Singapore O&G net profit down 11.9% to S$8.4 m in FY2021

SINGAPORE O&G (SOG), a specialist healthcare provider for women and children, reported a 11.9 per cent decline in net profit to S$8.4 million for the full year ended Dec 31, 2021, from S$9.5 million the previous year.

This was in part due to a S$200,000 net loss reported by its joint venture due to start-up expenses for the establishment of a postpartum confinement centre in Johor and professional fees incurred. The centre is expected to commence operations by end-March.

Revenue for the full-year was 6.3 per cent higher to S$42.4 million from S$39.9 million the year before, attributable to contributions from the group's dermatology and paediatrics segments, as well as higher patient load following the resumption of non-essential services in FY2021.

This was, however, offset by lower revenue from the group's cancer-related and obstetrics and gynaecology segments.

Other operating income also dipped 36.7 per cent to S$900,000 as a result of fewer government grants.

Other operating expenses increased by 4.7 per cent to S$2.3 million due to higher administrative expense, credit card charges and insurance. This was offset by a reduction in expected credit losses of trade receivables.

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Earnings per share for the full-year stood at 1.75 Singapore cents versus 1.99 cents the year before.

Net asset value per share came in at 10.25 cents as at end-2021, up from 9.04 cents the previous year.

The board declared a final dividend of 0.90 cent per share, lower than the 1.20 cent declared in FY2020.

Shares of SOG ended Wednesday at S$0.28, down S$0.005 or 1.8 per cent.