Raffles Medical Group posts 63.8% fall in second-half profit

Drop comes amid Covid-19-related activities being discontinued in 2023 financial year

- Sue-Ann Tan

Integrated private healthcare provider Raffles Medical Group saw its net profit drop 63.8 per cent to $30.3 million in the six months ended Dec 31, 2023, from $83.7 million in the year-ago period.

This was on the back of Covid-19-related activities being discontinued in the 2023 financial year, the group said on Feb 26.

The company is cautiously optimistic in its 2024 outlook, said executive chairman Loo Choon Yong.

"Despite geopolitical and economic headwinds, we see a growing demand for quality healthcare services in Singapore and the region," he said.

Dr Loo added: "Our operational strengths and agility enable us to meet the evolving healthcare and wellness needs of those we serve and care for in Asia." The group said it will continue to embark on transformative growth strategies and build on its existing strengths through its network of hospitals and clinics across 14 cities in Asia.

Revenue declined 18.6 per cent to $336.2 million in the second half of 2023.

Full-year revenue dropped by 14.1 per cent to $706.9 million.