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Raffles Medical Group first-half profit doubles on back of COVID-19 jabs, tests

Raffles Medical Group first-half profit doubles on back of COVID-19 jabs, tests

Google Street View of Raffles Hospital at North Bridge Road.

SINGAPORE: Raffles Medical Group more than doubled its first-half net profit thanks to sales from COVID-19 vaccinations and testing, said the group on Monday (Jul 26).

Net profit came in at S$39.4 million in the first half of 2021 versus the S$17.2 million during the same period last year.

As of Monday at 11.59am, shares of Raffles Medical were up $0.10 or 8.3 per cent.

READ: Clinics expect greater demand for COVID-19 testing as Singapore resumes more activities

READ: Singapore to accelerate COVID-19 vaccination programme, increasing daily doses by 70%

“In Singapore, the group continues to support the government’s COVID-19 initiatives,” said Raffles Medical Group in the media release.

“Adapting to the ever-changing nature of the pandemic, it has expanded its operations beyond air-border screening and pre-event testing to include vaccination centres, pre-departure swabbing of cruise passengers, as well as operating dedicated polymerase chain reaction (PCR) testing centres to conduct tests for those exposed to new COVID-19 clusters as they emerge.”

The group’s revenue also jumped 42.4 per cent to S$343.8 million in the first half of this year compared to the S$241.4 million in the same period last year.

In its release, Raffles Medical Group said it set up and operated 17 vaccination centres across Singapore. 

“As the new Delta strain emerged, the group again stepped up to support the government in its efforts to root out COVID-19 clusters through extensive community testing PCR swab tests at its PCR test centres,” it added.

READ: Full COVID-19 vaccination provides 69% protection against infection by Delta variant: Singapore study

The group added that it was optimistic that with progressive vaccination, “borders will reopen and travel may resume in the near future”.

Looking forward, Raffles Medical Group said that Singapore may still be affected by sporadic outbreaks from time to time.

“Despite these challenges, we will continue to focus on providing quality healthcare to all our patients across multiple geographies,” said the group, adding that it also opened a new Raffles Hospital Shanghai on Monday.

“The prospects of the group depend on the COVID-19 status of the geographies we operate in, the vaccination rate of the population thereof, the return of normal economic activities, international travel as well as the attraction of patients to our Raffles Hospitals in China." 

Based on current conditions, and barring unforeseen circumstances - including the worsening of the COVID19 situation in the geographies in which the group operates - Raffles Medical Group said that the directors expect the group to be more profitable for this financial year than last year. 

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Source: CNA/ad(ac)

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