AsiaMedic Limited, the SGX Catalist-listed healthcare provider, has reported a record revenue of S$28.9 million for the financial year ended December 31, 2024 (FY2024), marking a 23% increase from S$23.6 million in FY2023. This impressive performance represents the fourth consecutive year of revenue growth for the Group since FY2020.
The strong revenue growth was primarily driven by increased patient volume in the Group's diagnostic imaging and radiology services, validating AsiaMedic's strategic expansion initiatives in recent years. The company's net assets grew by 28% to S$16.9 million as of December 31, 2024, reflecting its solid financial foundation and commitment to long-term growth.
AsiaMedic’s MRI Scan
A significant milestone for AsiaMedic is the opening of its new Sunway Imaging Centre in Novena, which officially commenced operations on February 21, 2025. This new facility nearly doubles the Group's diagnostic imaging capacity, positioning it to better serve the growing demand from specialist clinics and hospitals in Singapore's expanding healthcare sector.
The Group's expansion strategy also included enhancing its operations at Shaw House, supported by investments in advanced medical equipment and the recruitment of skilled healthcare professionals. These strategic initiatives have strengthened AsiaMedic's competitive position in the market while maintaining its commitment to excellence in patient care.
Despite increased operational costs associated with business growth and pre-opening expenses for the Novena Centre, AsiaMedic demonstrated resilience in its financial performance. The Group achieved an operating profit (before interest, tax, and depreciation) of S$3.7 million for FY2024, representing a 4% improvement compared to S$3.5 million in FY2023.
The company reported a profit before tax of S$0.6 million, a 38% decrease compared to FY2023, mainly due to pre-opening expenses for the Novena Centre. Profit after tax declined by 66% to S$0.6 million, as FY2023 included an income tax credit of S$0.9 million.
While these factors affected profitability for FY2024, the Group's underlying operational performance remained strong, with robust operating cashflow of S$2.5 million backed by a healthy cash balance of S$8.0 million as of December 31, 2024.
Strategic Investments
Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited, emphasised that the record revenue reflects the success of the Group's strategic investments in expanding its healthcare capabilities.
"The opening of our new Novena imaging centre nearly doubles our diagnostic imaging capacity, enabling us to serve more patients while providing our valued doctor partners with streamlined access to diagnostic services and radiological consultation," said Mr Kwek.
He added, "Our investments in new talent and technology to support service expansion will position us to capture growing demand from specialist clinics and hospitals in Singapore's expanding healthcare sector. We hope to realise operational efficiencies and economies of scale as our expanded facilities reach optimal utilisation."
(L-R) Mr Arifin Kwek, Chief Executive Officer, AsiaMedic Limited, Datin Paduka Sarena Cheah, Deputy Executive Chairman, Sunway Group, Ms Joyce Tan, Chief Financial Officer, Sunway Group, and Mr Charles Wang, Non-Executive Chairman, AsiaMedic Limited, at the Grand Opening of AsiaMedic Sunway Imaging Centre
AsiaMedic is well-positioned to capitalise on strong growth opportunities in the healthcare and wellness industry through its established market presence and comprehensive service offerings. Despite industry-wide challenges such as manpower constraints, the Group has maintained its competitive edge through strategic investments in cutting-edge technology, which have enhanced patient experience, streamlined operational workflows, and elevated the quality of care delivery.
The Group's partnership with Sunway Berhad for the Novena Centre strategically complements its existing integrated medical centre at Orchard Road, expanding its capacity to serve a larger patient base.
Additionally, AsiaMedic is well-positioned to support the national Grow Well SG initiative, particularly its Child Health Plan for primary school students. As an established provider of onsite school health screening services, the Group's participation in this significant national initiative further strengthens its medical wellness and health screening services segment.
Looking ahead, AsiaMedic will continue exploring opportunities to expand its service offerings and leverage strategic partnerships to drive sustainable growth. Investments in innovation, digital health solutions, and integrated healthcare services remain key priorities as the Group navigates the evolving healthcare landscape in Singapore and beyond.
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