Chularat Hospital Public Company Limited (SET: CHG), delivered a net profit of THB 247.6 million in the first quarter of 2026, an increase of 9.9% compared to the same period last year. This growth comes despite a challenging landscape marked by surging energy prices and weakened domestic purchasing power.
CHG’s total revenue rose by 4.5% year-on-year to THB 2,108.6 million. While revenue from general patients saw a modest increase of 2%, a notable shift in patient behavior was observed. In Patient Department (IPD) revenue declined by 2%, as economic pressures and new insurance co-payment policies led patients to postpone non-urgent treatments. However, this was effectively offset by a 7% increase in Out Patient Department (OPD) revenue, driven by higher diagnostic complexity and a broader range of medical procedures.
The real standout was the 8% growth in government welfare programs, particularly “Other Governmental Schemes,” which surged by 35%. This spike was largely attributed to the expansion of specialized tertiary services, such as cardiology and oncology, which command higher margins and saw increased demand.
CHG demonstrated strong operational efficiency, allowing net profit to outpace revenue growth. The cost of hospital operations increased by only 3.1%, a slower rate than revenue, thanks to prudent management of pharmaceuticals and medical supplies. Consequently, the net profit margin improved from 11% to 12%.
Management highlighted significant external risks, including global oil prices reaching $110 per barrel due to U.S.-Iran tensions, which threatens to drive up fuel tariffs (Ft) and supply chain costs. To mitigate these impacts, CHG is proactively expanding solar rooftop installations and adopting AI technology for energy management.
With a strong debt-to-equity (D/E) ratio of just 0.25x, CHG remains well-positioned for future expansion into specialized medical centers, ensuring long-term profitability despite the volatile economic environment.
