Raffles Medical Group (BSL) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 6.3% to S$751.6m; PATMI fell 31.0% to S$62.2m, partly reflecting lower government grants and no 2024 fair value gain on investment properties.

• 2H2024 PATMI increased 4.3% YoY to S$31.6m; excluding the S$7.4m investment-property fair value gain in 2H2023, adjusted PATMI grew 38.0%.

Financial highlights

• FY2024 EBITDA was S$125.7m, down 18.5%; operating profit was S$82.5m, down 28.7%; profit after tax was S$62.3m, down 31.6%.

• FY2024 PATMI was S$62.2m versus adjusted FY2023 PATMI of S$82.8m, down 24.8% excluding the S$7.4m investment-property fair value gain.

• 2H2024 revenue rose 14.8% YoY to S$385.9m; EBITDA increased 10.2% to S$64.4m and operating profit increased 5.3% to S$41.2m.

Outlook and guidance

• Directors expect FY2025 to remain profitable, based on current conditions and barring unforeseen circumstances.

• Strategic priorities include exploring new markets, growing personalised healthcare and wellness services, and improving value and operating leverage in existing businesses.