Q&M DENTAL group on Monday (Aug 14) posted a 46 per cent fall in its net profit for the first half of the year ended June 2023 to S$5.3 million, from S$9.8 million a year ago.

Revenue shrank 4 per cent to S$87.1 million in H1 2023, from S$90.9 million last year.

The decline was attributed to a lower contribution to its Singapore medical clinics, coupled with the impact of the weakening ringgit for the group’s business in Malaysia. Its Singapore dental clinics, on the other hand, had higher revenue contributions.

Q&M’s other segment in the medical laboratory business also faced weaker demand for Covid-19 testing.

Earnings per share fell to 0.56 Singapore cent from 1.05 Singapore cents.

The company declared a first interim dividend of 0.16 Singapore cent per share, to be paid on Sep 13 after books closure on Aug 30.

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Dr Ng Chin Siau, group chief executive of Q&M, said the company will focus on “organic growth”, following “significant expansion” of its dental clinic network across Singapore and Malaysia in 2022.

“We will continue to invest in technology and implement strategies that will enable us to further optimise productivity across our clinic network.”

Q&M shares were unchanged at S$0.29 on Monday before the announcement.