Raffles Medical Group’s profit drops 48.8% YoY to $30.6m in H1

Revenue slipped 1.4% to $365.7m in the same period. 

Raffles Medical Group’s profit after tax and minority interests (PATMI) declined 48.8% year-on-year (YoY) to $30.6m in the first half of the year (H1).

The group attributed the fall to the cessation of COVID-19 activities, which discontinued progressively in H1 2023.  

Revenue also slipped 1.4% to $365.7m during the period.

In line with this, the group’s healthcare services division recorded lower revenue and profitability of $141.3m and $27.6m respectively.

Despite the drop, the group’s hospital services division registered higher revenue of $167.6m and a profit of $14.3m.

“Compared to H1 2023, hospital services revenue for H1  2024 grew 4.5% and profit grew 65.0% with improved operating leverages,” the group said.