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STOCKS | Staff Reporter, Singapore
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Raffles Medical Group's net profit grows 6.9% in 2020

The healthcare provider plans to continue supporting efforts to address the COVID-19 pandemic.

Raffles Medical Group reported a net profit of $64.670 million for the full year of 2020, a 6.9% increase from the $60.522 million it earned the previous year.

It attributed its profit to quick action from the government, allowing the company to retain its employees.

“The government’s timely support enabled the Group to retain all staff and avoid any retrenchment. In response to the impact on the Group’s operations, staff members of the Group’s workforce were effectively redeployed to support the Government’s national projects in the fight against COVID-19,” the company noted in a disclosure to the Singapore Exchange.

To respond to the pandemic, Raffles Medical Group has expanded their capability to take in more patients under its Emergency Care Collaboration with the Ministry of Health. The group has also provided fresh services such as polymerace chain reaction and serology testing, and is working with the government on the national vaccination drive.

Moing forward, it plans to expand its digital healthcare offerings and strengthen its foothold in China through its Beijing, Chongqing, and Shanghai hospitals.

For the next five years, starting in 2021, Raffles Medical Group plans to dedicate 1% of its profits to philantrophic programs.

“As a healthcare company and a home-grown Singapore brand, our unique Raffles’ experience, expertise and infrastructure will empower us to make a significant difference and impact many lives in our communities,” said executive chairman Dr. Loo Choon Yong in a statement.

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