SINGAPORE - Singapore O&G recorded a huge jump in earnings for the first half of the year, thanks in part to the newly acquired dermatology business.
Net profit for the six months to June 30 was S$5.17 million, up 90.7 per cent from a year ago, as revenue surged 80.5 per cent to S$13.94 million, the women's healthcare group announced on Thursday (Aug 11).
A major contributor to the business was the SOG Dermatology Clinic. The segment, formed by assets acquired in late December for S$26.5 million, brought in S$4.3 million of revenue in the first half this year. Dermatology revenue now accounts for 31 per cent of the company's total turnover.
The core obstetrics business has also been resilient, chief executive Dr Victor Ng added.
"Even though the birth rate in Singapore remains challenging, our obstetrics segment continues to improve market share with 801 deliveries in the first half of the year. This is 7 per cent of all deliveries in private hospitals."
He added that the company's current focus is on ensuring further organic growth, by recruiting more good doctors to join the company. Another acquisition is currently not on the cards.
The board declared an interim dividend of 1.53 cents per share, up from 0.88 cents a year ago.
Singapore O&G shares closed down three cents or 2.45 per cent at S$1.195 ahead of the results announcement.