ISEC Healthcare (40T) AGM 2025 presentation summary

Business overview

• Operates a network of 12 eye care centres in Malaysia, 1 in Singapore, and 1 in Myanmar as of April 2025.

• Presence spans key cities in Malaysia, Singapore, and Myanmar, with ambitions for further regional expansion.

• Business model aligns specialist doctors' interests with those of shareholders and emphasizes high-quality, comprehensive eye care services.

• Strong cash flow and ability to replicate its model with advanced technology across markets.

• Well positioned to capture growing demand for private eye care services in the region.

Financial highlights

• FY2024 revenue reached S$74.2 million, up 6% year-on-year, with gross profit margin at 44%.

• Profit after tax was S$12.9 million, down 2% due to a one-off goodwill impairment; excluding this, profit was S$14.4 million, up 10%.

• Earnings per share decreased slightly to 2.23 cents; excluding impairment, EPS would be 2.49 cents, up 10%.

• Net asset value attributable to owners rose to S$90.1 million, or S$0.16 per share.

• Dividends paid/proposed for 2024 total S$5.7 million, representing 44.9% of profit attributable to owners.

Revenue breakdown

• 95% of FY2024 revenue came from specialised health services, which grew 7% year-on-year.

• General health services revenue declined by 10% due to fewer patient visits.

• Malaysia contributed 80% of revenue, Singapore 16%, and Myanmar 4% in FY2024.

• Malaysia revenue grew 6% with three new centres; Myanmar revenue rose 38% due to fee adjustments.