TMG's EBITDA grows to $103.3m in FY23

Its Singapore segment revenue was driven by higher bill sizes.

SGX-listed Thomson Medical Group (TMG) posted a EBITDA of $355.8m for FY 2023, higher than $109.7m in FY 2022 due to lower income project-related services.

It was also cushioned by the reduced government grant, according to its financial report.

READ MORE: Thomson Medical Group EBITDA soars 41% in H1 

The hospital group's net profit after tax was $41.1m in FY 2023 from $58.6m in FY 2022.

TMG's revenue in 2023 went up 6.6% from 2022 as patient count rises and healthcare spending increases.

The hospital segment grew 14.6% whilst in Singapore higher average bill sizes also rose.

"We remain focused on our plans to expand and enhance our medical centres and clinics in Singapore, including a multi-year asset enhancement initiative of our flagship hospital in Singapore," read the statement.