2023-11-24

Perfect Medical Announces Interim Results for FY2023/24

By Sudarat

HONG KONG, Nov 24, 2023 – (ACN Newswire via SeaPRwire.com) – Perfect Medical Health Management Limited (the “Company”, Stock Code: 1830.HK), one of the largest aesthetic medical operators in the world, together with its subsidiaries (collectively referred to the “Group”), is pleased to announce its interim results for the six months ended 30 September 2023.

RESULTS HIGHLIGHTS

— The Group’s revenue increased by 7.5% to HK$718.1 million, thanks to the momentum growth in revenue in Hong Kong and mainland China amid the abatement of the pandemic in early 2023.

— The Group’s EBITDA increased by 5.4% to HK$242.1 million.

— The Group’s net profit increased by 10.4% to HK$166.4 million, representing a net profit margin of 23.2%. Basic earnings per share were HK13.2 cents. If excluding the one-off government subsidies in the last financial period, the adjusted net profit after tax increased by 27.1%.

— The Board recommends the payment of an interim dividend of HK13.2 cents and a special dividend of HK1.0 cents per share to shareholders.

— The Group operated a total service area of 297,000 square feet in Hong Kong, mainland China, Macau, Australia and Singapore, with an addition of two shops in Hong Kong during the period.

For the period under review, the Group achieved satisfactory results thanks to the meaningful return of new customers and the solid relationship with the loyal customers in both Hong Kong and mainland China. The Group’s revenue increased by 7.5% year-on-year to HK$718.1 million (FY2022/23 interim: HK$668.3 million). The Group’s EBITDA increased by 5.4% year-on-year to HK$242.1 million (FY2022/23 interim: HK$229.7 million). Profit attributable to equity holders of the Company was HK$166.4 million, increased by 10.4% year-on-year (FY2022/23 interim: HK$150.7 million), representing an increase of 0.7 percentage points in net profit margin to 23.2% for the period (FY2022/23 interim: 22.5%). Basic earnings per share were HK13.2 cents (FY2022/23 interim: HK12.1 cents).

As of 30 September 2023, the Group operated a total service area of 297,000 square feet in Hong Kong, mainland China and overseas.

Hong Kong Operation

Revenue from Hong Kong operation increased by 11.6% year-on-year to HK$549.6 million (FY2022/23 interim: HK$492.4 million), overtaking the revenue of Hong Kong operation before pandemic in FY2019/20 interim by 7.2%, thanks to the improvement in shop utilisation and the contribution from the newly established residential shops in Hong Kong. The recovery of revenue to beyond the FY2019/20 interim level demonstrates the Group’s success in recalibrating its business operation. Currently, revenue from Hong Kong operation accounted for 76.5% of the Group’s revenue (FY2022/23 interim: 73.7%).

As of 30 September 2023, the Group had a well-established network of service centres in Hong Kong covering a total service area of 192,000 square feet, with an increase of two shops in Tsuen Wan and Taikoo during the period.

During the period, the Group witnessed a strong demand for its core aesthetic medical services thanks to the unwavering support by its loyal customers. The Group has recalibrated its business model to further expand its geographical reach in Hong Kong through the introduction of residential shops in medium-to-high end shopping malls and residential locations. As for the core mega shops, the Group saw a welcoming response to the medical tourism flagship centres in Causeway Bay and Tsim Sha Tsui where there was intense demand for its premium medical beauty services by the cross-border customers.

At its non-aesthetic medical business, it includes a range of supplementary healthcare management services, including hair growth treatment, pain treatment, health screening service as well as other beauty and wellness services, to fully collaborate with our aesthetic medical services. During the period, the Group enhanced the cross-selling to the medical business following the improvement in our aesthetic medical business.

Regions outside Hong Kong

Revenue from regions outside Hong Kong decreased by 4.2% year-on-year to HK$168.5 million (FY2022/23 interim: HK$175.9 million), impacted by the lower demand in Singapore and Australia but compensated by the recovery in mainland China. Currently, revenue from the regions outside Hong Kong accounted for 23.5% of the Group’s revenue (FY2022/23 interim: 26.3%).

For the period under review, operating profit in mainland China and Macau improved year-on-year thanks to the gradual recovery in customers’ demand and the absence of business suspension in this financial period. As of 30 September 2023, the Group had a network of 22 shops in strategic locations in mainland China and Macau. In the first half of this financial year, the performance of the Australia and Singapore operation was impacted by the sustained inflationary environment and the high living expenses in both countries. It may take some time for the international market to recover.

Prospects

Dr. Au-Yeung Kong, the executive director, chairman and chief executive officer of Perfect Medical, said that “The promising business performance in the first half of the financial year has demonstrated our superior business model can withstand poor market conditions. We remained steadfast in our core strategy of ‘Healthcare + Medical Beauty’ to satisfy the individual needs of the consumers.

As the demand generally bounced back after the three-year pandemic, the rebound in tourist arrivals in Hong Kong this year will bring along additional cross-border customers to the Group, which will reinforce the Group’s determination to become the most favourable aesthetic medical service centres in the Greater Bay Area in the long run.

In mainland China, we will closely monitor the market dynamics and economic landscape to better prepare for the economic fluctuation. We spare no effort in optimising our business operation to improve shop productivity to fully capitalise on the rebound in foot traffic at shopping malls. As for the international market, we will proceed with its business development in a prudent and steady manner with relentless dedication to customer satisfaction.”

For further information of the Group’s FY2023/24 interim results, please refer to the Company’s Interim Results Announcement on the Hong Kong Stock Exchange website at: https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1124/2023112400233.pdf

About Perfect Medical Health Management Limited

Perfect Medical Health Management Limited is a multinational aesthetic medical corporate and one of the largest aesthetic medical operators in the world established in 2003. The Group focuses primarily on non-invasive aesthetic medical services and medical services in Hong Kong, China, Macau, Australia and Singapore with a total service area spanning approximately 297,000 square feet as of 30 September 2023. Its operation offers a broad spectrum of professional services with assurance of utmost safety and efficacy. The Company was included as a constituent stock of the MSCI Hong Kong Small Cap Index on 27 May 2021, demonstrating the confidence from the capital market and recognising the investment value of the Company.

For further information, please contact:

Perfect Medical Health Management Limited

Marco So / Peter Kwok

Email: ir@perfectmedical.com

Tel: (852) 2770 2099

iPR Ogilvy Limited

Callis Lau / Tina Law / Rita Chen

Email: perfectmedical@iprogilvy.com

Tel: (852) 2136 6185

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