Q&M Dental Group reported earnings of $9.4 million for the three months ended March 2021, up 618% y-o-y. Revenue in the same period was up 47% to $43.8 million, as it enjoyed better business at its dental clinics.
As at March 31, Q&M has a total of 85 dental outlets in Singapore, an increase from 80 outlets as at March 31 2020. The company runs an additional 5 medical outlets and 1 dental college.
Over at Malaysia, as at March 31, it runs a total of 36 dental outlets, versus 32 last year. It runs one dental outlet in China as well.
SEE:Q&M Dental Group sees 10% growth in FY20 earnings to $19.7 mil; group revenue surpasses pre-Covid-19 levels
“The 1Q2021 result reflects strong growth and vigour in our dental business, notwithstanding the ongoing effects of Covid-19 pandemic. This shows that the Group has grown in strength in our core business,” says group CEO Dr Ng Chin Siau.
Last April, when the pandemic started, the company invested in Acument Diagnostics, which started contributing to the company’s bottomline in 1QFY21.
“The contribution is expected to grow for the rest of the year, and beyond as the covid pandemic will remain part of the environment at least in the medium term.
“The investment in the testing business has provided the Group with a hedge against any adverse effect of the pandemic on our core dental business,” says Dr Ng.
On May 11, Q&M shares closed at 61 cents, down 0.81%.
