PRIVATE healthcare provider Raffles Medical : BSL 0% reported a 62.1 per cent year-on-year increase in net profit to S$38.3 million in Q3, from the S$23.6 million posted in the same period last year. 

Its revenue also rose 6.5 per cent year on year to S$199.5 million, from S$187.3 million in Q3 2021. 

This is mainly due to the return of foreign patients seeking treatment at Raffles Hospital as border restrictions eased and the increase in locals undergoing elective surgeries that had been delayed during the pandemic, said Raffles Medical in a business update on Monday (Oct 31). 

The group noted that year to date, net profit has surged 57.3 per cent to S$98.2 million, from S$62.4 million in the corresponding period last year. Revenue also climbed 9.6 per cent to S$581.8 million year to date, from S$531.1 million in the same period last year. 

Raffles Medical attributed its overall performance to “better cost control and deployment of manpower, together with lower inventories and consumables as well as a reduction in purchased and contracted services”. 

In the future, the group expects inflationary pressures and rising interest rates to dampen demand, with supply chain and labour constraints having a negative impact on its performance. 

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Covid-19 related services will also taper off as the pandemic situation improves, it added. 

Still, Raffles Medical believes it will remain profitable for the rest of 2022, especially as more foreign and local patients return for treatments at its various medical facilities. 

Shares of Raffles Medical closed flat at S$1.27 on Friday.