Bumrungrad Hospital (BH) Q4 2024 earnings summary

Executive summary

• Achieved record-high net profit and EBITDA margins for 2024, with EPS up 11% year-over-year and a proposed record dividend of THB 5 per share, despite revenue declines from the Middle East offset by strong Thai and expat growth.

• Q4 2024 results exceeded guidance, with strong Thai and expat patient volume growth and margin expansion.

• VitalLife subsidiary delivered double-digit growth in revenue, EBITDA, and net profit, reinforcing the focus on scientific wellness and longevity medicine.

• Consolidated financial statements for 2024 received an unqualified opinion from the independent auditor, confirming fair presentation.

• Recognized for outstanding company performance, top corporate brand value, and clinical excellence in regional and global rankings.

Financial highlights

• 2024 total revenue rose 1.1% to THB 25.86 billion; EBITDA up 6.7% to THB 10.24 billion (margin 39.6%); net profit up 11% to THB 7.78 billion (margin 30.1%).

• Q4 2024 revenue was flat year-over-year, but EBITDA and net profit increased by 1.4% and 10.6%, respectively.

• Basic EPS increased to THB 9.78 in 2024 from THB 8.1 in 2023; diluted EPS was THB 8.96.

• Cash and investments reached THB 14.1 billion at year-end; operating cash flow was THB 8.67 billion.

• Interest income nearly doubled year-over-year; effective tax rate reduced to 17% due to BOI CSR tax benefits.

Outlook and guidance

• Management expects continued EPS and EBITDA growth, with margin sustainability dependent on volume, price, cost control, and revenue intensity.

• Q1 2025 guidance provided, with focus on volume growth, margin expansion, and strategic priorities in partnerships and operational efficiency.

• The Board proposed a final dividend of Baht 5 per share for 2024, totaling Baht 3,978 million, subject to AGM approval.

• Management believes adoption of new financial reporting standards in 2025 will not significantly impact financial statements.