Raffles Medical BSL
Financials
Annual Report 2025
Explore the statements
12 tablesConsolidated Statement of Financial Position
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 741,397 | 748,248 | 12,433 | 13,777 | PDF p. 136 |
| Intangible assets and goodwill$’000 | 13,923 | 15,484 | 68 | 286 | PDF p. 136 |
| Investment properties$’000 | 233,600 | 246,100 | – | – | PDF p. 136 |
| Subsidiaries$’000 | – | – | 1,001,146 | 929,546 | PDF p. 136 |
| Deferred tax assets$’000 | 2,197 | 2,089 | – | 141 | PDF p. 136 |
| Trade and other receivables$’000 | 3,017 | 2,553 | 16,976 | 15,684 | PDF p. 136 |
| Non-current assets subtotal | |||||
| Subtotal$’000 | 994,134 | 1,014,474 | 1,030,623 | 959,434 | PDF p. 136 |
| Current assets | |||||
| Inventories$’000 | 11,262 | 10,762 | 2,494 | 2,184 | PDF p. 136 |
| Trade and other receivables$’000 | 95,984 | 101,586 | 94,526 | 71,574 | PDF p. 136 |
| Reinsurance contract assets$’000 | 17,768 | 19,008 | – | – | PDF p. 136 |
| Cash and cash equivalents$’000 | 310,791 | 343,671 | 86,366 | 145,658 | PDF p. 136 |
| Current assets subtotal | |||||
| Subtotal$’000 | 435,805 | 475,027 | 183,386 | 219,416 | PDF p. 136 |
| Assets | |||||
| Total assets$’000 | 1,429,939 | 1,489,501 | 1,214,009 | 1,178,850 | PDF p. 136 |
| Equity attributable to owners of the Company | |||||
| Share capital$’000 | 440,099 | 440,099 | 440,099 | 440,099 | PDF p. 136 |
| Reserves$’000 | 618,381 | 609,667 | 669,072 | 644,895 | PDF p. 136 |
| Equity attributable to owners of the Company subtotal | |||||
| Subtotal$’000 | 1,058,480 | 1,049,766 | 1,109,171 | 1,084,994 | PDF p. 136 |
| Equity | |||||
| Non-controlling interests$’000 | (2,517) | 15,213 | – | – | PDF p. 136 |
| Total equity$’000 | 1,055,963 | 1,064,979 | 1,109,171 | 1,084,994 | PDF p. 136 |
| Non-current liabilities | |||||
| Loans and borrowings$’000 | – | 49,116 | – | 10,000 | PDF p. 136 |
| Trade and other payables$’000 | 5,105 | 4,205 | – | 940 | PDF p. 136 |
| Lease liabilities$’000 | 27,430 | 22,655 | 1,987 | 810 | PDF p. 136 |
| Deferred tax liabilities$’000 | 7,859 | 7,902 | 9 | – | PDF p. 136 |
| Non-current liabilities subtotal | |||||
| Subtotal$’000 | 40,394 | 83,878 | 1,996 | 11,750 | PDF p. 136 |
| Current liabilities | |||||
| Loans and borrowings$’000 | 49,704 | 6,866 | 11,204 | 1,265 | PDF p. 136 |
| Current tax liabilities$’000 | 24,347 | 24,775 | 6,924 | 7,620 | PDF p. 136 |
| Trade and other payables$’000 | 184,630 | 218,483 | 84,194 | 72,706 | PDF p. 136 |
| Lease liabilities$’000 | 10,286 | 9,531 | 520 | 515 | PDF p. 136 |
| Other financial liabilities$’000 | – | 2,788 | – | – | PDF p. 136 |
| Insurance contract liabilities$’000 | 64,615 | 78,201 | – | – | PDF p. 136 |
| Current liabilities subtotal | |||||
| Subtotal$’000 | 333,582 | 340,644 | 102,842 | 82,106 | PDF p. 136 |
| Liabilities | |||||
| Total liabilities$’000 | 373,976 | 424,522 | 104,838 | 93,856 | PDF p. 136 |
| Equity and liabilities | |||||
| Total equity and liabilities$’000 | 1,429,939 | 1,489,501 | 1,214,009 | 1,178,850 | PDF p. 136 |
Definitions & sources
Original report: PDF p. 136 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Profit or Loss
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 765,299 | 751,564 | PDF p. 137 |
| Other operating income$’000 | 5,565 | 2,512 | PDF p. 137 |
| Inventories and consumables used$’000 | (63,593) | (61,180) | PDF p. 137 |
| Purchased and contracted services$’000 | (37,512) | (37,340) | PDF p. 137 |
| Insurance service expenses$’000 | (153,681) | (162,903) | PDF p. 137 |
| Net expenses from reinsurance contracts$’000 | (13,233) | (4,003) | PDF p. 137 |
| Staff costs$’000 | (317,156) | (314,873) | PDF p. 137 |
| Depreciation of property, plant and equipment$’000 | (41,814) | (40,329) | PDF p. 137 |
| Amortisation of intangible assets$’000 | (1,573) | (1,545) | PDF p. 137 |
| Operating lease expenses$’000 | (1,645) | (1,566) | PDF p. 137 |
| Impairment loss on trade receivables$’000 | (3,197) | (1,262) | PDF p. 137 |
| Impairment loss on intangible assets and goodwill$’000 | (316) | (2,601) | PDF p. 137 |
| Other operating expenses$’000 | (46,788) | (43,980) | PDF p. 137 |
| Profit from operating activities$’000 | 90,356 | 82,494 | PDF p. 137 |
| Finance income$’000 | 7,333 | 10,247 | PDF p. 137 |
| Finance costs$’000 | (4,095) | (5,779) | PDF p. 137 |
| Profit before tax$’000 | 93,594 | 86,962 | PDF p. 137 |
| Tax expense$’000 | (22,523) | (24,680) | PDF p. 137 |
| Profit for the year$’000 | 71,071 | 62,282 | PDF p. 137 |
| Profit attributable to | |||
| Owners of the Company$’000 | 70,570 | 62,243 | PDF p. 137 |
| Non-controlling interests$’000 | 501 | 39 | PDF p. 137 |
| Profit for the year$’000 | 71,071 | 62,282 | PDF p. 137 |
| Earnings per share | |||
| Basic earnings per share (cents)cents per share | 3.81 | 3.35 | PDF p. 137 |
| Diluted earnings per share (cents)cents per share | 3.81 | 3.34 | PDF p. 137 |
Definitions & sources
Original report: PDF p. 137 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Comprehensive Income
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$’000 | 71,071 | 62,282 | PDF p. 138 |
| Other comprehensive income: item that is or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences - foreign operations$’000 | (4,281) | 1,328 | PDF p. 138 |
| Other comprehensive income | |||
| Total comprehensive income for the year$’000 | 66,790 | 63,610 | PDF p. 138 |
| Total comprehensive income attributable to | |||
| Owners of the Company$’000 | 66,326 | 63,570 | PDF p. 138 |
| Non-controlling interests$’000 | 464 | 40 | PDF p. 138 |
| Total comprehensive income for the year$’000 | 66,790 | 63,610 | PDF p. 138 |
Definitions & sources
Original report: PDF p. 138 ↗
Item that is or may be reclassified subsequently to profit or loss:
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
41 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; $’000 | 2024Group; $’000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the year$’000 | 71,071 | 62,282 | PDF p. 141 |
| Adjustments for | |||
| Amortisation of intangible assets$’000 | 2,422 | 2,406 | PDF p. 141 |
| Changes in fair value of investment properties$’000 | (4,700) | – | PDF p. 141 |
| Depreciation of property, plant and equipment$’000 | 42,137 | 40,682 | PDF p. 141 |
| Equity-settled share-based payment transactions$’000 | 3,066 | 3,465 | PDF p. 141 |
| Finance costs$’000 | 4,170 | 5,870 | PDF p. 141 |
| Finance income$’000 | (7,333) | (10,247) | PDF p. 141 |
| (Gain)/Loss on disposal of property, plant and equipment, net$’000 | (3) | 1,922 | PDF p. 141 |
| Gain on lease derecognition$’000 | (124) | (816) | PDF p. 141 |
| Impairment loss on intangible assets and goodwill$’000 | 316 | 2,601 | PDF p. 141 |
| Intangible asset written off$’000 | 791 | 46 | PDF p. 141 |
| Property, plant and equipment written off$’000 | 1,077 | 446 | PDF p. 141 |
| Tax expense$’000 | 22,523 | 24,680 | PDF p. 141 |
| Adjustments for subtotal | |||
| Subtotal$’000 | 135,413 | 133,337 | PDF p. 141 |
| Changes in | |||
| – Insurance and reinsurance contracts$’000 | (12,346) | (5,254) | PDF p. 141 |
| – Inventories$’000 | (500) | 1,703 | PDF p. 141 |
| – Trade and other payables$’000 | (3,829) | (1,543) | PDF p. 141 |
| – Trade and other receivables$’000 | 4,882 | (16,151) | PDF p. 141 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 123,620 | 112,092 | PDF p. 141 |
| Tax paid$’000 | (22,289) | (25,838) | PDF p. 141 |
| Net cash from operating activities$’000 | 101,331 | 86,254 | PDF p. 141 |
| Cash flows from investing activities | |||
| Acquisition of intangible assets$’000 | (2,159) | (1,639) | PDF p. 141 |
| Interest received$’000 | 7,515 | 9,951 | PDF p. 141 |
| Proceeds from disposal of property, plant and equipment$’000 | 6 | 1,085 | PDF p. 141 |
| Purchase of property, plant and equipment$’000 | (7,867) | (19,270) | PDF p. 141 |
| Net cash used in investing activities$’000 | (2,505) | (9,873) | PDF p. 141 |
| Cash flows from financing activities | |||
| Acquisition of own shares$’000 | (19,917) | – | PDF p. 141 |
| Acquisition of non-controlling interest$’000 | (16,594) | (1,564) | PDF p. 141 |
| Dividends paid to owners of the Company$’000 | (46,273) | (44,576) | PDF p. 141 |
| Interest paid$’000 | (2,863) | (3,756) | PDF p. 141 |
| Lease interest paid$’000 | (1,189) | (1,277) | PDF p. 141 |
| Payment of lease liabilities$’000 | (11,442) | (9,882) | PDF p. 141 |
| Proceeds from bank loans$’000 | 1,204 | 67,673 | PDF p. 141 |
| Proceeds from issue of shares under share option scheme$’000 | 1,124 | 280 | PDF p. 141 |
| Repayment of bank loans$’000 | (5,513) | (81,504) | PDF p. 141 |
| Repayment of loan to minority shareholder$’000 | (29,383) | (1,597) | PDF p. 141 |
| Net cash used in financing activities$’000 | (130,846) | (76,203) | PDF p. 141 |
| Cash reconciliation | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (32,020) | 178 | PDF p. 141 |
| Cash and cash equivalents at 1 January$’000 | 343,671 | 342,543 | PDF p. 141 |
| Effect of exchange rate fluctuations on cash held$’000 | (860) | 950 | PDF p. 141 |
| Cash and cash equivalents at 31 December$’000 | 310,791 | 343,671 | PDF p. 141 |
Definitions & sources
Original report: PDF p. 141 ↗
The statement presents Group cash flows only; no Company column is shown. The accompanying notes form an integral part of these financial statements.
Financial Highlights (five-year summary)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| Revenue$’000 | 723,791 | 822,916 | 706,920 | 751,564 | 765,299 | PDF p. 9 |
| EBITDA$’000 | 160,632 | 235,698 | 154,107 | 125,673 | 134,990 | PDF p. 9 |
| Operating Profit$’000 | 121,306 | 195,451 | 115,755 | 82,494 | 90,356 | PDF p. 9 |
| Profit Before Tax$’000 | 115,584 | 191,340 | 119,439 | 86,962 | 93,594 | PDF p. 9 |
| Profit After Tax and Minority Interests$’000 | 84,171 | 143,214 | 90,150 | 62,243 | 70,570 | PDF p. 9 |
| Profit After Tax$’000 | 83,716 | 143,400 | 91,090 | 62,282 | 71,071 | PDF p. 9 |
| Diluted Earnings per Sharecents | 4.49 | 7.67 | 4.82 | 3.34 | 3.81 | PDF p. 9 |
| Net Asset Value per Sharecents | 51.43 | 54.59 | 55.34 | 56.50 | 57.52 | PDF p. 9 |
| Dividend per Sharecents | 2.80 | 3.80 | 2.40 | 2.50 | 3.00* | PDF p. 9 |
| Return on Equity% | 8.8 | 14.1 | 8.8 | 5.9 | 6.7 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Final dividend footnote: “Final dividend of 3.00 cents is subject to approval by shareholders at the Annual General Meeting in 2026.”
The report presents Profit After Tax and Minority Interests and Profit After Tax as separate measures; both are retained as printed. No further definition for Return on Equity is provided with this summary. No bank or REIT-specific ratios are disclosed in the inspected highlights pages.
* Final dividend of 3.00 cents is subject to approval by shareholders at the Annual General Meeting in 2026.
Consolidated Statement of Changes in Equity — 2024
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Share capital; $’000 | 2024Group; Translation reserve; $’000 | 2024Group; Equity compensation reserve; $’000 | 2024Group; Revaluation reserve; $’000 | 2024Group; Other reserve; $’000 | 2024Group; Reserve for own shares; $’000 | 2024Group; Accumulated profits; $’000 | 2024Group; Total attributable to owners of the Company; $’000 | 2024Group; Non-controlling interests; $’000 | 2024Group; Total equity; $’000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||||
| Balance at 1 January 2024$’000 | 439,819 | (22,339) | 38,172 | 16,367 | (5,091) | (31,483) | 592,293 | 1,027,738 | 16,114 | 1,043,852 | PDF p. 139 |
| 2024 movements; total comprehensive income | |||||||||||
| Profit for the year$’000 | – | – | – | – | – | – | 62,243 | 62,243 | 39 | 62,282 | PDF p. 139 |
| 2024 movements; other comprehensive income | |||||||||||
| Foreign currency translation differences - foreign operations$’000 | – | 1,327 | – | – | – | – | – | 1,327 | 1 | 1,328 | PDF p. 139 |
| Total other comprehensive income for the year$’000 | – | 1,327 | – | – | – | – | – | 1,327 | 1 | 1,328 | PDF p. 139 |
| 2024 movements | |||||||||||
| Total comprehensive income for the year$’000 | – | 1,327 | – | – | – | – | 62,243 | 63,570 | 40 | 63,610 | PDF p. 139 |
| 2024 transactions with owners; contributions and distributions | |||||||||||
| Issue of shares upon the exercise of options under Raffles Medical Group Employees’ Share Option Schemes$’000 | 280 | – | – | – | – | – | – | 280 | – | 280 | PDF p. 139 |
| Own shares reissued pursuant to Raffles Medical Group Performance Share Plan$’000 | – | – | (1,116) | – | 212 | 904 | – | – | – | – | PDF p. 139 |
| Value of employee services received for issue of share options and share awards$’000 | – | – | 3,465 | – | – | – | – | 3,465 | – | 3,465 | PDF p. 139 |
| Final dividend paid of 2.40 cents per ordinary share - Cash$’000 | – | – | – | – | – | – | (44,576) | (44,576) | – | (44,576) | PDF p. 139 |
| 2024 transactions with owners | |||||||||||
| Total contributions by and distributions to owners$’000 | 280 | – | 2,349 | – | 212 | 904 | (44,576) | (40,831) | – | (40,831) | PDF p. 139 |
| 2024 changes in ownership interests in subsidiaries | |||||||||||
| Acquisition of non-controlling interests without a change in control$’000 | – | – | – | – | (623) | – | – | (623) | (941) | (1,564) | PDF p. 139 |
| Present value of the exercise price of written put options$’000 | – | – | – | – | (88) | – | – | (88) | – | (88) | PDF p. 139 |
| Total changes in ownership interests in subsidiaries$’000 | – | – | – | – | (711) | – | – | (711) | (941) | (1,652) | PDF p. 139 |
| 2024 transactions with owners | |||||||||||
| Total transactions with owners$’000 | 280 | – | 2,349 | – | (499) | 904 | (44,576) | (41,542) | (941) | (42,483) | PDF p. 139 |
| Closing balance | |||||||||||
| At 31 December 2024$’000 | 440,099 | (21,012) | 40,521 | 16,367 | (5,590) | (30,579) | 609,960 | 1,049,766 | 15,213 | 1,064,979 | PDF p. 139 |
Definitions & sources
Original report: PDF p. 139 ↗
Source prints the 2024 block on physical page 139 and 2025 continuation on physical page 140. Ten equity components are retained in printed left-to-right order. No Company equity statement is separately presented.
Consolidated Statement of Changes in Equity — 2025
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Share capital; $’000 | 2025Group; Translation reserve; $’000 | 2025Group; Equity compensation reserve; $’000 | 2025Group; Revaluation reserve; $’000 | 2025Group; Other reserve; $’000 | 2025Group; Reserve for own shares; $’000 | 2025Group; Accumulated profits; $’000 | 2025Group; Total attributable to owners of the Company; $’000 | 2025Group; Non-controlling interests; $’000 | 2025Group; Total equity; $’000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||||
| Balance at 1 January 2025$’000 | 440,099 | (21,012) | 40,521 | 16,367 | (5,590) | (30,579) | 609,960 | 1,049,766 | 15,213 | 1,064,979 | PDF p. 140 |
| 2025 movements; total comprehensive income | |||||||||||
| Profit for the year$’000 | – | – | – | – | – | – | 70,570 | 70,570 | 501 | 71,071 | PDF p. 140 |
| 2025 movements; other comprehensive income | |||||||||||
| Foreign currency translation differences - foreign operations$’000 | – | (4,244) | – | – | – | – | – | (4,244) | (37) | (4,281) | PDF p. 140 |
| Total other comprehensive income for the year$’000 | – | (4,244) | – | – | – | – | – | (4,244) | (37) | (4,281) | PDF p. 140 |
| 2025 movements | |||||||||||
| Total comprehensive income for the year$’000 | – | (4,244) | – | – | – | – | 70,570 | 66,326 | 464 | 66,790 | PDF p. 140 |
| 2025 transactions with owners; contributions and distributions | |||||||||||
| Own shares reissued pursuant to Raffles Medical Group Performance Share Plan$’000 | – | – | (1,015) | – | 181 | 834 | – | – | – | – | PDF p. 140 |
| Value of employee services received for issue of share options and share awards$’000 | – | – | 3,066 | – | – | – | – | 3,066 | – | 3,066 | PDF p. 140 |
| Exercise of share options under Raffles Medical Group Employees’ Share Option Schemes$’000 | – | – | – | – | (417) | 1,541 | – | 1,124 | – | 1,124 | PDF p. 140 |
| Acquisition of own shares$’000 | – | – | – | – | – | (19,917) | – | (19,917) | – | (19,917) | PDF p. 140 |
| Final dividend paid of 2.50 cents per ordinary share - Cash$’000 | – | – | – | – | – | – | (46,273) | (46,273) | – | (46,273) | PDF p. 140 |
| 2025 transactions with owners | |||||||||||
| Total contributions by and distributions to owners$’000 | – | – | 2,051 | – | (236) | (17,542) | (46,273) | (62,000) | – | (62,000) | PDF p. 140 |
| 2025 changes in ownership interests in subsidiaries | |||||||||||
| Acquisition of non-controlling interests without a change in control$’000 | – | – | – | – | 1,600 | – | – | 1,600 | (18,194) | (16,594) | PDF p. 140 |
| Derecognition of written put option$’000 | – | – | – | – | 2,788 | – | – | 2,788 | – | 2,788 | PDF p. 140 |
| Total changes in ownership interests in subsidiaries$’000 | – | – | – | – | 4,388 | – | – | 4,388 | (18,194) | (13,806) | PDF p. 140 |
| 2025 transactions with owners | |||||||||||
| Total transactions with owners$’000 | – | – | 2,051 | – | 4,152 | (17,542) | (46,273) | (57,612) | (18,194) | (75,806) | PDF p. 140 |
| Closing balance | |||||||||||
| At 31 December 2025$’000 | 440,099 | (25,256) | 42,572 | 16,367 | (1,438) | (48,121) | 634,257 | 1,058,480 | (2,517) | 1,055,963 | PDF p. 140 |
Definitions & sources
Original report: PDF p. 140 ↗
Source prints the 2024 block on physical page 139 and 2025 continuation on physical page 140. Ten equity components are retained in printed left-to-right order. No Company equity statement is separately presented.
Profit After Tax — five-year chart figures
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group; chart figures | 2022Group; chart figures | 2023Group; chart figures | 2024Group; chart figures | 2025Group; chart figures | Source |
|---|---|---|---|---|---|---|
| Five-year chart figures | ||||||
| Profit After Tax$ million | 83.7 | 143.4 | 91.1 | 62.3 | 71.1 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Original chart labels; financial highlights table provides its more precise amount figures.
* Final dividend of 3.00 cents is subject to approval by shareholders at the Annual General Meeting in 2026.
EBITDA — five-year chart figures
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group; chart figures | 2022Group; chart figures | 2023Group; chart figures | 2024Group; chart figures | 2025Group; chart figures | Source |
|---|---|---|---|---|---|---|
| Five-year chart figures | ||||||
| EBITDA$ million | 160.6 | 235.7 | 154.1 | 125.7 | 135.0 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Original chart labels; financial highlights table provides its more precise amount figures.
* Final dividend of 3.00 cents is subject to approval by shareholders at the Annual General Meeting in 2026.
Earnings Per Share — five-year chart figures
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group; chart figures | 2022Group; chart figures | 2023Group; chart figures | 2024Group; chart figures | 2025Group; chart figures | Source |
|---|---|---|---|---|---|---|
| Five-year chart figures | ||||||
| Earnings Per Sharecents per share | 4.49 | 7.67 | 4.82 | 3.34 | 3.81 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Original chart labels; financial highlights table provides its more precise amount figures.
* Final dividend of 3.00 cents is subject to approval by shareholders at the Annual General Meeting in 2026.
Dividend Per Share — five-year chart figures
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group; chart figures | 2022Group; chart figures | 2023Group; chart figures | 2024Group; chart figures | 2025Group; chart figures | Source |
|---|---|---|---|---|---|---|
| Five-year chart figures | ||||||
| Dividend Per Sharecents per share | 2.80 | 3.80 | 2.40 | 2.50 | 3.00* | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Original chart labels; financial highlights table provides its more precise amount figures.
* Final dividend of 3.00 cents is subject to approval by shareholders at the Annual General Meeting in 2026.
FY2025 change — chart callouts
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; change FY2025 versus FY2024 | Source |
|---|---|---|
| Chart change callouts | ||
| Profit After Tax% | 14.1% | PDF p. 9 |
| EBITDA% | 7.4% | PDF p. 9 |
| Earnings Per Share% | 14.1% | PDF p. 9 |
| Dividend Per Share% | 20% | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
* Final dividend of 3.00 cents is subject to approval by shareholders at the Annual General Meeting in 2026.
Where the money comes from
Segment information
By business
Information about reportable segments 10 lines
| Item / unit | 2025Healthcare services | 2024Healthcare services | 2025Hospital services | 2024Hospital services | 2025Insurance services | 2024Insurance services | 2025Investment holdings | 2024Investment holdings | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and expenses | |||||||||||
| Revenue$'000 | 285,898 | 295,050 | 357,823 | 345,652 | 185,230 | 177,985 | 44,314 | 44,894 | 873,265 | 863,581 | PDF p. 215 |
| Inter-segment revenue$'000 | 14,408 | 12,824 | 51,826 | 57,187 | 4,232 | 4,273 | 37,500 | 37,733 | 107,966 | 112,017 | PDF p. 215 |
| Finance costs$'000 | (1,277) | (2,038) | (3) | (987) | (75) | (91) | (2,815) | (2,754) | (4,170) | (5,870) | PDF p. 215 |
| Depreciation and amortisation$'000 | (17,446) | (16,072) | (10,147) | (9,888) | (1,224) | (1,253) | (270) | (244) | (29,087) | (27,457) | PDF p. 215 |
| Reportable segment profit/(loss) before tax$'000 | 42,489 | 45,123 | 41,132 | 35,683 | (3,116) | (6,305) | 27,162 | 23,734 | 107,667 | 98,235 | PDF p. 215 |
| Other material non-cash items | |||||||||||
| - Impairment loss on intangible assets and goodwill$'000 | (316) | (2,601) | – | – | – | – | – | – | (316) | (2,601) | PDF p. 215 |
| - Impairment gain/(loss) on trade receivable$'000 | (824) | (322) | (2,338) | (940) | (35) | – | – | – | (3,197) | (1,262) | PDF p. 215 |
| Segment assets | |||||||||||
| Reportable segment assets$'000 | 1,501,364 | 1,195,708 | 294,554 | 256,305 | 118,338 | 125,833 | 1,300,204 | 936,215 | 3,214,460 | 2,514,061 | PDF p. 215 |
| Capital expenditure | |||||||||||
| Capital expenditure$'000 | 23,860 | 20,044 | 4,096 | 6,893 | 1,710 | 1,087 | 85 | 135 | 29,751 | 28,159 | PDF p. 215 |
| Segment liabilities | |||||||||||
| Reportable segment liabilities$'000 | 489,836 | 189,884 | 240,218 | 212,744 | 76,495 | 92,128 | 1,103,585 | 711,424 | 1,910,134 | 1,206,180 | PDF p. 215 |
Notes
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise current tax and deferred tax liabilities and assets.
Performance is measured based on segment profit before tax. Segment capital expenditure is the total cost incurred during the period to acquire segment assets expected to be used for more than one period.
Impairment loss row label wraps across two lines; quote is the second line carrying the values.
Reconciliations of reportable segment revenues, profit or loss, assets and liabilities 15 lines
| Item / unit | 2025Group reconciliation | 2024Group reconciliation | Source |
|---|---|---|---|
| Revenues | |||
| Total revenue for reportable segments$'000 | 873,265 | 863,581 | PDF p. 216 |
| Elimination of inter-segment revenue$'000 | (107,966) | (112,017) | PDF p. 216 |
| Consolidated revenue$'000 | 765,299 | 751,564 | PDF p. 216 |
| Profit before tax | |||
| Total profit before tax for reportable segments$'000 | 107,667 | 98,235 | PDF p. 216 |
| Elimination of inter-segment profits/Consolidation adjustment$'000 | 1,399 | 4,358 | PDF p. 216 |
| Adjustment for depreciation of property, plant and equipment$'000 | (15,472) | (15,631) | PDF p. 216 |
| Consolidated profit before tax$'000 | 93,594 | 86,962 | PDF p. 216 |
| Assets | |||
| Total assets for reportable segments$'000 | 3,214,460 | 2,514,061 | PDF p. 216 |
| Elimination of inter-segment assets$'000 | (1,786,718) | (1,026,649) | PDF p. 216 |
| Unallocated amounts-current tax and deferred tax assets$'000 | 2,197 | 2,089 | PDF p. 216 |
| Consolidated total assets$'000 | 1,429,939 | 1,489,501 | PDF p. 216 |
| Liabilities | |||
| Total liabilities for reportable segments$'000 | 1,910,134 | 1,206,180 | PDF p. 216 |
| Elimination of inter-segment liabilities$'000 | (1,568,364) | (814,335) | PDF p. 216 |
| Unallocated amounts-current tax and deferred tax liabilities$'000 | 32,206 | 32,677 | PDF p. 216 |
| Consolidated total liabilities$'000 | 373,976 | 424,522 | PDF p. 216 |
Notes
Reconciliation of reportable segment totals to consolidated figures; the Other material items (depreciation and amortisation: 2025 reportable 29,087 + adjustments 15,472 = consolidated 44,559; 2024 27,457 + 15,631 = 43,088) are printed on the same page but not tabulated here.
By geography
Geographical information 8 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Singapore$'000 | 680,795 | 669,145 | PDF p. 217 |
| Greater China$'000 | 65,357 | 65,302 | PDF p. 217 |
| Rest of Asia$'000 | 19,147 | 17,117 | PDF p. 217 |
| Consolidated revenue$'000 | 765,299 | 751,564 | PDF p. 217 |
| Non-current assets | |||
| Singapore$'000 | 671,501 | 677,195 | PDF p. 217 |
| Greater China$'000 | 304,010 | 322,945 | PDF p. 217 |
| Rest of Asia$'000 | 13,409 | 9,692 | PDF p. 217 |
| Consolidated non-current assets*$'000 | 988,920 | 1,009,832 | PDF p. 217 |
Notes
* Non-current assets exclude financial instruments and deferred tax assets
Segment revenue is based on the geographical location of customers and segment assets are based on the geographical location of the assets.
The Group operations are primarily in Singapore, Greater China, Vietnam, Cambodia and Japan.
Revenue from one major customer amounted to $124.2 million (2024: $119.7 million), generated by sales from all segments.
Debt
Borrowings
Terms and debt repayment schedule - Group
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group - S$, nominal interest rate 0.85% + SORA, maturity 2026 | |||
| Unsecured bank loan$'000 | 10,000 | 10,000 | PDF p. 183 |
| Group - CNY, nominal interest rate LPR – 0.36%, maturity 2025 to 2026 | |||
| Unsecured bank loan$'000 | 38,500 | 44,717 | PDF p. 183 |
| Group - JPY, nominal interest rate 0.98%, maturity 2026 | |||
| Unsecured bank loan$'000 | 1,204 | 1,265 | PDF p. 183 |
| Group | |||
| Total interest-bearing liabilities$'000 | 49,704 | 55,982 | PDF p. 183 |
Notes
Columns printed: Currency, Nominal interest rate %, Year of maturity, 2025 $'000, 2024 $'000. Rates/currency/maturity are given in each row's section.
Terms and debt repayment schedule - Company
| Item / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Company - S$, nominal interest rate 0.85% + SORA, maturity 2026 | |||
| Unsecured bank loan$'000 | 10,000 | 10,000 | PDF p. 183 |
| Company - JPY, nominal interest rate 0.98%, maturity 2026 | |||
| Unsecured bank loan$'000 | 1,204 | 1,265 | PDF p. 183 |
| Company | |||
| Total interest-bearing liabilities$'000 | 11,204 | 11,265 | PDF p. 183 |
Notes
Columns printed: Currency, Nominal interest rate %, Year of maturity, 2025 $'000, 2024 $'000.
Contractual maturities of financial liabilities (loans and lease liabilities) - Group, 31 December 2025
| Item / unit | 2025Group carrying amount | 2025Group contractual cash flows | 2025Group within 1 year | 2025Group between 1 and 5 years | 2025Group more than 5 years | Source |
|---|---|---|---|---|---|---|
| Group 31 December 2025 | ||||||
| Unsecured bank loans$'000 | 49,704 | (50,191) | (50,191) | – | – | PDF p. 202 |
| Lease liabilities$'000 | 37,716 | (40,248) | (11,379) | (27,201) | (1,668) | PDF p. 202 |
Notes
Amounts are gross and undiscounted, include contractual interest payments and exclude the impact of netting agreements.
Group has adequate undrawn unsecured credit facilities and a $1,000,000,000 Multicurrency Medium Term Notes Programme.
Contractual maturities - Group, 31 December 2024
| Item / unit | 2024Group carrying amount | 2024Group contractual cash flows | 2024Group within 1 year | 2024Group between 1 and 5 years | 2024Group more than 5 years | Source |
|---|---|---|---|---|---|---|
| Group 31 December 2024 | ||||||
| Unsecured bank loans$'000 | 55,982 | (58,319) | (8,615) | (49,704) | – | PDF p. 202 |
| Lease liabilities$'000 | 32,186 | (34,482) | (10,491) | (22,805) | (1,186) | PDF p. 202 |
Notes
Amounts are gross and undiscounted, include contractual interest payments.
Contractual maturities - Company
| Item / unit | 2025Company carrying amount | 2025Company contractual cash flows | 2025Company within 1 year | 2025Company between 1 and 5 years | Source |
|---|---|---|---|---|---|
| Company 31 December 2025 | |||||
| Unsecured bank loans$'000 | 11,204 | (11,284) | (11,284) | – | PDF p. 203 |
| Lease liabilities$'000 | 2,507 | (2,637) | (571) | (2,066) | PDF p. 203 |
| Company 31 December 2024 (columns are 2024) | |||||
| Unsecured bank loans$'000 | 11,265 | (11,665) | (1,565) | (10,100) | PDF p. 203 |
| Lease liabilities$'000 | 1,325 | (1,385) | (554) | (831) | PDF p. 203 |
Notes
The first two rows are for 31 December 2025 and the last two for 31 December 2024; the columns are the same.
Borrowing notes 2 tables
Loans and borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Unsecured bank loans$'000 | – | 49,116 | – | 10,000 | PDF p. 183 |
| Current liabilities | |||||
| Unsecured bank loans$'000 | 49,704 | 6,866 | 11,204 | 1,265 | PDF p. 183 |
| Total | |||||
| Total loans and borrowings$'000 | 49,704 | 55,982 | 11,204 | 11,265 | PDF p. 183 |
Notes
Information about the Group and the Company's exposure to liquidity, currency and interest rate risks is included in note 17.
All borrowings are unsecured bank loans.
Statement of financial position - loans and borrowings and lease liabilities
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Lease liabilities$'000 | 27,430 | 22,655 | 1,987 | 810 | PDF p. 136 |
| Current liabilities | |||||
| Lease liabilities$'000 | 10,286 | 9,531 | 520 | 515 | PDF p. 136 |
Notes
Note reference 14 is printed between the label and the values.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | Following a review of its capital management strategy, the Group revised its dividend policy, with effect from 2025, to distribute at least 50% of its sustainable earnings annually, balancing its growth and investment requirements with its commitment to delivering returns to shareholders. Where the Group has financial capacity in excess of that required to fund operational and capital expenditure as well as investments, the Group shall return surplus capital to shareholders through one or more of the following means: (a) Special dividends; and/or (b) Share buy-backs. | Group | PDF p. 109 |
| Scrip dividend scheme | The Group has a scrip dividend scheme to provide an opportunity for ordinary shareholders to make an election to receive dividends in the form of shares, credited as fully paid up instead of cash. | Group | PDF p. 207 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| After the respective reporting dates, the directors proposed a one-tier tax exempt final dividend of 3.0 cents | 3.0 cents per share | Final dividend proposed for FY2025, one-tier tax exempt; subject to shareholder approval at 2026 AGM | PDF p. 226 |
| After the respective reporting dates, the directors proposed a one-tier tax exempt final dividend of 3.0 cents (2024: 2.50 cents) | 2.50 cents per share | Final dividend for FY2024 (comparative), one-tier tax exempt | PDF p. 226 |
| Dividend per Share (cents) | 3.00* | FY2025 total; final dividend only, subject to AGM approval in 2026; comparative 2024: 2.50 | PDF p. 9 |
| Dividend per Share (cents) | 2.50 cents | FY2024 total (comparative) | PDF p. 9 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| proposed dividend ... represents 84% of the Group's sustainable profit after tax and minority interests | 84% | FY2025, sustainable PATMI excluding fair value gain on investment properties | PDF p. 109 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group · As at 2026-02-21 | PDF p. 135 |
| Engagement partner | Ms Shelley Chan Hoi Yi | Group | PDF p. 135 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up | Group and Company | PDF p. 130 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of goodwill | Estimating the recoverable amount involves significant judgement in determining the underlying assumptions to be applied; coupled with the inherent estimation uncertainties that arise when estimating and discounting future cash flows. | Group | PDF p. 130 |
| Valuation of investment properties | The investment properties are stated at their fair values based on independent external valuations. | Group | PDF p. 131 |
| Valuation of property, plant and equipment | The Group has identified impairment indicators in the China hospitals. | Group | PDF p. 131 |
| Valuation of insurance contract liabilities and recognition of loss component on onerous contracts | The valuation of the insurance contract liabilities and determination of LC on onerous contracts are complex and involves actuarial valuation methodologies and calculations requiring significant judgement and assumptions by management. | Group | PDF p. 132 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
FY2025 audited statements use Singapore dollars in thousands unless the row states otherwise. The Group consolidated statements and Company statement of financial position have separate scopes. Equity schedules have ten separately identified components.
Five-year financial highlights are the figures printed in the FY2025 report for 2021–2025; earlier original-report backfill remains incomplete. Chart amount labels use SGD millions and retain the original rounding.
The printed FY2025 dividend of 3.00 cents is subject to shareholders’ approval at the 2026 AGM; the star and report note are retained.
FY2025 auditor is KPMG LLP. Ernst & Young LLP is proposed for FY2026 subject to shareholder approval; it is not the auditor of these FY2025 statements.
Earlier original-report historical backfill remains incomplete.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.