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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 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 2021 SGDUSD
Gross Profit154.22M114.76M
Operating income121.30M90.26M
Income before tax115.58M86.00M
Net income84.17M62.63M
Diluted EPS0.040.03
Dividends Per Share0.010.01
Total Assets1,545.28M1,146.22M
Total liabilities568.66M421.81M
Total equity960.79M712.67M
Operating cash flow154.00M114.60M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 477.58M 489.13M 522.03M 568.20M 723.79M
Gross Profit 121.36M 125.16M 114.92M 105.23M 154.22M
Operating income 77.28M 81.00M 74.69M 69.36M 121.30M
Income before tax 80.81M 84.13M 75.92M 84.43M 115.58M
Net income 70.77M 71.05M 60.27M 65.89M 84.17M
EBITDA 92.28M 99.27M 103.95M 104.85M 160.63M
Diluted EPS 0.04 0.03 0.03 0.03 0.04
Dividends Per Share 0.02 0.02 0.02 0.02 0.01
Total Assets 1,005.86M 1,116.28M 1,284.82M 1,404.13M 1,545.28M
Total liabilities 254.23M 299.66M 427.96M 489.73M 568.66M
Total equity 734.05M 800.48M 840.89M 898.99M 960.79M
Operating cash flow 83.64M 92.60M 108.34M 129.10M 154.00M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 345.95M 362.50M 382.67M 411.92M 538.59M
Gross Profit 87.91M 92.76M 84.24M 76.29M 114.76M
Operating income 55.98M 60.03M 54.75M 50.28M 90.26M
Income before tax 58.54M 62.35M 55.65M 61.21M 86.00M
Net income 51.27M 52.66M 44.18M 47.76M 62.63M
EBITDA 66.84M 73.57M 76.20M 76.01M 119.53M
Diluted EPS 0.02 0.02 0.02 0.02 0.03
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 752.66M 818.99M 955.50M 1,062.40M 1,146.22M
Total liabilities 190.23M 219.85M 318.27M 370.54M 421.81M
Total equity 549.27M 587.29M 625.36M 680.20M 712.67M
Operating cash flow 60.59M 68.63M 79.41M 93.59M 114.60M

Valuation Measures

Dec 2021
Operating margin16.75%
Profit margin11.62%

Key executives

  • Chief Financial Officer: Sheila Ng Won Lein
  • Senior Clinical Director: Alfred Loh
  • Chief Information Officer: Kah Ling Teo
  • Medical Director: Wong Wilson
  • Deputy Managing Director: Vincent Chia


  • LOO CHOON YONG (52.4%)
  • S&D Holdings Pte Ltd. (3.3%)
  • The Vanguard Group, Inc. (1.3%)
  • Global Alpha Capital Management Ltd. (1.2%)
  • Raffles Medical Group Ltd. (1.0%)
  • Norges Bank Investment Management (0.9%)
  • TAN TIANG LEE (0.8%)
  • BlackRock Fund Advisors (0.7%)
  • 1832 Asset Management LP (0.6%)
  • Dimensional Fund Advisors LP (0.5%)

Contact Details

Related Companies

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


    Last Updated on 27 May, 2022

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