Q & M Dental Group (Singapore) (QC7) H1 2025 earnings summary

Executive summary

• Revenue for 1H25 was $88.4 million, nearly flat year-over-year, with core dental business up 4% and other businesses down 74% due to cessation of the medical laboratory.

• Net profit after tax fell 60% to $4.0 million, mainly due to a $4.4 million net loss from reclassification of associates to subsidiaries.

• S$130 million was raised from a multicurrency debt issuance to fund organic expansion and M&A.

• Cash and cash equivalents increased to $47.1 million as at 30 June 2025.

Financial highlights

• Core dental business revenue rose to $87.2 million (+4%), while other businesses dropped to $1.2 million (-74%).

• Core dental business profit after tax was $13.7 million, up 10% year-over-year.

• Net cash flow from operating activities was $15.0 million for 1H25.

• Basic and diluted EPS dropped to 0.41 cents from 1.02 cents.

• Net asset value per share was 10.9 cents as at 30 June 2025.

Outlook and guidance

• Management expects no significant changes in industry trends or competitive conditions in the next 12 months.

• Focus remains on organic and strategic M&A-driven expansion in Singapore, Malaysia, and China, with attention to talent acquisition and retention.

• Exploring opportunities in the Johor-Singapore Special Economic Zone to mitigate potential patient outflow.