Thomson Medical reports steep decline in FY2024 earnings, down 57.8%

SINGAPORE: Thomson Medical Group (TMG) has reported a significant decline in its financial performance for the fiscal year 2024, with earnings plunging by 57.8% compared to the previous year.

The group’s earnings for FY2024 stood at $15.4 million, down from $36.5 million in FY2023. This decline reflects ongoing operational challenges, including reduced income from COVID-19-related projects and the financial impact of strategic investments.

The group’s net profit also saw a substantial decrease, dropping 52.5% year-on-year to $19.5 million from $41.1 million recorded in FY2023.

Despite these challenges, revenue for the period showed only a slight decline of 1.3%, amounting to $351.2 million, indicating some resilience in the group’s core operations.

TMG’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also experienced a slight decline of 0.9% year-on-year, settling at $102.4 million, compared to $103.3 million in the previous year.

The EBITDA was impacted by several factors, including ongoing investments in long-term operations, lower revenues from pandemic-related projects, and foreign exchange losses associated with the acquisition of FV Hospital (FEMVN).

As a result of the downturn, earnings per share for FY2024 fell to $0.058, a marked decrease from $0.138 in the prior period, reflecting the broader financial challenges faced by the group during the year. /TISG