Singapore, 24 February 2025 – RafflesMedicalGroup (RMG or the Group) recorded a revenue of S$751.6 million and Profit After Tax and Minority Interests (PATMI) of S$62.2 million for FY2024. Compared to FY2023, the Group’s revenue increased by 6.3 per cent and registered a lower PATMI of 31.0 per cent, partially attributed to lower government grants and the absence of the fair value gain of investment properties in 2024.

The PATMI for 2H2024 improved by 4.3 per cent to S$31.6 million compared to S$30.3 million in 2H2023. Excluding fair value gain of investment properties, PATMI for 2H2024 of S$31.6 million showed an increase of 38.0 per cent from the adjusted PATMI of S$22.9 million in 2H2023.

For FY2024, the Group’s Hospital Services Division performed well and generated a revenue of S$345.7 million, which represents an increase of 4.6 per cent year-on-year. The division saw an increase in profits by 9.5 per cent to S$35.7 million. Its Healthcare Services Division registered a revenue growth of 4.1 per cent from S$283.4 million to S$295.1 million. However, it experienced a decline in profitability due to fewer government grants and the cessation of COVID-19 services in 2024 compared to 2023.

RMG’s three general hospitals in Beijing, Shanghai, and Chongqing have demonstrated strong potential for growth and a positive outlook ahead. The Group’s regional revenue grew by 10.1 per cent to S$65.3 million, from S$59.3 million in FY2023, as the RafflesHospital brand gained greater recognition among more people seeking trusted healthcare in China.

RafflesHealthinsurance (RHI) grew by 23.2 per cent in revenue from S$144.4 million for FY2023 to S$178.0 million for FY2024. The healthcare insurance industry is experiencing a higher loss ratio due to medical inflation. Through more diligent claims adjudication and careful management of expenses, RHl's loss showed a 10.4 per cent improvement compared to FY2023.

The Group’s balance sheet remained strong with S$343.7 million in cash and cash equivalents as of 31 December 2024.

This year, RMG will pay a final dividend of 2.5 cents per ordinary share. Given its strong positive operating cash flow, the Group has revised its dividend policy to pay out at least 50 per cent of its sustainable earnings annually. Additionally, RMG intends to buy back up to 100 million ordinary shares over the next two years.

To enhance efficiency, increase testing capacity, and support the expansion of its laboratory test portfolio, RMG significantly upgraded its laboratory capabilities by implementing a custom- built Laboratory Information System (LIS). 

The LIS was built with patient safety in mind. It helps to streamline processes, provides robust security to protect patients’ data, and greatly reduces paper usage.

RafflesMedical continued to expand its network of family medicine clinics close to where its patients live, work, and play. By enhancing the scope and accessibility of its round-the-clock teleconsultation services, patients can expect a seamless integration between virtual and in- person consultations, enabling them to receive continuous, safe, and effective care.

Although the strong Singapore dollar coupled with higher healthcare services costs has made

Singapore a less attractive medical hub in the region, the Group remains focused on exploring new  markets  and  meeting  the  growing  demand  of an  increased  pool  of  patients  seeking personalised healthcare and wellness services.