Apex Healthcare FY2023 Profits Surge Nearly 4 Fold To RM397 Million

Apex Healthcare announced in Profit Before Tax to RM423.3 million for the financial year ended 31 December 2023 representing 251.7% higher than the RM120.4 million achieved in FY2022. As for profit after tax, the group recorded close to a 4 fold jump from RM100 million to RM397 million in 2023.

The Group’s consolidated revenue in FY2023 also saw a substantial increase, reaching an all time high of RM936.2 million, an uplift of 6.7% from the RM877.7 million recorded in FY2022.

For the fourth quarter ended the Group recorded consolidated quarterly revenue of RM240.0 million, 8.8% higher than the RM 220.5 million in Q4 2022. The group said the 23rd consecutive year of revenue growth highlights the Group’s sustained upward trajectory, buoyed by ongoing economic recovery, enhanced consumer confidence, successful launches of new products under the Group’s brands, positive contributions from existing and recently acquired distribution agencies, and a heightened prevalence of respiratory illnesses within the community. Sales of respiratory medicines were notably strong, especially for the Group’s market leading cough and cold products, in the first and last quarters of FY2023.

The solid financial performance stems from the Group’s decision to unlock substantial value in its 40% associate company, Straits Apex Group Sdn Bhd, by working with SAG to effectively sell 60% equity in SAG’s subsidiary companies engaged in the contract manufacturing of orthopaedic devices to Quadria Capital. This resulted in a nonrecurring gain of RM321.7 million, which boosted the Group’s share of associate earnings to RM336.4 million for 2023, 11.4 times higher than the RM29.6 million recorded in FY2022.

The group has proposed an increased final single-tier dividend of 2.5 sen per share and a special single-tier dividend of 20.0 sen per share for FY2023. The proposed final and special dividends are subject to approval at Apex Healthcare’s upcoming Annual General Meeting

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