Raffles Medical Group Ltd (RMG) booked profit after tax and minority interests of S$29.0 million for the six months ended Jun 30, 2026, down 9.6 per cent year-on-year, as firmer earnings from hospitals cushioned softer contributions from healthcare and insurance units.
Group revenue slipped 6.7 per cent to S$353.2 million. Diluted earnings per share fell to 1.57 Singapore cents from 1.73 cents a year earlier. The company did not announce any interim dividend.
Hospital Services remained the key earnings driver, with revenue up 11.0 per cent to S$170.2 million and pre-tax profit rising to S$19.7 million from S$17.7 million a year ago, lifting the division’s margin to 11.6 per cent. The Healthcare Services unit posted revenue of S$119.5 million, 16.0 per cent lower year-on-year, and profit slid to S$15.6 million from S$24.9 million as transitional-care occupancy eased. In China, RafflesChinaHealthcare’s revenue climbed 13.0 per cent to CNY184.8 million (S$34.4 million) on higher patient volumes and earlier cost-cutting measures. Raffles Health Insurance narrowed its operating loss to S$1.1 million from S$3.1 million on improved claims experience.
Group EBITDA contracted 5.6 per cent to S$60.1 million, while operating profit slipped 8.4 per cent to S$38.1 million. Operating cash flow nevertheless improved to S$64.6 million from S$56.6 million, helping lift cash and equivalents to S$262.3 million after paying S$55.2 million in dividends and repaying S$51.1 million in bank loans. Net asset value stood at 56.66 Singapore cents per share as at Jun 30, down from 57.52 cents at end-2025.
RMG cited lingering geopolitical tensions, trade frictions and market volatility as external headwinds but expects demand for quality healthcare to stay resilient. Management is prioritising integrated healthcare-insurance offerings, expansion of specialist capabilities across its Asian network and further digitalisation, including potential adoption of artificial-intelligence tools to drive efficiency and patient care.
The board said it expects the group to remain profitable in FY2026, barring unforeseen circumstances.
Executive chairman Dr Loo Choon Yong noted that the group’s milestone of 50 million cumulative patient visits underscores long-term trust in the brand. He added that RMG will leverage its 50-year heritage to deepen regional capabilities and continue investing in innovation to support future growth as it looks toward its “Raffles 100” vision.