Raffles Medical Group’s net profit jumps 11% to S$50.6m in 2011

Revenue of its Hospital Services grew the most, by 15% last year.

Raffles Medical Group recorded annual revenue of S$272.8 million, an increase of 14.1% as compared to S$239.1 million in 2010, as announced in a company financial statement.

All divisions contributed positively with Hospital Services and Healthcare Services divisions registering growth of 14.6% and 10.9% respectively.

Improvements in operating efficiencies, higher patient load and patient acuity, as well as the recruitment of more specialist consultants and a wider range of medical specialties contributed to the growth. As a result, profit from operating activities rose 12.3% from S$53.0 million in 2010 to S$59.5 million in 2011.

Net profit after tax grew by 11.3% from S$45.5 million in 2010 to S$50.6 million in 2011, also a record high. Excluding the fair value gain of investment properties and jobs credit grant, profit after tax increased by 15.9%.

The Group had a healthy cash position of S$50.0 million as at 31 December 2011, after distributing cash dividends of S$8.7 million.