RAFFLES Medical Group posted a 63.8 per cent drop in net profit to S$30.3 million for the second half ended Dec 31, 2023, from S$83.7 million in the previous corresponding period.
The group attributed the weaker performance to the discontinuation of Covid-19-related activities in FY2023, it said on Monday (Feb 26).
The results translate to earnings per share (EPS) of 1.63 Singapore cents against earnings per share of 4.51 cents from the same period last year.
Meanwhile, revenue was down 18.6 per cent to S$336.2 million from S$413.2 million, while other income rose to S$8.2 million from S$1.1 million in the previous corresponding period.
The group recorded S$72.4 million in insurance expenses, up 46.3 per cent from the S$49.5 million recorded in H2 2022.
For the full year ended Dec 31, 2023, net profit was down 37.1 per cent to S$90.2 million, from S$143.2 million in the same period last year, translating to an EPS of 4.85 cents.
Revenue for the full year fell 14.1 per cent on the year to S$706.9 million from S$822.9 million, following a drop in contributions from its healthcare services segment.
The segment posted a revenue of S$283.4 million, 36.3 per cent lower than the S$445 million recorded in the same period last year, which included revenue from Covid-19-related activities.
The drop in revenue was partially offset by gains in the group’s hospital services and insurance services segments.
The board has proposed a final dividend of 2.4 cents per share, down from the 3.8 cents declared for the same period last year.
Shares of mainboard-listed Raffles Medical closed 1 per cent or S$0.01 higher at S$1.05 on Friday.
