- Raffles Medical (SGX:BSL) reported higher 2024 revenue (+6.3% y-o-y), driven by all business segments. However, 2024 EBITDA (-18.5% y-o-y) and adjusted PATMI (-24.8% y-o-y) fell, dragged by an unfavourable revenue mix and higher operating costs.
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- Excluding the non-recurring items, 2024 PATMI would have formed around 96% of our full-year forecasts.
Strong end to 2H24.
- For 2H24, Raffles Medical reported increased revenue (+14.8% y-o-y), EBITDA (+10.2% y-o-y) and core PATMI (+38.0% y-o-y), driving broad-based growth across all segments as patient load and intensity continue to recover.
Increasing shareholder return.
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- Raffles Medical also adjusted its dividend policy higher to at least 50% payout ratio (up to 50% payout ratio previously) while also declaring a share buyback programme of 100m ordinary shares (approximately 5% of total issued ordinary shares) over the next two years.
Healthcare services: Strong performance.
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