Bumrungrad Hospital Public Company Limited (SET: BH) has delivered a solid financial performance for the first quarter of 2026, characterized by steady profit growth and enhanced operational margins. According to its latest report, the company recorded a net profit of THB 1,790 million, representing a 3.2% increase compared to THB 1,734 million in 1Q25.
Total revenues for the quarter reached THB 6,254 million, a slight 0.7% uptick from the previous year. However, revenue specifically from hospital operations grew more robustly by 1.4% to THB 6,204 million. This growth was fueled by a 4.2% rise in revenue from non-Thai patients, which successfully offset a 3.6% decline in revenue from Thai patients.
International demand was particularly strong in the Middle East (+21.3%), Bangladesh (+25%), and Myanmar (+15.1%). Consequently, the revenue contribution from international patients climbed to 65.7% of the total, up from 63.9% in the same period last year.
A significant factor in BH’s improved bottom line was effective cost control. Despite higher activity, the cost of hospital operations decreased by 0.6% to THB 3,022 million. Administrative expenses also saw a 2.4% reduction, falling to THB 898 million, primarily due to lower personnel costs. These efficiencies allowed the company to lower its cost-to-revenue ratio to 48.7%, down from 49.7% in 1Q25.
The combination of revenue growth and disciplined spending led to a 5% increase in EBITDA, totaling Baht 2,455 million. The EBITDA margin expanded to 39.3%, while the net profit margin improved to 28.6%. Shareholders benefited from this performance as basic earnings per share (EPS) rose to THB 2.25, a 3.2% year-over-year increase. While corporate income tax rose to THB 433 million due to higher taxable profits, the hospital maintains a healthy liquidity position with a liquidity ratio of 4.5x.
