Thomson Medical Group reports record FY2022 earnings of $53.8 mil, up by 277.6%

Felicia Tan
2-min read

The group has proposed a record special dividend of 0.115 cent per share, which is more than a seven-fold increase y-o-y.

Thomson Medical Group has reported earnings of $53.8 million for the FY2022 ended June, about 3.8 times, or 277.6% higher than FY2021’s earnings of $14.2 million.

The record yearly earnings were attributable to a higher patient load and a larger average bill size, Covid-19-related projects and the opening of a new wing in Malaysia.

Group revenue for the FY2022 was also at an all-time high of $333.7 million, which was up by 38.8% y-o-y, due to higher revenue from both its hospital and specialized services segments.

Revenue growth in Singapore was further boosted from managing the vaccination centres and the management of transitional care facilities (TCFs) and previously, Covid-19 treatment facilities (CTFs). In Malaysia, the higher revenue was due to the higher patient loads and case intensity handled, as well as the opening of new expansion wing at Thomson Hospital Kota Damansara (THKD).

As a result of the higher revenue, the group’s EBITDA grew by 64.4% y-o-y to $109.7 million.

Other income fell by 17.8% y-o-y to $9.8 million due to lower government grants and property tax rebates.

During the period, Thomson Medical Group has proposed a special dividend of 0.115 cent per share, which is a record for the group and more than a seven-fold increase from FY2021’s dividend of 0.015 cent.

According to the group, the proposed dividend serves to reward shareholders given the
“exceptionally sterling results” and “following a period of challenges posed by the Covid-19 pandemic”.

As at June 30, cash and cash equivalents stood at $150.9 million.

Further to its statement, the group announced the resignation of its executive director and group CEO, Dr Wong Chiang Yin.

Wong had resigned to pursue personal interests.

Kiat Lim, the group’s incumbent executive director who’s overseeing its digital arm, has been appointed as executive vice-chairman with effect from Sept 1.

A potential successor to Wong’s position has already been identified, says the group.

“As the healthcare industry progresses and the group grows in size, it is inevitable that technology will play a pivotal role for the delivery of healthcare services. We see huge opportunities to deploy data analytics to enhance quality of patient care, and to develop new business verticals,” says Ng Ser Miang, chairman of the group.

As at 9.38am, shares in Thomson Medical Group are trading 0.2 cent higher or 2.27% up at 9 cents.

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