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Singapore Medical Group Q4 net profit up 17.2% to S$2.94m

SINGAPORE Medical Group on Tuesday posted a net profit of S$2.94 million for the fourth quarter ended Dec 31, up 17.2 per cent from a year ago.

This came on the back of higher revenue, which rose 18.1 per cent to S$22.19 million. This was mainly attributed to an increase in revenue from the Health Business segment of S$0.7 million from the contributions of the Kids Clinics and the organic growth of the existing specialist clinics, and an increase in the revenue of the diagnostic & aesthetics business segment of S$2.7 million, bolstered mainly by the new imaging centre at Novena and the contribution from the aesthetic clinic, which was acquired at the end of April 2018.

Earnings per share for Q4 stood at 0.61 Singapore cent, up from 0.55 cent a year ago.

No dividend was declared for the quarter, in line with the same period previously.

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For the full year, Singapore Medical Group's net profit jumped 52.1 per cent to S$12.93 million, while revenue went up 25.1 per cent to S$85.07 million, driven by growth initiatives in key specialist verticals such as obstetrics and gynaecology, paediatrics, and diagnostics and aesthetics.

Earnings per share for FY18 was 2.74 Singapore cents, up from 2.02 cents previously.

Executive director and CEO Beng Teck Liang said: "In the near term, we will continue to grow key specialist verticals in segments such as women's health, paediatrics and diagnostic imaging. In this light, we are exploring opportunities to open a new breast care clinic, having identified two new specialist doctors to join us."

In addition, the group is exploring the possibility of opening a new imaging centre in the west of Singapore. It will also explore accretive value-driven acquisition opportunities that will accelerate its growth and profit trajectory in the Republic.

Dr Beng added: "To further expand our geographic footprint, we are also looking at inorganic growth opportunities and new avenues for growth in markets such as Malaysia, Vietnam and Cambodia."