 Singapore cents per share for FY2025.