- Raffles Medical (SGX:BSL)’s FY23 net profit fell 37% to S$90.2m (in line with our estimates), as performance moderated post COVID, coupled with a high base from an exceptionally stellar year in FY2022.
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- FY23 EBITDA margin fell to 20.7% vs 21.6% in FY23. 2H23 EBITDA margin declined to 17.2% vs 33.6% in 2H22 and 25.8% in 1H23.
2H23 results saw normalisation to pre-COVID levels
- 2H23 hospital division remained strong, with revenue and PBT growing 37% y-o-y and 41% y-o-y to S$191m and S$24m, respectively.
- On the other hand, the healthcare division, with the absence of COVID-19-related services, saw performance normalise, with revenue and PBT falling 55% y-o-y and 91% y-o-y to S$122m and S$9m, respectively.
- Aside from the decline in the healthcare division, Raffles Health Insurance (RHI) recorded operating loss of S$7m, vs S$0.5m profit in FY22, despite delivering higher revenue of S$145m, +26% y-o-y. The higher loss ratio, which impacted its operating loss, was in line with industry trends.
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Key highlights from Raffles Medical's results briefing
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