Raffles Medical profits up 1.7% to $15.81m in Q1

It cited higher revenue from its healthcare services and hospital services.

Raffles Medical Group’s profits grew 1.7% YoY from $15.55m to $15.81m. According to its financial statement, revenue jumped 4.6% YoY from $114.92m to $120.19m as the revenue from its healthcare services division and hospital services division grew by 6.8% and 4.2% respectively.

The local patient load and a new contract for air borders screening services from the Ministry of Health (MOH) and Civil Aviation Authority of Singapore (CAAS) bolstered Raffles’ healthcare services division. Meanwhile, the higher number of local patients boosted the revenue of the hospital services division.

According to the company, its cash position of $94m supported its investments in RafflesHospital Extension, RafflesHospital Shanghai, and RafflesHospital Chongqing.

Raffles Medical also opened the new Changi Airport Terminal 4 and Transit 4 clinics in the fourth quarter of 2017 along with a new MediConcierge service. The company shared that the current Raffles Medical on Level 2 of Raffles Hospital will be expanded in May 2018 to co-locate with Raffles Health Check.

Raffles Medical also noted that it has started a five-year partnership with MOH and the Agency for Integrated Care (AIC) from 1 January 2018 through three Primary Care Network (PCN) for the chronic conditions of Singaporeans and Permanent Residents.

“The PCN Scheme will complement the existing Community Health Assist Scheme/Pioneer Generation, Screen For Life (SFL), and National Adult Immunisation Scheme to provide accessible and comprehensive family medicine to the public,” it said.