Raffles Medical Group (SGX: BSL), or RMG, is next on the list to release its 2023 earnings. The integrated healthcare player delivered a downbeat set of earnings as revenue from COVID-19 procedures and tests tapered off. The group’s new insurance arm also acted as a drag on the group’s net profit. Despite the weaker numbers, there were several bright spots for RMG with patient numbers rising and its China hospitals being recognised for their excellence. Here are five highlights from RMG’s latest financial statements that investors should know about.

1. Weaker net profit offset by steady free cash flow generation

Revenue for 2023 fell by 14.1% year on year to S$706.9 million as revenue for the Healthcare Services division fell sharply because of the cessation of COVID-19 activities. Higher insurance expenses pushed RMG’s operating profit down nearly 41% year on year to S$115.8 million. Aided by a year-on-year increase in finance income, the healthcare player’s net profit tumbled...