Am I the only SOG shareholder who has given up looking at the share price?  Anyway, here’s are six key highlights from their 2019 annual report.

Let’s start with the bad news:

Dermatology impairment

Increasing competition and weak medical tourism trends in Singapore resulted in a SGD11.3 million goodwill impairment for the year. Excluding the goodwill impairment, the company’s net profit would have been SGD10.8 million, the same as 2018 levels. SOG intends to improve dermatology earnings by increasing  marketing activities and cross-selling their services with other SOG clinics. Both SOG dermatology clinics are considered essential services and will remain open during the 2 month lock-down. I’ll be happy if dermatology EBIT levels can remain flat at 2019 levels (SGD0.9 million, down 61% from 2018).

Lower 2019 net profit from Dr Heng

SOG has a profit sharing scheme for key doctors like Dr Heng where she is paid a bonus