Thomson Medical Group (TMG) reported revenue of $355.8 million for FY2023, for the 12 months to June 30, up 6.6% y-o-y, buoyed by a rising influx of patient cases and higher healthcare spending. Net profit after tax was lower y-o-y at $41.1 million in FY2023, compared to $58.6 million in FY2022.
However, Ebitda dipped to $103.3 million in FY2023, compared to $109.7 million during FY2022, mainly due to lower income from project related services and a reduced government grant received during the period.
For FY2023, revenue from its hospital services segment grew 14.6%. In Singapore, this was mainly driven by higher average bill sizes. In Malaysia, revenue rose by 20.5% y-o-y due to increased patient loads driven by opening of new beds at Thomson Hospital Kota Damansara (THKD) and higher case intensity handled.
FY2023's Ebitda from its Malaysian operations rose 43.7% y-o-y to $21.7 million. One of the key contributors to Malaysia’s strong growth is due to increased patient loads driven by the 145 new beds at the expansion wing at THKD and higher case intensity handled. The balance of 185 beds is expected to be commissioned in the next two years.
TMG had earlier announced plans to acquire Vietnam’s FV Hospital for an enterprise value of US$328.5 million (or approximately $445.3 million).
Based on the FY2022 EBITDA of US$19.5 million, this translates into an EV/EBITDA of 16.8x.
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The deal highlights the increasing importance of Vietnam’s thriving healthcare market, and paves the way for the group to realise its Southeast Asian expansion strategy, an August 28 announcement says.
Thomson Medical shares closed at 5.8 cents on Aug 28, up 1.75% for the day and down 27.5% year to date.
