SGX-listed Alliance Healthcare sees revenue hit S$20mil in HY2020
By Digital News Asia February 14, 2020
- The Group recently completed the acquisition of Jaga-Mein in Jan 2020
- Intends to launch its telemedicine platform within the next 6 months
Alliance Healthcare Group Limited (SGX: MIJ), an integrated healthcare group leveraging the use of technology to provide an extensive suite of healthcare services primarily in Singapore (Alliance Healthcare), has announced its unaudited consolidated financial results for the half year ended 31 December 2019 (HY2020).
Comparing HY2020 to HY2019, the Group recorded a revenue growth of approximately US$2.74 million (S$3.8 million) or 22.3% to S$20.8 million, with an increase in revenue across all its business segments (Managed Healthcare Solutions, GP Clinics Services, Specialist Care Services and Pharmaceutical Services).
[S$1 = US$0.72]
Revenue from its Managed Healthcare Solutions increased by approximately 12.0% to S$2.9 million due to higher gross value of claims processed by the Group. Revenue from its GP Clinics Services improved by approximately 3.7% to S$8.6 million primarily attributed to improved performance from its clinics.
Specialist Care Services grew significantly in revenue by approximately 88.6% to S$4.9 million mainly contributed by the Group’s orthopaedics clinic that started operations in December 2018.
Revenue from its Pharmaceutical Services increased by approximately 25.0% to S$4.4 million as a result of sales increase within Singapore. The Group’s profit before tax (PBT) increased by approximately S$1.1 million or 118.3% to S$2.0 million in HY2020.
Excluding the effect of IPO-related expenses of S$0.4 million incurred in HY2019, the increase in PBT would have been S$0.7 million. In HY2020, the Group recorded a net profit attributable to shareholders of S$1.6 million, which was significantly higher than S$0.5 million recorded in HY2019.
The Group recently completed its strategic acquisition of 55.0% interest in a digital healthcare platform, Jaga-Me Pte Ltd (Jaga-Me). The Group believes that this acquisition is pivotal in enhancing its competitive position. The Group intends to leverage on Jaga-Me’s technological capabilities and scalable digital platform to support the delivery of holistic care to patients across workplaces, clinics, hospitals and homes.
The acquisition of Jaga-Me will further strengthen the Group’s product portfolio and better position the Group to meet the increasing demand from corporate clients, insurance partners and patients for higher levels of convenience and personalization through smartphone technology.
The Group has also rolled out a centralised clinic management system for its GP clinics and intends to launch its telemedicine platform within the next 6 months. Alliance Healthcare will continue to explore opportunities which will enhance the suite of current medical specialties that the Group provides.
Executive Chairman and CEO of Alliance Healthcare, Dr Barry Thng Lip Mong (pic, left) commented, “We are encouraged by the progress made since the Company’s listing on the Catalist board in May 2019. We are committed for Alliance to win through continuous innovation and excellent execution. We will continue to deliver seamless quality healthcare to the patients, providing differentiated and cost-effective healthcare solutions for various medical needs, such as hospitalization, critical illness care, and chronic care. We remain confident of the four long-term prospects and will stay vigilant during this COVID-19 period to offset any headwinds.”
In view of the current COVID-19 situation, the Group is mindful of the potential near-term dampening effects on the general economy, which may affect the Group’s businesses, particularly its Managed Healthcare Solutions, GP Clinic Services and Specialist Care Services.