Raffles Medical Group reports FY2023 patmi of $90.2 million, 37.1% lower y-o-y

For the full year, the company posted revenue of $706.9 million, down 14.1% from the $822.9 million recorded in FY2022.

Upon the resumption of normal movement in China, the company focused on growing and consolidating its three existing hospitals. Revenue for the China region grew 18.1% to $59.3 million in FY2023 from S$50.2 million in FY2022. 

Cash and cash equivalents stood at $342.5 million as at Dec 31, 2023. 

The board has recommended a final core dividend of 2.4 cents per share.

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“We are cautiously optimistic in our 2024 outlook. Despite geopolitical and economic headwinds, we see a growing demand for quality healthcare services in Singapore and the region,” says executive chairman Dr Loo Choon Yong.

“Our operational strengths and agility enable us to meet the evolving healthcare and wellness needs of those we serve and care for in Asia,” he adds.