Bumrungrad Hospital Public Company Limited (SET: BH) has released its full-year 2025 financial results, revealing a slight contraction in both top-line and bottom-line performance compared to the previous year.
The hospital reported a net profit of THB 7,512 million, representing a 3.4% decrease from the THB 7,775 million achieved in 2024. Total revenues for the year reached THB 25,449 million, down 1.6% from THB 25,862 million in 2024.
The decline in revenue was largely driven by a 2% dip in hospital operations, which totaled THB 25,134 million. This downturn was felt across both major patient segments: revenue from Thai patients fell by 1.8%, while the non-Thai segment—which still accounts for a dominant 65.6% of hospital revenue—contracted by 2%.
Despite the revenue pressure, BH demonstrated significant cost discipline. The cost of hospital operations was reduced by 2.8% to THB 12,151 million, a favorable change that outpaced the revenue decline. Additionally, selling expenses saw a sharp 11.3% reduction, primarily due to lower marketing expenditures. However, these savings were partially offset by a 3.3% rise in administrative expenses, driven by increased personnel costs. This operational efficiency allowed BH to improve its EBITDA margin to 39.9%, up from 39.6% in 2024.
A critical factor impacting the final profit figure was the sharp reduction in tax benefits under the BOI Investment Promotion. The applicable tax deduction rate was slashed from 200% in 2024 to 120% in 2025, causing BOI tax benefits to plummet by 92.9% to just THB 10 million. Consequently, corporate income tax expense rose to THB 1,737 million, compared to THB 1,604 million in 2024. As a result, Basic Earnings Per Share (EPS) ended the year at THB 9.45, compared to THB 9.78 in 2024.
Despite the slight dip in annual profit, the Board of Directors has proposed a total dividend of THB 11 per share for 2025, which includes an already paid interim dividend of THB 2 per share, a year-end dividend of THB 3 per share, and a special dividend of THB 6 per share. The dividend payment date is scheduled for May 12, 2026, with ex-dividend (XD) date on March 17, 2026.
