Q&M Dental has reported earnings of $9.8 million for the 1HFY2024 ended June 30, 84% higher y-o-y, due to the higher revenue for the period.
1HFY2024 revenue rose by 2% y-o-y to $88.8 million thanks to higher revenue from dental and medical clinics and offset by lower revenue from medical laboratory and dental equipment & supplies.
“This significant growth underscores the strength of our dental healthcare business, which has remained steady and resilient despite the challenges of recent years with our total ebitda for the period also increasing by 27% to $23.4 million compared to the same period last year,” says Dr Ng Chin Siau, group CEO of Q&M.
During the period, the group also recorded other net gains of $1.8 million mainly due to a gain on disposal of Q&M’s artificial intelligence (AI)-empowered dental solutions, EM2AI, as well as compensation from ex-vendors for the settlement and termination deed for Shanghai Chuangyi Investment & Management Co., Ltd. and ex-vendors from AR Dental Supplies Sdn. Bhd.
Investment in its associates recorded a share of profit of $0.2 million mainly due to Aoxin Q&M. For the 1HFY2024, Aoxin Q&M 1D4 went into the black with earnings of RMB7.3 million ($1.3 million) from a loss of RMB1.2 million previously.
For the six months ended June 30, Q&M has declared a first interim dividend of 0.4 cents per share, 150% higher y-o-y. The dividend payment also represents a payout ratio of 39%. The dividend will be paid on Sept 2.
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As at June 30, cash and cash equivalents stood at $32.3 million.
“While this has been a solid performance so far for this 1HFY2024, we remain focused on and committed to solidifying the fundamentals of the group, keeping to our corporate philosophy of personal excellence and ethical behaviour,harmonious and respectful work environment, align objectives and work effectively as a team,ultimately benefiting patients and contributing to societal well-being,” Ng adds.
“We will expand our network, embrace innovative technologies such as AI, and enhance operational efficiencies to drive future success.”
As at 9.48am, shares in Q&M are trading 1.5 cents higher or 5.66% up at 28 cents.
