SINGAPORE : Raffles Medical Group has booked record revenue and earnings for first quarter of this year.
Revenue for the three months ended in March came in at S$37.7 million, up 22 percent year-on-year, while net profit rose 42.5 percent to S$4.1 million.
Raffles Medical said the jump was due to better demand in its two main business divisions - Raffles Hospital and healthcare services.
The current buoyant economic climate means more employers are hiring. And according to Raffles Medical Group, this is fuelling demand by corporate clients for pre-employment medical checks at its clinics islandwide.
Its flagship hospital along North Bridge Road is also benefiting from an increased patient-load, particularly from overseas visitors.
Dr Loo Choon Yong, Executive Chairman, Raffles Medical Group, said, "Currently 35 percent of the patients in the hospital are foreigners. We expect this to grow within a few years, to be 50-50, half foreigners and half locals. Where do they come from? They come from 120 different countries. Of course, the bulk - 30 percent or so - come from Indonesia."
Raffles Medical is seeking to draw patients from new markets - especially Vietnam and Russia - by widening its network of associate clinics.
It is also planning to invest up to S$200 million with a partner in China, to set up either a medical centre or a new hospital in the country.
Dr Loo said, "We are actively exploring. Medical Centres are easier, and obviously we would put them in gateway cities like Shanghai or Beijing.
"We are also actively exploring having a 300-bed hospital in Beijing or Shanghai. But hospitals will be more involved. There will be more capital needed and the regulations will be more stringent."
Raffles Medical is hoping to have a deal firmed up in about 18 months.
Revenue for the three months ended in March came in at S$37.7 million, up 22 percent year-on-year, while net profit rose 42.5 percent to S$4.1 million.
Raffles Medical said the jump was due to better demand in its two main business divisions - Raffles Hospital and healthcare services.
The current buoyant economic climate means more employers are hiring. And according to Raffles Medical Group, this is fuelling demand by corporate clients for pre-employment medical checks at its clinics islandwide.
Its flagship hospital along North Bridge Road is also benefiting from an increased patient-load, particularly from overseas visitors.
Dr Loo Choon Yong, Executive Chairman, Raffles Medical Group, said, "Currently 35 percent of the patients in the hospital are foreigners. We expect this to grow within a few years, to be 50-50, half foreigners and half locals. Where do they come from? They come from 120 different countries. Of course, the bulk - 30 percent or so - come from Indonesia."
Raffles Medical is seeking to draw patients from new markets - especially Vietnam and Russia - by widening its network of associate clinics.
It is also planning to invest up to S$200 million with a partner in China, to set up either a medical centre or a new hospital in the country.
Dr Loo said, "We are actively exploring. Medical Centres are easier, and obviously we would put them in gateway cities like Shanghai or Beijing.
"We are also actively exploring having a 300-bed hospital in Beijing or Shanghai. But hospitals will be more involved. There will be more capital needed and the regulations will be more stringent."
Raffles Medical is hoping to have a deal firmed up in about 18 months.
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