Medical chain ISEC Healthcare is back as a winner at this year’s Centurion Club. While the company, when it listed in 2014, was focused on providing comprehensive medical eye care services across the region, it has since expanded into other healthcare segments, including general medical services.

ISEC Healthcare’s two main markets are Malaysia, where it operates medical eye care centres at locations, including Kuala Lumpur, Melaka, Penang, and Singapore, where it provides specialist medical ophthalmology services from Gleneagles Hospital. In 2019, ISEC Healthcare expanded into Myanmar.

In his chairman’s address in the company’s most recent FY2024 annual report, Chong Weng Hoe describes the year as a “good year” for the company, with revenue up for the fourth consecutive year, the third record year in a row, to hit $74.2 million. “Our results over the past few years reflected the increasing awareness of eye care in the region with more patients coming forward to seek treatment for various conditions, and it underscored our group’s ability to leverage this trend through the strategic expansion of our regional network and strong demand for our comprehensive suite of ophthalmology services,” says Chong. However, higher cost pressures, plus an impairment loss on goodwill, resulted in slightly lower earnings of $12.9 million in FY2024, down from $13.2 million in the preceding FY2023.

ISEC Healthcare’s topline in FY2024 was driven by significant expansion in Malaysia, where the number of specialist centres rose from eight to 11 with the addition of three new centres in Perak. Expansion came in the form of larger floor space in existing centres, such as Melaka, as well. “We are hopeful for Malaysia to continue performing well in FY2025 as the new centres that were added/expanded in FY2024 are expected to make full-year contributions,” says Chong. Besides Malaysia, there is growth in Singapore and Myanmar as well.

On the whole, Chong is optimistic about the outlook, as eyecare is deemed an essential healthcare service. “Our hope and vision is for treatment to be accessible and convenient for all. In a region that is rising in affluence, this means there is an increasing ability to afford private eye care services. At the same time, digitalisation and lifestyles that are increasingly reliant on mobile devices and tech have led to an increase in vision problems, while the region’s rapidly ageing population will mean an increase in eye conditions that are related to growing old,” says Chong.

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Meanwhile, the company remains keen on further regional growth. “We continue to explore opportunities to expand our footprint across existing markets and also to enter new ones. Markets we have expressed an interest in included Vietnam, where we continue to be engaged in discussions,” he adds.