Raffles Medical Group Sees 2HFY2022 Earnings Increase By 87.5% Y-O-Y to $83.8 Mil As Foreign Patients Return

The Edge Singapore2023-02-27

Raffles Medical Group (RMG) has reported earnings of $83.8 million for the 2HFY2022 ended Dec 31, 2022, 87.5% higher than earnings of $44.7 million in the same period the year before.The higher ...

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Comments

TKY1978
2023-02-27
TKY1978
[Smile]
AuntieAaA
2023-02-27
AuntieAaA
GREAT
valentia
2023-02-27
valentia
Not sure about the long term growth
Desmond669
2023-02-27
Desmond669
Nice

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For most of the year, however, the group’s Chinese operations were impacted by the country’s zero-tolerance policy for Covid-19.“Although all three Raffles hospitals in China continued to operate during the respective lockdowns, the operations faced staffing constraints and interruption of patient access to its facilities. In December 2022 when China eased its zero-tolerance policy for Covid-19, the three hospitals supported the local community in government-led Covid-19 initiatives during this period,” says the group.In the 2HFY2022, RMG saw revenue increase by 1.1% y-o-y to $384.2 million while other operating income fell by 83.2% y-o-y to $1.1 million.Revenue for the FY2022 increased by 5.9% y-o-y to $766.5 million as revenue from the group’s healthcare division grew from the return of patients. This was offset by the lower revenue from its hospital services division, which fell due to the lower polymerase chain reaction (PCR) tests carried out in FY2022.During the FY2022, operating income fell by 42.5% y-o-y to $8.0 million.Earnings per share (EPS) for the 2HFY2022 and FY2022 stood at 4.50 cents and 7.69 cents respectively on a fully diluted basis.On the back of the group’s strong performance, RMG has declared a final ordinary dividend of 3.8 cents per share, 35.7% higher than the 2.8 cents declared the year before.Looking ahead, the group says it expects to remain profitable in the FY2023.As at Dec 31, 2022, cash and cash equivalents stood at $252.1 million.“As we face the challenges brought about by a slower economic growth, we will continue to innovate and improve our service offerings to meet the evolving healthcare and wellness needs of patients, clients, and partners we serve and care for. Our core values of compassion, commitment, excellence, team-based care, and value will continue to guide Raffles staff to work as a team in delivering our service promise to our patients,” says Dr Loo Choon Yong, executive chairman of RMG.Shares in RMG closed at $1.47 on Feb 24.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9957439640,"gmtCreate":1677472595381,"gmtModify":1677472599125,"author":{"id":"4094852596308640","authorId":"4094852596308640","name":"TKY1978","avatar":"https://static.tigerbbs.com/6cd12a4c4a07fc4dec7e7f7343b18227","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"4094852596308640","authorIdStr":"4094852596308640"},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957439640","repostId":1122490153,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9957495067,"gmtCreate":1677470684560,"gmtModify":1677470687987,"author":{"id":"3583049143664216","authorId":"3583049143664216","name":"AuntieAaA","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583049143664216","authorIdStr":"3583049143664216"},"htmlText":"GREAT","listText":"GREAT","text":"GREAT","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957495067","repostId":1122490153,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9957492601,"gmtCreate":1677470565204,"gmtModify":1677470569486,"author":{"id":"4116569270341752","authorId":"4116569270341752","name":"valentia","avatar":"https://community-static.tradeup.com/news/64f8204fb4e5976eb0c1960943ccb2a2","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"4116569270341752","authorIdStr":"4116569270341752"},"htmlText":"Not sure about&nbsp;the long term growth&nbsp;","listText":"Not sure about&nbsp;the long term growth&nbsp;","text":"Not sure about the long term growth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957492601","repostId":1122490153,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9957406945,"gmtCreate":1677464282288,"gmtModify":1677464284887,"author":{"id":"3562118563279867","authorId":"3562118563279867","name":"Desmond669","avatar":"https://static.tigerbbs.com/e2484115c94d3471cb46f20ea7598b4a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3562118563279867","authorIdStr":"3562118563279867"},"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957406945","repostId":1122490153,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":70,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1122490153"}