Bangkok Dusit Medical Services (SET: BDMS) has released its full-year 2025 financial results, revealing a steady increase in top-line revenue despite a marginal dip in net profit caused by non-recurring “special items”.
The company achieved a total operating income of THB 113,206 million, representing a 4% year-over-year growth. This performance was underpinned by a 4% rise in hospital operations revenue, totaling THB 107,514 million. While Thai patient revenue saw a 3% uptick, international patient revenue grew by 5%.
It is worth noting that international growth was hampered by the Thailand-Cambodia border conflict that began in mid-2025; excluding Cambodian patients, international revenue would have surged by an impressive 11%.
Regarding the bottom line, BDMS reported a net profit of THB 15,848 million, a slight 1% decrease from 2024. This contraction was primarily due to THB 339 million in special items, including the impact of severe flooding at Bangkok Hospital Hat Yai, asset write-offs, and accounting adjustments for employee benefits and medical programs.
Furthermore, total operating expenses rose 5% to THB 93,045 million, driven largely by a 12% increase in depreciation costs following significant hospital expansions and new facility openings throughout the year.
However, the company’s core profitability remains robust. Excluding the aforementioned special items, adjusted net profit actually grew 2% YoY to THB 16,187 million. Financial health was further bolstered by an 18% reduction in finance expenses and a 3% decrease in corporate income tax, thanks to BOI privileges for digital transformation and energy-saving initiatives.
With a maintained “AA+” credit rating from TRIS Rating and a strategic focus on “Smart Healthcare” and “Centers of Excellence,” BDMS continues to demonstrate financial resilience. Management remains confident in long-term growth, citing the rising demand from an aging population and the continued appeal of Thailand as a global medical tourism hub.
The company’s Board of Directors will propose a THB 0.40 dividend payment, along with a THB 0.25 special dividend payment for the operating period from January 1 – December 31, 2025, at the upcoming 2026 Annual General Meeting of Shareholders. The dividend payment date is scheduled for April 24, 2026, with the ex-dividend (XD) date on March 10, 2026.
