English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 28 February 2024, 19:00 HKT/SGT
Share:
    

Source: AsiaMedic Limited
AsiaMedic achieves record revenue of S$23.5 million for FY2023 amid expansion of its medical imaging and aesthetics businesses

· Significant capacity expansion for the Group’s diagnostic imaging and radiology service following the addition of SIGNA™ Hero 3T MRI scanner
· Maiden contribution post-acquisition of LE Private Clinic contributed to the increase in medical aesthetics services revenue
· The Group continues to explore potential opportunities for further expansion following 3rd consecutive year of revenue growth, backed by resilient balance sheet

Financial Highlights

FY2023

FY2022

Change (%)

(S$’000)

 

 

 

Revenue

23,513

18,882

25

Net Profit[1]

1,921

2,186

(12)

EBITDA[2]

3,356

3,433

(2)

 

 

 

 

Group

31 Dec 2023

31 Dec 2022

 

Net Assets

13,257

10,941

21

Net Asset Value per share (cents)

1.15

0.98

20

[1] Net profit attributable to owners of the Company
[2] Earnings before interest, taxes, depreciation, and amortisation

SINGAPORE, Feb 28, 2024 - (ACN Newswire) - SGX Catalist-listed AsiaMedic Limited (the “Company” and together with its subsidiaries, the “Group”) announced its financial results for the financial year ended 31 December 2023 (“FY2023”).

The Group’s FY2023 revenue increased by S$4.6 million or 25% from S$18.9 million for FY2022 to S$23.5 million due to the increase in revenue from the imaging and aesthetic businesses. The Group’s other income also increased by 71% to S$0.7 million due mainly to higher interest income from short- term investments and sub-lease income.

The Group’s EBITDA held steady at S$3.4 million for FY2023.

Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited, said, “We are encouraged by the record high revenue achieved for FY2023 following three consecutive years of revenue growth.

The growing referrals from specialist clinics and hospitals reflect the Group’s position as a preferred provider of diagnostic imaging and radiology services. We will continue to invest in the latest technology to enhance the patient experience.”

In September 2023, the Group became the first in Asia Pacific to commence operations of the SIGNA™ Hero 3T MRI scanner which delivers higher image quality with improved efficiency, comfort, and productivity. In February 2024, the Group replaced its CT scanner with a new cutting-edge platform with best-in-class technology.

“Our immediate priorities are to ensure the smooth integration of the Group’s newly acquired medical aesthetics business, strengthening the operations of our primary healthcare services and intensify our collaboration with insurance companies to open new opportunities for the Group’s medical wellness and health screening services,” he added.

FY2023 Income Statement

With the increase in revenue, the Group’s consumables expenses increased by 12% to S$1.7 million, personnel expenses increased by 22% to S$12.2 million, laboratory and consultancy fees increased by 55% to S$3.6 million, and other operating expenses increased by 17% to S$2.8 million.

Depreciation of plant and equipment increased by 232% to S$0.9 million due to equipment purchased in FY2022 and FY2023, as well as depreciation charge with the reversal of impairment for equipment in 2H2022.

Depreciation of right-of-use assets increased due to the depreciation charge with the reversal of impairment of right-of-use assets in 2H2022, and the leasing of new clinic space at Orchard Building.

Finance costs increased by 75% to S$0.4 million due mainly to a higher interest rate applied for the lease modification recognised in 2H2022, the leasing of new clinic space at Orchard Building, and the bank financing obtained for the purchase of the MRI scanner in September 2023.

As a result of the above, the Group registered a net profit of S$1.9 million for FY2023, translating to a net margin of 8.2%.

Financial Position and Cashflow

The Group’s balance sheet remained resilient, with net assets increasing from S$10.9 million as at 31 December 2022 to S$13.3 million as at 31 December 2023.

For FY2023, the Group achieved strong net cash flow from operations of S$3.4 million, more than double compared with S$1.2 million recorded in FY2022 due to the improved performance of the imaging business and a lower working capital requirement in FY2023.

The Group continues to explore potential opportunities for further expansion and long-term growth.

This press release should be read in conjunction with the financial statements announcement for FY2023 uploaded on SGXNet.

For media and analysts’ queries, please contact:
Waterbrooks Consultants
Wayne Koo
T: (65) 9338 8166
E: wayne.koo@waterbrooks.com.sg

About AsiaMedic Limited

AsiaMedic Limited together with its subsidiaries (“AsiaMedic” or the “Group”) is a leading healthcare provider in Singapore which provides holistic solutions through integrated application of the latest medical technologies to prevent and detect early illnesses to achieve positive experiences and clinical outcomes for patients.

The Group is committed to helping clients through practical and personalised solutions delivered with the highest professional standards of service and expertise in a timely, safe and consistent manner. Conveniently located at Orchard Road, AsiaMedic is a preferred one-stop centre for:

· Diagnostic imaging and radiology services
· Medical wellness and health screening services
· Primary healthcare services
· Medical aesthetic services and products

For more information, please visit www.asiamedic.com.sg



Topic: Press release summary
Source: AsiaMedic Limited

Sectors: BioTech, Healthcare & Pharm
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
HK Book Fair, Sports and Leisure Expo and World of Snacks open today  
July 18, 2025 08:25 HKT/SGT
IP Roundtable and International Publishing Forum held at Hong Kong Book Fair today  
July 18, 2025 08:24 HKT/SGT
Latest GA Autonomous Jet Demo Features Live Air-to-Air Engagement Capability  
July 18, 2025 00:05 HKT/SGT
Belgian Aircrew Completes MQ-9B Training  
July 18, 2025 00:05 HKT/SGT
A New Transatlantic Partnership for European CCA  
July 18, 2025 00:00 HKT/SGT
MHI-AP Awarded Long-term Service Contract for the Garabogazkarbamid Fertilizer Plant in Turkmenistan
  
Thursday, July 17, 2025 6:07:00 PM
Cornerstone Robotics Signs MOU with NHG Health and NTU Singapore to Facilitate Accessibility of RAS to Patients in Singapore  
July 17, 2025 17:45 HKT/SGT
Hong Kong Picture Book Publishing Support Programme Cultivates New Creative Forces, Eight Local Illustrators Shine on the International Stage  
July 17, 2025 16:51 HKT/SGT
Mitsubishi Motors Premieres the All-New Destinator in Indonesia  
Thursday, July 17, 2025 4:21:00 PM
Hitachi, global investment firm Brookfield, and global commodities trading firm Hartree Begin to Explore a Funding Scheme in the Environmentally-friendly Digital Infrastructure Sector  
Thursday, July 17, 2025 1:16:00 PM
More Press release >>
 Events:
More events >>
Copyright © 2025 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575