BDMS Reports 17% Growth in 1Q24 Profit from Increased Number of Patients and Cost Control

Bangkok Dusit Medical Services Public Company Limited (SET: BDMS) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

4,073.50 3,467.82
Earning Per Share


0.2600 0.2200
% Change 17.47


BDMS reported a net profit in 1Q24 of Baht 4,074 million, an increase of 17% YoY, due to good growth of Thai and international patients together with favorable cost control. Moreover, effective financial management results in an increase in interest income and a decrease in interest expense.


In 1Q24, total operating income was Baht 26,930 million, an increase of Baht 2,617 million, or 11% YoY, primarily due to the following:

(1) Revenues from hospital operations, which were Baht 25,526 million, an increase of Baht 2,442 million, or 11% YoY, attributed to Thai patient revenue growth of 10% YoY, together with international patient revenue growth of 12% YoY, mainly from patients from China (45%), France (29%), and the USA (19%). The revenue proportion between Thai and international patients slightly changed from 71:29 in 1Q23 to 70:30 in 1Q24.

Overall, revenues from hospital operations in 1Q24 showed good growth both in Bangkok & Vicinity and outside Bangkok, at 8% and 14% YoY, respectively. Hospital operations outside Bangkok provided higher growth due to good growth of hospitals in tourist destinations in Chiang Mai, Phuket, and Pattaya, together with our two new hospitals in the eastern part of Thailand opening in 2023.

Outpatient revenues increased by 12% YoY, and inpatient revenues increased by 9% YoY. The overall occupancy rate increased from 64% in 1Q23 to 67% in 1Q24.

(2) Revenues from sales of goods were Baht 1,083 million, increasing by 17% YoY due mainly to an increase in sales of A.N.B. Laboratories Co., Ltd., Medicpharma Co., Ltd., and Save Drug Center Co., Ltd.

(3) Other incomes were Baht 321 million, increased by 6% YoY mainly from higher revenue of Mövenpick BDMS Wellness Resort after opening the BDMS Connect Center (meeting and event venue) in 4Q23.


The company and its subsidiaries recorded 1Q24 EBITDA of Baht 6,778 million, increasing by 13% YoY, resulting in an increase in EBITDA margin from 24.6% in 1Q23 to 25.2% in 1Q24.