camila November 2, 2021

SINGAPORE (THE BUSINESS TIMES) – Livingstone Health Holdings posted a 56 per cent rise in net profit to $2.1 million for its first half ended Sept 30, from $1.3 million a year ago.

This was mainly due to improved contributions from its existing business segments, as well as maiden contributions from new initiatives and the sale and administration of Sinovac vaccines, the specialist healthcare group said in a bourse filing on Tuesday (Nov 2).

Earnings per share stood at 0.65 cent for the half-year period, up from 0.42 cent a year ago.

Revenue for the first half jumped 97 per cent to $16 million, from $8.1 million a year ago. The group said its growth across all segments was propelled by the addition of doctors, new medical practices and allied healthcare services, amid operational challenges due to the Covid-19 pandemic.

No dividend was declared for the half year, versus a dividend of 0.69 cent per share a year ago.

This is the first time the group is reporting its half-year results since it listed on the Catalist board of the Singapore Exchange, following a reverse takeover (RTO) in February.

In September, the Ministry of Health of Singapore also appointed Livingstone Health’s subsidiary to lead the procurement of 101,000 additional doses of Sinovac vaccines on behalf of private healthcare institutions in Singapore.

The group said it has seen strong demand for the vaccines, with the sale and administration of Sinovac vaccines contributing to the S$2.2 million increase in revenue recorded by its primary healthcare division Phoenix Medical Group in the six-month period.

Livingstone Health said it expects its performance for financial year 2022 to improve compared to financial year 2021, given the vaccine procurement, distribution and administration, its growth strategies, as well as the absence of the financial effects of the RTO and RTO-related professional costs.

Shares of Livingstone Health closed at 15.3 cents on Monday (Nov 1), down 0.1 cent, or 0.7 per cent.