Bangkok Dusit Medical Services Public Company Limited (SET: BDMS) has reported strong financial results for the second quarter of 2025 (2Q25), posting year-on-year (YoY) growth across key metrics. The company recorded consolidated operating income of Baht 27,134 million, up 4% from 2Q24. EBITDA increased by 7% YoY to Baht 6,134 million, while net profit rose by 5% YoY to Baht 3,490 million.
The growth in operating income was driven primarily by a 4% YoY increase in revenue from hospital operations. International patient revenues expanded by 6% YoY, supported by a 45% surge in patients from Qatar, 19% from Myanmar, and 13% from the United States. This offset a 23% YoY drop in revenue from Cambodian patients, attributed to a border conflict since June 2025, though this group accounts for only about 3% of total revenue. Revenue from Thai patients grew 3% YoY, moderated by a domestic economic slowdown and a high base from epidemic-related cases in June 2024.
Geographically, hospitals outside Bangkok recorded stronger growth (5% YoY) compared to those in Bangkok and its vicinity (3% YoY). Outpatient revenue grew by 6% YoY, outpacing inpatient growth of 3% YoY.
Profitability gains were supported by revenue growth, effective cost control, and improved financial management that reduced interest expenses. Total operating expenses and depreciation increased by 4% YoY, in line with operating income growth. Finance expenses fell by 13% YoY due to debenture redemptions and lower interest rates, while corporate income tax rose by 11% YoY due to higher profit before tax and reduced tax benefits.
BDMS continued its network expansion in 2Q25. Samitivej Srinakarin Hospital opened a new 103-bed International Children’s Hospital in March 2025, and Bangkok Chiangmai Hospital added a 90-bed facility in May 2025, enhancing capacity and services for both Thai and international patients. These developments reflect BDMS’s commitment to sustainable growth in the healthcare sector.
