Raffles Medical Group’s profit falls 67.4% YoY top $12.4m in 3Q23

Year-to-date, the company’s profit has declined 25.6% YoY.

Raffles Medical Group posted a 67.4% YoY lower profit after tax of $12.4m in 3Q23.

The healthcare company’s revenue likewise declined in 3Q23, dropping 24.6% YoY to $161.6m.

In a bourse filing, Raffles Medical attributed the moderation in its financial performance to the “discontinuation of COVID-19 activities,” which affected the profitability of its Singapore operations.

Cost inflation likewise eroded the company’s margin.

In China, the company recorded increased patient visits.

“Although revenue has improved, our hospitals in Shanghai and Chongqing are still in the developmental phase and incurring gestational costs” said the company.

To achieve better operating efficiencies, the company commenced “right-sizing and rationalising” its China operations.

Follow the link for more news on

Raffles Medical Group

Financial Statements

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia