Chularat Hospital Public Company Limited (SET: CHG) has released its full-year 2025 financial results, navigating a complex healthcare landscape marked by decelerating domestic demand and shifting reimbursement policies.
The Group reported a net profit of THB 929.4 million, representing a 3.7% decrease from the THB 965.2 million recorded in 2024. Despite the slight dip in profit, the company maintained a stable net profit margin of 11%.
Total revenue for the year stood at THB 8,417.3 million, a marginal 0.7% year-on-year decline. This was primarily driven by a significant 71% drop in “Other Revenues,” following the discontinuation of a hospital management service contract with a public hospital. However, core revenues from hospital operations grew by 1.3% to THB 8,346.9 million.
Performance within patient segments was mixed. The general patient segment grew by 4%, bolstered by an 8% increase in outpatient (OPD) revenue as consumers focused on preventive healthcare.
Conversely, Social Security scheme revenue fell by 6%, hampered by a downward revision of prior-year revenue for chronic disease treatments and more stringent budget policies from the Social Security Office. Offsetting some of this pressure was a 22% surge in other governmental schemes, driven by the expansion of the Group’s specialized Heart Center and the UCEP program.
On the expenditure side, CHG successfully reduced its cost of hospital operations by 1.6% to THB 5,973.5 million through disciplined procurement and the discontinuation of the Pattaya project. However, administrative expenses rose by 5.8% to THB 1,192.0 million, reflecting salary adjustments to retain medical personnel and increased marketing efforts.
Looking ahead, CHG maintains a strong balance sheet with a low debt-to-equity ratio of 0.24x. Management remains focused on high-intensity specialized care to mitigate risks from Social Security reimbursement volatility and intensifying industry competition.
In addition, the Board of Directors will propose a dividend payment of THB 0.05 per share to be considered in the Annual General Meeting, scheduled for April 24, 2026. Following approval, the dividend will be paid on or before May 22, 2026.
