Mainboard-listed Thomson Medical Group A50 has reported earnings of $15.4 million for the FY2024 ended June 30, 57.8% y-o-y.
Net profit after tax fell by 52.5% y-o-y to $19.5 million.
Meanwhile, the group’s revenue dropped marginally by 1.3% to $351.2 million in FY2024.
The group says that this decline in revenue is due to the tapering off of income from project-related services, including managing vaccination centres and transitional care facilities. That said, this was cushioned by increasing revenue intensity in Singapore across all the group’s other services.
The group’s gross profit for FY2024 was down 44.6% at $30.6 million in FY2024, from $55.2 million in the same period last year.
Earnings per share for FY2024 stood at 0.058 cents, down from a share of 0.14 cents in the previous financial year.
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Additionally, the group’s ebitda stood at $102.4 million in FY2024, declining by 0.9% from $103.3 million in FY2023.
Thomson Medical says that this is due to long-term investments its continues to make across its operations, alongside lower income received from project-related services associated with Covid-19, and one-off transaction costs and foreign exchange loss incurred in relation to the acquisition of FV Hospital.
The decrease was partially offset by higher revenue contribution from Malaysia and Vietnam which commenced in 2HFY2024, and the reversal of impairment losses on investment property and development property recognised previously.
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In an Aug 26 announcement, the group says that the increased operating capacity of Thomson Hospital Kota Damansara together with the Group’s continued strengths in fertility have sustained Malaysia’s growth momentum.
Furthermore, the group adds that the addition of Vietnam is “immediately accretive”, deepening the Group’s medical bench strength.
The addition of FV Hospital, a wholly-owned subsidiary, has since contributed $50.4 million revenue commencing in 2HFY2024.
Kiat Lim, Thomson Medical Group’s executive vice-chairman, says: “With strong operations in each of Southeast Asia’s top healthcare markets – Singapore, Malaysia and Vietnam – we are well positioned to build our reach and depth as a regional leader.”
Shares in Thomson Medical Group closed flat at 5 cents on Aug 26.
