Econ Healthcare's profit rises 8% YoY in FY24

With higher profits, the group proposed a 35% PATMI dividend.

Private nursing home operator Econ Healthcare reported an 8.0% YoY higher profit after taxation and minority interests (PATMI) from continuing operations of $6.3m in FY24.

With improved profits, the group proposed a 35% dividend out of the consolidated PATMI.

Revenue for the period also improved, rising 18.1% YoY to $50.8m, buoyed by the Singapore market.
Whilst posting higher PATMI, the company also reported declines in its other financial metrics.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 2.9% YoY to $16.41m, whilst other income fell 19.8% YoY to $6.97m.

Econ Healthcare attributed its lower other income to a decrease in funding for ECON Care Residences (Henderson), jobs growth incentive grants of $0.1m, staff accommodation grants of $0.1m, workforce development grants of $0.1m, and grants on healthcare hiring in advance initiatives of $0.3m.

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ECON Healthcare Group

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