Highlights of 1H 2021 Performance

• Group achieved 42.4% growth in revenue to S$343.8 million

• Group’s Profit after Tax grew 138.4% to S$38.8 million

• Revenue from Healthcare Services Division increased by 65.4%

• Revenue from Hospital Services Division increased by 35.4%

• Healthy cash position of S$215.7 million

• RafflesHospitalShanghai opens

Result Announcement for 1H 2021

(unaudited figures S$’000)

Singapore, 26 July 2021 – Raffles Medical Group (the Group) posted stronger revenue of S$343.8 million in 1H 2021, representing a growth of 42.4% (S$102.4 million) as compared to S$241.4 million achieved in 1H 2020.

The year started on a cautiously optimistic note despite an evolving global pandemic situation. The Group actively supported the government in its COVID-19 vaccination and Polymerase Chain Reaction (PCR) swab tests initiatives. Against this backdrop, revenue from the healthcare and hospital services divisions grew by 65.4% and 35.4% respectively. The Group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 78.0% from S$41.9 million in 1H 2020 to S$74.5 million in 1H 2021. Its profit after tax and minority interests (PATMI) grew by 128.7% from S$17.2 million in 1H 2020 to S$39.4 million in 1H 2021.

The Group’s balance sheet remains strong. As at 30 June 2021, after paying dividends of S$37.3 million, the Group remained in a net cash position with S$215.7 million in cash and S$211.8 million of debt.

RafflesMedicalGroup announced earlier in February 2021 its intent to consolidate its interim and final dividends with effect from FY 2021 into an annual core dividend of up to half its average sustainable PATMI. In view of the foregoing, the Directors will not be declaring any interim dividend.

For the transition year FY 2021, the Group expects to pay a total core dividend of not less than 2.5 cents per share. 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 FY 2021 than FY 2020.

Business Updates

Supporting Singapore in the Fight Against COVID-19

• In Singapore, the Group continues to support the government’s COVID-19 initiatives. Adapting to the ever-changing nature of the pandemic, it has expanded its operations beyond air-border screening and pre-event testing to include vaccination centres, pre-departure swabbing of cruise passengers, as well as operating dedicated polymerase chain reaction (PCR) testing centres to conduct tests for those exposed to new COVID-19 clusters as they emerge.

• RafflesHospital’s Emergency Care Collaboration programme with the Ministry of Health enables the Group to continue to step up and take in additional patients, who require emergency care, to support public hospitals when they had to be temporarily closed to the public to cater to COVID-19 patients.

• Travel restrictions remains in place. Presently, only severely ill foreign patients are able to seek medical treatment in Singapore.

Expanding the Group’s Digital Healthcare Offering

• The enhanced Raffles Connect telemedicine platform has now been expanded to include specialist services and is also accessible by foreign patients. With this enhancement, it has allowed the Group’s team of specialists to continue providing medical care to existing patients residing outside of Singapore.

• Besides enhancing the Raffles experience, teleconsultation will continue to be an important tool in the fight against COVID-19, allowing doctors to continue providing healthcare to patients remotely and safely when physical contact needs to be reduced.

China Operations

• In China, despite the occurrence of sporadic COVID-19 clusters, the situation is largely under control. The Group’s business is beginning to return to normal. Both Raffles Hospital Chongqing and Raffles Hospital Beijing continue to see improved patient loads amidst an improving operating environment.

• The two hospitals and Raffles Medical clinics in China have also stepped up and participated in the local government’s COVID-19 vaccination efforts.

Raffles Hospital Shanghai

• The newly completed Raffles Hospital Shanghai has received its building completion certification and was recently awarded its operating licence. The 770,000 square-foot, 12 storey facility with a capacity of 400 beds, will start receiving patients from today. Located in Qiantan, Pudong, Raffles Hospital Shanghai will provide a suite of comprehensive medical services ranging from 24/7 emergency medicine, inpatient and outpatient services that include family medicine, health screening, cardiology, general surgery, orthopaedics, obstetrics and gynaecology, paediatrics, internal medicine and dentistry.

The COVID-19 pandemic remains an evolving situation across the world with new variants emerging. The Group, however, is cautiously optimistic that with vaccination, borders will reopen, and international travel may resume in the near future.

“The opening of Raffles Hospital Shanghai marks an important milestone for the Group. It is a major step in our effort to provide international tertiary level medical services to locals and expatriates living in Shanghai, including the surrounding provinces as well as international patients from neighbouring countries. We are confident that Raffles Hospital Shanghai will become one of the landmark buildings in Qiantan, Pudong, and a centre of medical excellence in the Yangtze delta region. To mark our 45th anniversary this year, the Group will be setting aside 1% of its PATMI for the next five years to support philanthropic programmes in the local community,” said Dr Loo Choon Yong, Executive Chairman, Raffles Medical Group.

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For media queries, please contact:

Joanna Lee

Manager, Corporate Communications

Raffles Medical Group

Email: lee_joanna@rafflesmedical.com