Decline in profitability of healthcare services in 2H23…
- With most of its remaining COVID-19-related project revenue (i.e. management of COVID-19 facility) tapering off in 1H23, Raffles Medical saw its healthcare services revenue decline 45.6% y-o-y/32.6% h-o-h in 2H23. EBITDA margins also declined 34.7% points y-o-y and 26.8% points h-o-h to 15.2% in 2H23, which we think is a normalised margin level for the segment compared to pre-COVID-19 levels of 5.8%-11.8% in FY17-19, as the segment had previously included its lower margin insurance services segment.
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…accompanied with margins recovery for its hospital services
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