Raffles Medical Group, the private healthcare provider in Singapore and the region, says profit after tax for the group increased 20.1% from $31.7 million in 2008 to $38 million in 2009.

Revenue grew 8.9% from $200.8 million for financial year 2008 to $218.6 million with both Healthcare Services and Hospital Services divisions contributed positively to the growth increasing in revenue by 10.2% and 7.9% respectively.

The increase in patient load, wider range of medical specialties and improved operating efficiencies and leverage contributed to the increase in operating profit to $45.5 million.

As at 31 December 2009, the group had a healthy net cash position of S$49.9 million.

In 2009, Raffles Medical Group saw the opening of three new clinics at Sembawang Way, Centrepoint and Sixth Avenue. Medical services in Tampines were consolidated and relocated to the new clinic in Tampines One.

Raffles Medical says H1N1 was a double-edged sword, with some dampening of clinical services at its onset. However, there was increased demand from patients and corporate clients seeking protection against the H1N1 virus. Sales of flu-related medical supplies and services, such as the FluProtect kit, seasonal flu vaccinations and the anti-viral drug Tamiflu increased considerably.

Key contracts with ministries, statutory boards and corporate clients were re-awarded to Raffles Medical for services covering primary care, health screening, vaccination programmes and pre-employment check-ups.

Raffles Hospital continued to receive a significant number of international patients particularly from Indonesia, Malaysia, Vietnam, Russia, Brunei, Bangladesh and Papua New Guinea.

Raffles Health, the group’s nutraceuticals arm launched five new products in FY2009. It also introduced the Flu Protect, a personal hygiene and protection kit, during the outbreak of H1N1. With its distribution network in Singapore, Indonesia and Brunei, Raffles Health is looking to expand its presence to other markets.