SINGAPORE, 14 August 2023 – Q & M Dental Group (Singapore) Limited ("Q&M") announced its financial results for the first half of 2023, ending on 30 June. The mainboard-listed company reported a net profit after tax attributable to parent of S$5.3 million, a 46% drop from S$9.8 million in the previous financial year.
In the face of challenges, the Core Healthcare Business revenue saw a slight decline, from S$83.7 million in 1H2022 to S$83.3 million in 1H2023. The diminished figures stem from increased revenues from dental clinics in Singapore, offset by a drop in revenue from Singapore medical clinics and the depreciating value of the Malaysian Ringgit affecting the Group's operations in Malaysia. The company's medical laboratory segment also reported a decreased demand for Covid-19 testing.
However, these challenges haven't deterred Q&M’s outlook and confidence in their business strategy. Dr. Ng Chin Siau, Group CEO of Q&M, expressed confidence in the company's direction. He stated, "The continual resilience of Q&M’s Core Healthcare Business is appreciated by our investors and reflects the Group’s foundation. Our focus will remain on organic growth, especially after our significant dental clinic network expansion in Singapore and Malaysia in 2022."
Elaborating on the Group's future strategies, Dr. Ng also emphasized the importance of organic growth. He mentioned, "We will focus on organic growth following the significant expansion of our dental clinic network across Singapore and Malaysia in 2022. We will continue to invest in technology and implement strategies that will enable us to further optimise productivity across our clinic network."
Further, the Group has declared its 1st interim dividend of 0.16 cents per share, with payment set for 13 September 2023. This announcement may appeal to shareholders looking for returns on their investments.
Despite the drop in profit, Q&M shares remained resilient, closing at S$0.29 on Monday before the official announcement. As of noon on Tuesday, the shares even have experienced an uptick, rising by 1.72% during the trading day to S$0.30. Perhaps, the positive market response echoes the CEO's remarks on the shareholder's confidence.
For original article, please visit: Q&M Dental's Profits Slide in H1 2023; Eyes Future Growth Through Organic Strategies- Investor-One