“We are repeating this in China. We are optimistic in China because we have traction there. Overall, most of our patients are Chinese locals, but in different proportions in our various hospitals,” he adds. Expats also account for a large proportion of RMG’s patients in China and with many of them returning to China, this could bode well for the group.
Raffles Medical Group (RMG) remains cautiously optimistic about its business in China. In its latest FY2024 ended Dec 31, 2024 briefing on Feb 24, executive chairman Dr Loo Choon Yong projected it would take another year or two for the company to begin breaking even in China. So far, its hospital in Beijing is profitable, and the company will focus on improving margins and efficiency there. For FY2024, revenue in China rose by 10.1% compared to FY2023.
RMG started in Singapore in 1976. It has since grown and expanded within and outside of the country. “We build and open hospitals, then deliver services through those hospitals. We then grow the business and improve margins,” says Loo.
