Raffles Medical Group’s H2 2021 net profit declines 7.2% to $44.88m

This is despite a 16.3% increase in its revenue during the same period.

Raffles Medical Group’s (RMG) net profit declined 7.2% to $44.88m in the second half (H2) of 2021, which ended on 31 December.

This is despite a 16.3% increase in its revenue to $379.98m in H2 2021.

Looking at full-year figures, net profit increased 29.5% to $83.72m on the back of a record revenue of $723.8m, representing a 27.4% year-on-year (YoY) increase.

Revenue growth was also recorded in all its reportable segments namely healthcare services 63.1% YoY to $458.75m, hospital services 10.6% YoY to 346.10m, and investment holdings ($39.69m).

In FY2022, the directors said it expects the medical group to remain profitable barring unforeseen circumstances, especially with its Shanghai site already operating.

“We now have hospitals in three major cities in China. With this addition to our network of medical facilities and services in the region, we can serve even more local and international patients with our Raffles brand of quality healthcare services,” Loo Choon Yong, executive chairman, Raffles Medical Group.