Raffles Medical jumps 6.7% on 100 million share buyback plan; posts 4.3% rise in H2 profit to S$31.6 million
PRIVATE healthcare provider Raffles Medical Group posted a 4.3 per cent rise in net profit to S$31.6 million for its second half ended Dec 31, 2024, from S$30.3 million in the previous corresponding period.
The group also intends to buy back up to 100 million shares, representing 5.3 per cent of its total ordinary issued shares, over the next two years, it said in a bourse filing on Monday (Feb 24).
Following the news, the counter jumped 6.7 per cent to peak at S$0.88 as at 10.24 am, and closed at this price on Monday.
In an earnings briefing after the results, executive chairman Dr Loo Choon Yong said the share buyback plan comes as the company’s cash flow is still strong.
He added that the group’s China operations continues to improve, and will eventually add to Raffles Medical’s cash flow.
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