Econ Healthcare (Asia) reports better 1HFY2025 earnings with higher revenue
The Edge Singapore
2024-11-12
In line with the better earnings, Econ Healthcare has declared an interim dividend of 0.48 cents, up from 0.23 cents paid for the year earlier.
Nursing operator Econ Healthcare (Asia) has reported earnings of $3.6 million for its 1HFY2025, up 112.9% y-o-y. Revenue in the same period ended Sept was up 33.7% y-o-y to $32.7 million as the company was able to charge higher fees for its nursing homes and also higher capacity.
According to the company, it enjoyed higher revenue too from so-called "ancillary" fees such as ambulance fees, contributed by a recent acquisition.
In line with the better earnings, Econ Healthcare has declared an interim dividend of 0.48 cents, up from 0.23 cents paid for the year earlier.
As at Sept 30, Econ Healthcare had an overall bed occupancy of 92.4% versus 88.4% in the year earlier six months.
According to the company, the nursing home sector in the markets it operates in: Singapore, Malaysia and China are showing "encouraging growth prospects" due to ageing population.
However, it warns that the industry faces broader economic challenges, including labour shortages, inflationary pressures, and shifting family dynamics.
"Our focus remains on delivering high quality care to our clients by investing in staff capability development, innovation and facility upgrades," the company says.
It is also developing specialised service offerings to meet diverse client needs such as the emerging trend of assisted living in the community.
The company notes that manpower costs is going up. "Despite these pressures, the robust and growing demand for elder care services in Singapore and Malaysia presents a promising outlook," the company says.
Econ Healthcare (Asia) shares last changed hands at 20 cents. The share price has held steady year to date.
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