Raffles Medical PATMI up 13.4% on stronger hospital services, insurance arm

Hospital services accounted for $41.1m of the profit.

Raffles Medical Group reported a profit after tax and minority interests of $70.6m for financial year 2025, a 13.4% increase from $62.2m recorded in 2024.

Full-year group revenue rose 1.8% to $765.3m. Diluted earnings per share increased to 3.81 cents from 3.34 cents in the prior year. The board proposed a final dividend of 3.0 cents per share, representing a payout ratio of 84% of profit.

The hospital services division contributed $357.8m in revenue and $41.1m in profit. Healthcare services revenue stood at $285.9m, according to the statement.

Raffles Health Insurance revenue grew 4.1% to $185.2m, with profit rising 50.6% year on year. China operations generated revenue of $65.4m.

The group held $310.8m in cash and cash equivalents at year-end. Operating cash flows for the period totalled $101.3m, whilst net asset value per share increased to 57.52 cents from 56.50 cents.

Goodwill had a carrying value of $7.7m after an impairment loss of $316,000. Investment properties in Singapore were valued at $233.6m, down from $246.1m in 2024.

Property, plant and equipment totalled $741.4m, including hospitals in China, where management identified impairment indicators, the statement said.

Insurance contract liabilities reached $64.6m—accounting for 17.3% of total liabilities—and were measured under SFRS(I) 17 standards.

KPMG LLP issued an audit opinion stating that the financial statements give a true and fair view of the group’s position as at 31 December 2025.

The audit identified the valuation of goodwill, investment properties, property, plant and equipment, and insurance contract liabilities as key audit matters.

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