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Singapore Medical Group posts 25.1% rise in Q4 profit

SINGAPORE Medical Group on Monday posted a 25.1 per cent rise in its fourth quarter net profit to S$3.7 million, up from S$2.9 million for the same period a year earlier. 

Earnings per share for Q4 came in at 0.76 Singapore cent, versus an earnings per share of 0.61 Singapore cent in the preceding year. 

Revenue for the three months ended Dec 31 was S$25.9 million, up 16.5 per cent from S$22.2 million a year ago. This was due to an increase in revenue from its health business segment, as well as its diagnostic and aesthetics business segment. 

The board of directors has declared a maiden dividend of 0.8 Singapore cent per ordinary share, representing a dividend payout ratio of 28.3 per cent. Books closure and the dividend payment date will be announced at a later date. 

For the full year, net profit climbed 5.7 per cent to S$13.7 million, versus S$12.9 million a year ago. 

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In the near term, the group expects to be impacted by the Covid-19 outbreak, as consumer discretionary spending will be affected, which will in turn affect elective medical services within its diagnostics and aesthetics segment, the company said. Furthermore, medical tourism is expected to remain poor in the short term due to the virus spread in the region.

Beyond its existing footprints in Singapore, Vietnam, Indonesia and Australia, the group continues to explore new areas for growth in Vietnam, Indonesia, Cambodia, Thailand and Malaysia, it said. 

Singapore Medical Group shares closed at S$0.34 on Friday, up S$0.02 or 6.3 per cent. 

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