OUE Healthcare Limited reported net profit of S$8.57 million for the 12 months ended 31 Dec 2025, a 67% year-on-year (YoY) decline from S$25.65 million, as fair-value losses on investment properties and higher administrative expenses offset a marginal rise in turnover.
Basic loss per share widened to 0.38 Singapore cent from 0.14 cent, while no dividend was declared, mirroring the prior year.
Group revenue inched up 1% YoY to S$152.39 million. Healthcare Operations contributed S$51.86 million (+8%), supported by stronger patient volumes at the Wuxi hospital in China and the enlarged O2 medical group in Singapore. Healthcare Assets – essentially rental income from First REIT’s portfolio – delivered S$100.53 million (-1%) as a weaker Indonesian rupiah eroded contributions from its Indonesian properties.
By pre-tax performance, Healthcare Assets remained the main earnings pillar with S$42.03 million (-15% YoY). Healthcare Operations swung to a modest S$0.17 million profit (FY2024: S$3.75 million) on rising staff and rental costs. Properties Under Development recorded a wider pre-tax loss of S$5.41 million after a S$5.27 million fair-value write-down on Wuxi land, while the Investments segment slipped into a S$1.96 million loss following an impairment of the group’s 40% stake in First REIT’s manager.
Group administrative expenses climbed 19% to S$35.04 million, reflecting higher professional fees at First REIT and costs related to the O2 clinics. Other expenses totalled S$16.70 million, mainly comprising the above-mentioned fair-value losses, an impairment of S$1.09 million on Wuxi land-use rights and a S$7.54 million loss on the disposal of Indonesian subsidiary PT Karya Sentra Sejahtera. Net finance costs eased 5% to S$33.04 million on lower interest rates, although foreign-exchange losses widened to S$9.56 million.
Cash generated from operations stayed healthy at S$56.41 million. Net cash of S$9.03 million was raised from investing activities, helped by proceeds from the PT KSS divestment. Financing outflows of S$49.94 million reflected net debt repayment, distribution to First REIT unitholders and interest payments. Year-end cash and cash equivalents rose to S$83.94 million from S$69.91 million.
The balance sheet showed total assets of S$1.32 billion (-6%), weighed down by property revaluations and the PT KSS sale. Net current liabilities widened to S$206.47 million, chiefly because First REIT’s S$246.7 million Social Term Loan A falls due within 12 months; management said it is confident of extending the facility. Net asset value attributable to shareholders stood at 5.56 cents per share, versus 6.38 cents a year earlier.
Strategically, the group highlighted several initiatives for the coming year. Its flagship Shenzhen Prince Bay general hospital, held via a 50:50 joint venture with China Merchants, received its operating licence in 2025 and is now ramping up services. In Singapore, the group plans to leverage its growing primary- and specialist-care network, including respiratory-focused O2 Healthcare, to address rising demand for chronic and preventive care. OUE Limited’s recent purchase of an additional 19.32% stake, lifting its holding to 89.68%, underscores shareholder backing.
Looking ahead, OUE Healthcare noted that healthcare demand across Asia remains underpinned by ageing demographics and rising health awareness, even as macro-economic uncertainties persist. The group will continue to evaluate expansion opportunities in its core markets of Singapore, China and Indonesia, while monitoring political and currency risks in Myanmar and other markets.