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Health Services

Raffles Medical Group Ltd.

Company Background

Raffles Medical Group is the largest private medical service operator in Singapore. It operates over 100 multidisciplinary clinics across Singapore, as well as medical centers in Hong Kong and Shanghai. Its renowned medical tourism business is supported by its flagship facility Raffles Hospital, located adjacent to the central business district in the city-state. Specialized clinics with highly-skilled doctors recruited from all over the world attract patients globally.

Raffles Medical started in 1976 when Dr. Loo Choon Yong, co-founder and current executive chairman, and his classmate Dr. Alfred Loh, set up two private clinics in the financial district and tourist district of Singapore. The company went public in 1997. Loo is the second-largest shareholder of the group, after the holding company Raffles Medical Holdings. The group is expanding capacity. In Singapore, the group plans to open additional hospital space on newly-acquired land adjacent to Raffles Hospital in 2016. It is also developing a five-story commercial building housing medical clinics and retail shops in western Singapore, which it plans to open the same year. Overseas, the group is focusing on growth in China and Hong Kong, with plans to develop and operate hospitals offering tertiary care in Shenzhen and Shanghai.

Business Summary

Raffles Medical Group Ltd. is an investment holding company, which engages in the operation of medical clinics and other general medical services. It operates through the following segments: Healthcare Services, Hospital Services, and Investment Holdings. The Healthcare Services segment includes the management of medical clinics and other general medical services, provision of health insurance, trading in pharmaceutical and nutraceutical products and diagnostic equipment, and provision of management and consultancy services. The Hospital Services segment provides specialized medical services and operates hospital and business of medical laboratory and imaging center. The Investment Holdings segment refers to the investment properties. The company was founded by Choon Yong Loo and Alfred Loh in 1976 and is headquartered in Singapore.

Financial Highlights

Dec 2020 SGDUSD
Gross Profit105.23M76.29M
Operating income69.36M50.28M
Income before tax84.43M61.21M
Net income65.89M47.76M
Diluted EPS0.030.02
Dividends Per Share0.020.01
Total Assets1,404.13M1,062.40M
Total liabilities489.73M370.54M
Total equity898.99M680.20M
Operating cash flow129.10M93.59M
Currency in SGDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 473.60M 477.58M 489.13M 522.03M 568.20M
Gross Profit 125.55M 121.36M 125.16M 114.92M 105.23M
Operating income 78.57M 77.28M 81.00M 74.69M 69.36M
Income before tax 82.93M 80.81M 84.13M 75.92M 84.43M
Net income 70.21M 70.77M 71.05M 60.27M 65.89M
EBITDA 93.23M 92.28M 99.27M 103.95M 104.85M
Diluted EPS 0.04 0.04 0.03 0.03 0.03
Dividends Per Share 0.02 0.02 0.02 0.02 0.02
Total Assets 900.63M 1,005.86M 1,116.28M 1,284.82M 1,404.13M
Total liabilities 218.78M 254.23M 299.66M 427.96M 489.73M
Total equity 666.38M 734.05M 800.48M 840.89M 898.99M
Operating cash flow 80.04M 83.64M 92.60M 108.34M 129.10M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 343.03M 345.95M 362.50M 382.67M 411.92M
Gross Profit 90.94M 87.91M 92.76M 84.24M 76.29M
Operating income 56.90M 55.98M 60.03M 54.75M 50.28M
Income before tax 60.06M 58.54M 62.35M 55.65M 61.21M
Net income 50.85M 51.27M 52.66M 44.18M 47.76M
EBITDA 67.53M 66.84M 73.57M 76.20M 76.01M
Diluted EPS 0.02 0.02 0.02 0.02 0.02
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 623.40M 752.66M 818.99M 955.50M 1,062.40M
Total liabilities 151.44M 190.23M 219.85M 318.27M 370.54M
Total equity 461.26M 549.27M 587.29M 625.36M 680.20M
Operating cash flow 57.97M 60.59M 68.63M 79.41M 93.59M

Valuation Measures

Dec 2020
Operating margin12.20%
Profit margin11.59%

Key executives

  • Chief Financial Officer: Sheila Ng Won Lein
  • Senior Clinical Director: Alfred Loh
  • Chief Information Officer: Kah Ling Teo
  • Medical Director: Wong Wilson
  • Group Commercial Director: Soon Neo Tan


  • LOO CHOON YONG (52.2%)
  • S&D Holdings Pte Ltd. (3.2%)
  • Aberdeen Standard Investments (Asia) Ltd. (1.3%)
  • The Vanguard Group, Inc. (1.2%)
  • Global Alpha Capital Management Ltd. (1.2%)
  • Norges Bank Investment Management (1.0%)
  • TAN TIANG LEE (0.8%)
  • BlackRock Fund Advisors (0.7%)
  • 1832 Asset Management LP (0.5%)
  • Dimensional Fund Advisors LP (0.5%)

Contact Details

Related Companies

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  • Raffles Health Insurance Pte Ltd.
  • Raffles Hospital Pte Ltd.
  • Raffles Medical Properties Pte Ltd.


    Last Updated on 17 Jan, 2022

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