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Singapore Medical Group more than triples full-year profit to S$8.5m, proposes 1-for-20 rights issue
CATALIST-listed Singapore Medical Group (SMG) saw a 250.8 per cent jump in net profit to S$8.5 million for its 2017 financial year ended Dec 31, from S$2.4 million a year ago.
Earnings per share rose to 2.02 Singapore cents as at end-December, from 0.84 Singapore cents previously.
Revenue climbed 63.5 per cent year-on-year to S$68 million, driven by growth across the group's healthcare and diagnostic & aesthetics segments.
SMG said robust core business operations have generated strong operating cash flows of S$12.8 million. It added that the group remains poised to scale its pan-Asian specialist healthcare platform in markets such as Vietnam, Indonesia, Malaysia and Australia
SMG also proposed a renounceable non-underwritten rights issue of one rights share for every 20 existing shares at an issue price of S$0.48 to raise up to S$10.8.0 million.
This will strengthen the balance sheet to support the group's high-growth trajectory led by inorganic and organic growth initiatives, it said.
Shareholders will be asked to vote on the rights issue at an extraordinary general meeting to be convened.