Linda Lisahapanya, Managing Director of Bumrungrad Hospital Public Company Limited (SET: BH), revealed that the company’s operating results for 3Q25 showed a net profit of THB 2,035 million, up 4.1% from the same period last year, which recorded a net profit of THB 1,955 million.
The growth was due to an increase in total revenue and a 0.9% reduction in hospital operating costs (including depreciation and amortization), representing a positive change compared to the revenue growth from hospital operations. Additionally, selling expenses decreased by 10%, thanks to lower marketing expenses.
In 3Q25, the company reported total revenue of THB 6,582 million, increasing by 2.1% from THB 6,447 million in the same period last year. This was driven by a 1.7% increase in hospital revenue, primarily from a 3.5% growth in international patients—particularly a 9.9% increase in Middle Eastern patients, a 21.2% rise in Myanmar patients, and a 31.2% surge in Bangladeshi patients—which offset a 1.7% decline in Thai patient revenue. Revenue proportion from Thai patients was 33.2%, while foreign patients contributed 66.8%, compared to 34.3% and 65.7% respectively during the same period last year.
For the first nine months of 2025, the company posted a net profit of THB 5,626 million, a decrease of 4.2% from THB 5,872 million in the same period last year, due to higher administrative expenses mainly from staff-related costs.
Total revenue for the period stood at THB 18,890 million, down 2.3% from 19,343 million baht in the previous year, owing to a 2.9% drop in hospital business revenue, consistent with a 4.3% decrease in foreign patient revenue and a slight 0.2% decrease in Thai patient revenue. Over the nine-month period, Thai patient revenue accounted for 34.9% while foreign patients made up 65.1%, compared with 34% and 66%, respectively, in the same period last year.
Thanachart Securities maintained a “Buy” recommendation on BH shares, setting a target price at THB 216, anticipating 4Q25 profit growth from the same period last year.
For 3Q25, BH reported a net profit in line with forecasts at approximately THB 2 billion, rising 4% year-on-year and up 10% from the previous quarter, in line with increased foreign patient revenue and improved margin (margin).
Nine-month profit for 2025 represents 75% of full-year estimates. Revenue was THB 6.5 billion, up 2% year-on-year and up 8% quarter-on-quarter, with foreign patient revenue rising 3.5% year-on-year and climbing 12% quarter-on-quarter, especially from the Middle East, Myanmar, and Bangladesh.
