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Medinex posts 22% rise in H1 net profit to S$1.3m on revenue rise

MEDICAL support services provider Medinex, which debuted on Catalist last December, saw net profit tick up 21.95 per cent to S$1.3 million for the first half of the year, lifted by revenue from its subsidiaries. 

Revenue grew 33.98 per cent to S$6 million for the six months to June 30, as Medinex recorded full contributions from subsidiaries Patceljon Professional Services and Jo-L Consultus. Its newly acquired units, Sen Med Holdings and Ark Leadership & Learning, also contributed to revenue. 

Earnings per share stood at 0.98 Singapore cent, down from 1.11 cents for the same period a year ago, with a larger share base. 

Net asset value came in at 10.45 Singapore cents per share against 10.31 cents previously.

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Medinex has proposed an interim dividend of 0.84 Singapore cent per share. 

Looking ahead, the group said it remains cautious about the operating environment of the healthcare industry due to the "general, slow momentum of the economy in Singapore and the region".

But it added that it is optimistic about demand for its services, citing an expanded range of medical support services and human resourcemanagement services.

Of the S$5.3 million Medinex raised from its listing, about S$4.3 million has since been used to expand the group's operations and as working capital.