Bangkok Chain Hospital Public Company Limited (SET: BCH) has announced its first-quarter financial results for 2026, revealing a significant bottom-line contraction despite maintaining a stable top-line performance. The company reported a net profit of THB 267.6 million, representing a 16.7% year-on-year decrease from the THB 321.3 million recorded in 1Q25.
Total revenue stood at THB 2,928.8 million, virtually flat compared to the THB 2,929 million earned in the same period last year. While the company saw growth in the Social Security Scheme (up 4.2% YoY) and increased inpatient revenue from international markets like Myanmar and the Middle East, these gains were offset by several external pressures.
Revenue from general outpatients fell by 5.1% YoY, hindered by a 39.5% nationwide decline in respiratory disease cases, the continued closure of the Thailand–Cambodia border, and temporary renovations at Kasemrad Hospital Mae Sai.
Profitability was primarily squeezed by a 3.6% increase in total expenses, which rose to THB 2,551.8 million. The cost of hospital operations (COGS) increased by 2.8% to THB 2,145.8 million, driven by higher doctor fees, personnel expenses, and rising medical supply costs.
Additionally, selling, general, and administrative (SG&A) expenses climbed 8.1% to THB 406 million as the company ramped up marketing to attract international patients and faced higher maintenance costs for medical equipment. Consequently, the EBITDA margin narrowed from 24.7% to 22.1%.
Looking forward, BCH is focusing on a “Smart Hospital” transformation and specialized service expansion to bolster long-term growth. Key initiatives include the launch of a Robotics Rehab Center and the upcoming opening of a new building at Kasemrad Mae Sai in 2Q26. The company also has two new facilities under construction in Rayong and Suvarnabhumi, slated to commence operations in late 2027 and early 2028, respectively.
