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Econ Healthcare reverses to earnings of $3.16 mil for 2HFY2023

Khairani Afifi Noordin
·2-min read

The company has proposed a final dividend of 0.44 cent per ordinary share.

Catalist-listed Econ Healthcare (Asia) EHG has reported earnings of $3.16 million for its 2HFY2023 ended March, reversing from a loss of $1.2 million in the same period last year.

Revenue for 2HFY2022 grew by 15.4% y-o-y to $22.3 million.

For the full year, the company has recorded earnings of $4.84 million, a $4.5 million increase from the earnings recorded in its FY2022.

Econ Healthcare’s patmi margin increased to 11.1% in FY2023 compared to 0.9% in FY2022, while earnings per share on a fully diluted basis for the was 1.89 cents compared to 0.14 cents in the previous year.

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FY2023 revenue increased by 11.8% y-o-y to $43.5 million, mainly due to an increase in Medicare centres and nursing home fees across the group’s three markets.

Singapore — the company’s largest revenue generating geographical segment — contributed to an increased revenue of $3.8 million on the back of stronger nursing home and homecare business.

Meanwhile, the company’s Malaysia and China businesses also saw an increase in revenue as a result of ramped up operations for ECON Medicare Centre and Nursing Home - Puchong and ECON Medicare Centre and Nursing Home - Chongqing.

The reopening and easing of the zero-Covid-19 policy in China facilitated the successful grand opening of the company’s ECON Medicare Centre and Nursing Home – Changshou held on May 18.

Barring unforeseen circumstances, the company is cautiously optimistic on its business performance for the next 12 months.

“We are on course with our growth strategy and will continue to capitalise on opportunities in the region to meet the increasing demand for high quality senior care,” says Econ Healthcare group executive chairman and CEO Ong Chu Poh.

The company has proposed a final dividend of 0.44 cent per ordinary share.

Shares in Econ Healthcare closed flat at 18.5 cents on May 26.

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