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Wednesday, 23 November 2022, 17:30 HKT/SGT
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Perfect Medical Announces Interim Results for FY2022/23
Maintained decent profitability amid consumption slowdown and Covid-19 shadow

HONG KONG, Nov 23, 2022 - (ACN Newswire) - 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 as the "Group"), is pleased to announce its interim results for the six months ended 30 September 2022.

RESULTS HIGHLIGHTS
-- The Group's revenue decreased by 16.6% to HK$668.3 million, impacted by Covid-19 pandemic causing suspension of 20 days in Hong Kong, 39 days in Macau, as well a business disruption for an average of 14 days, 23 days, 63 days and 19 days across Guangzhou, Shenzhen, Shanghai and Beijing respectively.
-- The second quarter marked a 52.1% growth in revenue quarter-on-quarter in Hong Kong following the ease of Covid-19 pandemic.
-- The Group's EBITDA decreased by 25.5% to HK$229.7 million.
-- The Group's net profit decreased by 30.4% to HK$150.7 million, representing the net profit margin of 22.5%. Basic earnings per share was HK12.1 cents.
-- The Board recommends the payment of an interim dividend of HK13.0 cents per share, representing a dividend payout ratio of 107.4%.
-- The Group operated a total of 307,000 square feet in Hong Kong, China, Australia and Singapore, with an addition of three shops in Hong Kong, Guangzhou and Beijing during the period.

For the period under review, the Group's performance has been impacted by the slower consumption trend in Hong Kong and the return of the pandemic in China. The Group's revenue decreased by 16.6% to HK$668.3 million (FY2022 interim: HK$801.6 million). At EBITDA level, the Group decreased by 25.5% to HK$229.7 million (FY2022 interim: HK$308.2 million). During the period, the Group has taken a prudent approach in our business expansion, enhancing operating efficiency, business mobility and adaptability in the forefront to better protect the assets and profitability of the Company. Profit attributable to equity holders of the Company was HK$150.7 million, dropped 30.4% year-on-year (FY2022 interim: HK$216.4 million), representing a net profit margin of 22.5% for the period (FY2022 interim: 27.0%). Basic earnings per share was HK12.1 cents (FY2022 interim: HK17.7 cents).

As of September 2022, the Group operated a total of 307,000 square feet in Hong Kong, China and overseas.

Hong Kong Operation

Revenue from Hong Kong operation decreased by 21.5% to HK$492.4 million (FY2022 interim: HK$627.5 million), owing partly to the suspension of business on 1 April 2022 to 20 April 2022 as well as the slower recovery in the first quarter when we resumed our business operation. Following the ease of pandemic, second quarter in Hong Kong marked a 52.1% growth in revenue quarter-on-quarter.

As of 30 September 2022, the Group has a well established network of service centres in Hong Kong covering a total of 189,000 square feet. During the period, the Group has opened an additional service centre in Yuen Long to capture additional demand in the surrounding areas.

With the gradual resumption of business in last few months, we witnessed a progressive improvement in customer spending and shop utilisation in the aesthetic medical business. Continual effort were made through the combination of online and offline marketing to reach out to existing and new customers.

As for the medical business, our current scope comprises a range of complementary services including hair growth treatment, pain treatment, health screening service and others, which allows the Company to enjoy additional revenue stream from the existing customers through cross-selling and further reinforces the Group's image as a one-stop shop for your beauty and medical in Hong Kong.

Regions outside Hong Kong

Revenue from regions outside Hong Kong increased by 1.0% to HK$175.9 million (FY2022 interim: HK$174.1 million), impacted substantially by the suspension of business in China and Macau but compensated by the encouraging performance in both Singapore and Australia. As of 30 September 2022, the Group has an extensive network in China, Macau, Sydney, Melbourne and Singapore, covering a gross service area of approximately 118,000 square feet.

For the period under review, our business in China continued to record decent profit amid the difficult circumstance. Currently, the Group focuses on the first tier cities including Beijing, Shanghai, Guangzhou and Shenzhen to maintain superior branding in the industry. During the period, the Group has opened two shops in strategic locations in Guangzhou and Beijing to strengthen our presence.

Prospects

Dr. Au-Yeung Kong, the executive director, chairman and chief executive officer of Perfect Medical, said that "as a home-grown enterprise which has been established for more than 19 years, the Group is confident on the long term prospect of our aesthetic medical and medical service business model. In future, the Group will expand both organically and inorganically to offer additional and complementary services to our customers.

While the pandemic fluctuation is going to be short-term, the Company will be cautiously expanding our geographical coverage and replicating our success in mainland China and overseas in the coming years, taking advantage on our efficient business model.

Looking ahead, the Company will increase the proportion of medical services and proceed with its international business expansion, with a view to becoming a truly multinational medical group."

For further information of the Group's FY2022/23 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/2022/1123/2022112300240_c.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 307,000 square feet. Our 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.



Topic: Press release summary Sectors: Healthcare & Pharm
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