SG's Raffles Medical Group revenue surges to $343.8m in H1

The group’s profits after tax ballooned by as much as 138.4%.

Raffles Medical Group revenue saw an increase of 42.4% to $343.8m in the first half (H1) of 2021 compared to $241.42m in the same period last year.

The private profits after tax of the said medical service provider in Singapore grew to $38.84m in H1 2021 from $16.29m in the same period last year, an estimated 138.4% increase.

According to the group, the increase is attributed to its active role with the government in its COVID-19 vaccination and Polymerase Chain Reaction 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 increased by 78% from $41.9m in H1 2020 to $74.5m in H1 2021. Its profit after tax and minority interests grew by 128.7% from $17.2m in H1 2020 to $39.4m in H1 2021,” Raffles Medical said.

For the transition year FY 2021, the group expects to pay a total core dividend of not less than $2.5c per share.

Barring unforeseen circumstances, the group said it expects to be more profitable in FY 2021 than last year.