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– Revenue increases by 49% to S$205.6 million and Profit After Tax increases by 98% to S$39.4 million for FY2021
– Core dental and medical clinics segment continues strong growth with 27% increase in revenue for FY2021
– Declares fourth interim dividend of 1.0 Singapore cent per ordinary share for 4Q2021, giving total dividends of 4.0 Singapore cents per ordinary share for FY2021 and a dividend yield of 7%[1]
SINGAPORE, Feb 23, 2022 – (ACN Newswire) – Q&M Dental Group (Singapore) Limited (“Q&M” or together with its subsidiaries, the “Group”), a leading private dental healthcare group in Asia, today reported the highest-ever revenue and profit after tax of S$205.6 million and S$39.4 million respectively for the financial year ended 31 December 2021 (“FY2021”). This is the best set of financials in Q&M’s 25-year history since its founding in 1996. Net profit after tax attributable to shareholders for FY2021 jumped 55% to S$30.5 million compared to S$19.7 million compared to a year ago.
Quarterly Financial Performance since the start of Covid-19 (From 4Q2019)
The Covid-19 pandemic had no impact on the Group’s core dental and medical clinics business segment and continued its strong growth trend. On a Quarterly basis, the Group’s revenue also recorded a steady increase from S$36.4 million in 4Q2019 to S$53.3 million in 4Q2021 .
FY2021 Financial Performance
For the FY2021, total revenue improved by S$68.0 million or 49% from S$137.6 million to S$205.6 million. Revenue from dental and medical clinics increased by 27% to S$160.2 million. The increase was mainly due to higher revenue from existing and new dental clinics in Singapore.
Revenue from medical laboratory and dental equipment & supplies segment jumped by 304% to S$45.4 million. The increase was mainly due to revenue from the Group’s Covid-19 medical laboratory business. The medical laboratory license from MOH was obtained in September 2020.
The Group’s EBITDA for FY2021 correspondingly increased by 68% to S$63.3 million, from S$37.7 million in the previous period.
The Group’s net profit after tax in FY2021 increased by 98% to S$39.4 million from the S$19.8 million recorded in FY2020. PATMI (Profit after tax attributable to Shareholders excluding Minorities) grew by 55% to S$30.5 million, from S$19.7 million in the previous period.
Earnings per share increased to 3.23 Singapore cents for FY2021, from 2.09 Singapore cents in the previous period.
As at 31 December 2021, the Group’s financial position remains strong with net assets of S$97.8 million, as well as cash and cash equivalents of S$47.6 million. Bank borrowings and financial liabilities amounted to S$83.7 million.
Fourth interim Dividend
The Group declares a fourth interim dividend of 1.0 Singapore cent per ordinary share for 4Q2021. In the last three quarters of 2021, the Group paid 1.0 Singapore cent in 1Q2021, 1.0 Singapore cent in 2Q2021 and 1.0 Singapore cent in 3Q2021. The total dividends work out to 4.0 Singapore cents for FY2021 translating to a 7% dividend yield based on closing share price of 56.5 cents and a dividend payout ratio of 113%. The 4Q2021 dividend will be paid on 24 March 2022.
Operational Update – Growth & Expansion in medical clinics
As at 31 December 2021, the Group has 136 dental clinics as compared to 118 in 31 December 2020, an increase of 18. The Group’s number of medical clinics in Singapore remained unchanged at 5. (See Table 1)
In Singapore, the Group’s number of dental clinics in Singapore grew to 97 in FY2021 from 83 in FY2020. The Group opened 15 new clinics and …
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