Perfect Medical Health Management (1830) H2 2024 earnings summary

Executive summary

• Revenue grew 0.3% year-over-year to HK$1,393.3 million, with profit attributable to equity holders (excluding government subsidies) up 6.8% to HK$315.8 million.

• EBITDA declined 4.4% to HK$461.3 million, and basic EPS was HK25.1 cents, nearly flat year-over-year.

• The Group maintained a 125.5% dividend payout ratio, marking nine consecutive years above 100%.

• Expansion included 11 new shops in Hong Kong and 4 redeployments in Mainland China, enhancing market coverage.

Financial highlights

• Revenue: HK$1,393.3 million (+0.3% YoY); Hong Kong contributed 77.6%, regions outside Hong Kong 22.4%.

• EBITDA: HK$461.3 million (-4.4% YoY), margin at 33.1%.

• Operating profit: HK$382.4 million (-3.5% YoY), margin at 27.4%.

• Net profit attributable to equity holders: HK$315.8 million (+0.1% YoY), net margin 22.7%.

• Excluding prior year government subsidies, net profit rose 6.8% YoY.

• Final and special dividends proposed at HK17.3 cents per share; total annual dividend HK31.5 cents per share.

Outlook and guidance

• Management expects continued recovery in Hong Kong and Mainland China, supported by domestic spending and government stimulus.

• Focus remains on dual-circulation strategy, combining aesthetic and non-aesthetic medical services, and prudent cost control.

• Plans to drive sales in new and existing stores, enhance productivity, and maintain sustainable growth.