Raffles Medical posts 2021 net profit rose 28 percent

Raffles Medical outletRaffles Medical outlet

Raffles Medical Group reported Monday its 2021 net profit increased 27.7 percent on-year to S$84.2 million, mainly on sales of Covid-related products and services.

Revenue for the 12 months ended 31 December grew 27.4 percent on-year to S$723.8 million, the hospital operator said in a filing to SGX.

“During FY2021, in addition to our normal healthcare services activities, our resources had also been deployed to supporting the various Covid-19 initiatives of the Singapore government,” Raffles Medical said.

“The group has expanded its services beyond operating vaccination centres and community treatment facilities as well as air-border screening and the pre-departure testing of travellers,” the company said. “Its Emergency Care Collaboration programme with the Ministry of Health continues to place it in a special position to step-up and take in additional patients needing emergency care to support public hospitals when the need arises.”

Healthcare services revenue grew by 63.1 percent on-year in 2021, while the hospital services division’s revenue increased 10.6 percent on-year, Raffles Medical said.

In addition, Raffles Medical noted its Raffles Hospital Shanghai received its license to operate in July 2021 and has been receiving patients.

Dividend proposed

Raffles Medical proposed a final dividend of 2.8 Singapore cents a share, including a core dividend of 1.8 Singapore cents and a special dividend of 1.0 Singapore cent. 

In 2020, Raffles Medical paid a 0.5 Singapore cent interim dividend and a 2.0 Singapore cent final dividend, the filing said.

In its outlook, Raffles Medical said it expected Covid-19 support activity would taper off ahead, but that as international travel resumes, regional patients would return.