Link: https://links.sgx.com/1.0.0/corporate-announcements/GQM96WPCV7TXKVDT/de38e5d42e99cdcac5e4945b50187fbe00c2af24f6d25060a6f2d679107b9903

Summary:

• Revenue: S$394.7 million (up 12.4% from S$351.2m last year), mainly due to Malaysia Oncology Center ramp-up, increased revenue intensity in Singapore, and full-year inclusion of Vietnam from FEMVN acquisition.

• Net (Loss)/Profit: Net loss of S$47.6 million (vs. net profit of S$14.2m in FY2024), largely due to a one-off goodwill impairment of S$75.1 million relating to FEMVN. Excluding this, pre-tax profit would have been S$34.5m.

• Adjusted EBITDA: S$75.1 million (down 10.3%), but underlying cash generation remained healthy.

• Earnings per Share: (0.180) cent (down from 0.054 cent).

• Net Asset Value per Share: 2.07 cents (down from 2.18 cents).

• Dividends: No final dividend declared (previous year: 0.04 cent/share).

• Assets and Borrowings: Total assets S$1.78 billion (flat YoY); net cash at S$124.2 million. Total interest-bearing borrowings stable around S$1.1 billion.

• Segment/Geographic Highlights:

  • Singapore revenue declined by 4.9% due to the end of project-related care facilities business; higher revenue intensity from local operations.

  • Malaysia revenue up 5.2%, with new Oncology Centre contributing.

  • Vietnam saw a full-year revenue contribution post-acquisition, but a lower patient load flagged.

  • Balance sheet remains robust despite higher provisioning and new capital investments.

Outlook: Group remains focused on core operations, expanding higher-complexity and regional healthcare services, and leveraging new facilities in Malaysia and Vietnam, with a stronger emphasis on operational discipline amid macroeconomic and sector headwinds. No dividend is proposed for this year, with a view to preserving capital and ensuring long-term sustainable growth.