Bangkok Chain Hospital (SET: BCH) has announced its full-year 2025 financial results, demonstrating steady growth despite a volatile economic backdrop and regional geopolitical challenges. The group reported a total revenue of THB 12,025.4 million, representing a 1.6% increase compared to 2024.
The primary engine of growth was the Social Security segment, which saw revenue climb 6.7% year-on-year to THB 4,149 million. This performance was driven by a 0.6% increase in registered members and a stable reimbursement rate of THB 12,000 per Relative Weight (RW) for complex treatments throughout the year. Furthermore, specialized services like sleep apnea diagnostics and mobile dental units bolstered this segment.
In contrast, revenue from general patients declined by 2.1% to THB 7,763.8 million. This segment was hit by a slowdown in international patient volumes, specifically from Cambodia, due to border closures in the second half of 2025. Performance was also hindered by temporary service area closures for renovations at major network hospitals.
On the bottom line, BCH reported a net profit attributable to shareholders of THB 1,316.4 million, a 2.7% increase over the previous year. Profitability was supported by disciplined cost management. While the cost of hospital operations rose slightly by 0.7%, the company successfully reduced utility expenses through solar rooftop projects across ten hospitals. Consequently, EBITDA rose 6.4% to THB 2,881.4 million, with the EBITDA margin expanding to 24% from 22.9% in 2024.
However, gains were partially offset by a 16.4% increase in income tax expenses, totaling THB 402.9 million, and an operating foreign exchange loss of THB 17 million.
Looking ahead, BCH is focused on its “Smart Hospital” transformation and the expansion of new facilities in Suvarnabhumi and Rayong to secure sustainable long-term growth.
The company’s Board of Directors will propose a dividend payment of THB 0.30 for the operating period from January 1 – December 31, 2026, at the 2026 Annual General Meeting of Shareholders. The dividend payment date is scheduled for May 22, 2026, with ex-dividend (XD) date on April 29, 2026.
