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.

• EBITDA declined 31% to $16.2 million year-over-year.

• 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%).

• Cost of sales for core dental business increased 16% to $9.7 million; for other businesses, cost of sales fell 84% to $0.2 million.

• Profit before tax decreased to $4.8 million from $11.6 million year-over-year.

• 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 and China, with attention to talent acquisition and retention.

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