Raffles Medical H1 profit more than doubles to $39.4m

Revenue for the six-month period ended June 30, 2021, also grew 42.4 per cent to $343.8 million. PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Raffles Medical on Monday (July 26) announced a net profit of $39.4 million for the six-month period ended June 30, 2021, more than double the $17.2 million from a year ago on the back of its support for the Government's Covid-19 initiatives.

The group's earnings per share stood at 2.11 cents, more than doubled the 0.94 cent for the previous year.

Revenue for the period also grew 42.4 per cent to $343.8 million, up from $241.4 million from a year earlier on the back of growth in the healthcare services and hospital services divisions by 65.4 per cent and 35.4 per cent respectively.

Earnings before interest, taxes, depreciation and amortisation rose to $74.5 million, up 78 per cent from $41.9 million from a year ago.

"In view of the current conditions, and barring unforeseen circumstances, including the worsening of the Covid-19 situation where the group operates, the group expects to be more profitable for FY2021 than FY2020," the group said in its results filing.

As Raffles Medical had earlier announced in February, its directors have not declared any interim dividend as the group intends to consolidate its interim and final dividends into an annual core dividend of up to half its average sustainable profits after tax and minority interests with effect from this financial year (FY).

Shares of Raffles Medical rose 0.8 per cent or $0.01 to close at $1.21 on Friday.

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