Raffles Medical Group Income Statement

Financials in millions SGD. Fiscal year is January - December.

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	765.3	751.56	706.92	822.92	723.79
Other Revenue	-	0.85	1.12	2.03	1.44
Revenue	765.3	752.41	708.04	824.95	725.23
Revenue Growth (YoY)	1.71%	6.27%	-14.17%	13.75%	27.64%
Cost of Revenue	418.26	413.39	392.1	424.85	530.24
Gross Profit	347.04	339.02	315.94	400.1	194.99
Selling, General & Admin	168.56	168.47	138.31	109.2	5.44
Amortization of Goodwill & Intangibles	1.57	1.55	1.53	1.93	2.6
Other Operating Expenses	41.22	42.33	32	41.22	34.22
Operating Expenses	256.37	253.94	207.76	186.83	76.79
Operating Income	90.67	85.08	108.19	213.26	118.2
Interest Expense	-4.09	-5.78	-6.08	-6.85	-6.36
Interest & Investment Income	7.33	10.25	9.76	2.74	0.63
EBT Excluding Unusual Items	93.91	89.55	111.87	209.15	112.48
Impairment of Goodwill	-0.32	-2.6	-	-5.87	-3.78
Asset Writedown	-	-0	7.4	-12.03	0.41
Other Unusual Items	-	0.02	0.17	0.08	6.47
Pretax Income	93.59	86.96	119.44	191.34	115.58
Income Tax Expense	22.52	24.68	28.35	47.94	31.87
Earnings From Continuing Operations	71.07	62.28	91.09	143.4	83.72
Minority Interest in Earnings	-0.5	-0.04	-0.94	-0.19	0.46
Net Income	70.57	62.24	90.15	143.21	84.17
Net Income to Common	70.57	62.24	90.15	143.21	84.17
Net Income Growth	13.38%	-30.96%	-37.05%	70.15%	27.74%
Shares Outstanding (Basic)	1,850	1,857	1,859	1,857	1,868
Shares Outstanding (Diluted)	1,854	1,861	1,869	1,866	1,876
Shares Change (YoY)	-0.36%	-0.41%	0.12%	-0.54%	1.96%
EPS (Basic)	0.04	0.03	0.05	0.08	0.05
EPS (Diluted)	0.04	0.03	0.05	0.08	0.04
EPS Growth	14.07%	-30.70%	-37.16%	70.82%	25.42%
Free Cash Flow	93.46	66.98	168.79	171.21	110.17
Free Cash Flow Per Share	0.05	0.04	0.09	0.09	0.06
Dividend Per Share	0.030	0.025	0.024	0.038	0.018
Dividend Growth	20.00%	4.17%	-36.84%	111.11%	-28.00%
Gross Margin	45.35%	45.06%	44.62%	48.50%	26.89%
Operating Margin	11.85%	11.31%	15.28%	25.85%	16.30%
Profit Margin	9.22%	8.27%	12.73%	17.36%	11.61%
Free Cash Flow Margin	12.21%	8.90%	23.84%	20.75%	15.19%
EBITDA	132.88	115.09	132.9	239.72	143.3
EBITDA Margin	17.36%	15.30%	18.77%	29.06%	19.76%
D&A For EBITDA	42.21	30.01	24.71	26.46	25.1
EBIT	90.67	85.08	108.19	213.26	118.2
EBIT Margin	11.85%	11.31%	15.28%	25.85%	16.30%
Effective Tax Rate	24.07%	28.38%	23.73%	25.05%	27.57%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.