KUALA LUMPUR (July 7): PMCK Bhd, en route to the ACE Market, said an unexpectedly heavy rainfall over two months in 2024 led to a sharp drop of patients to its sole medical facility, wiping a quarter’s worth of net income.
The torrential rain between September and November last year resulted in road closures and a 22% decline in number of patients for Putra Medical Centre in Alor Setar in the latest financial year even though the facility itself was not inundated, the company said.
The deluge was “exceptionally serious” for PMCK, the company said.
Net profit for the year ended April 30, 2025 (FY2025) was RM11.33 million, down nearly 25% from a year earlier, while revenue dropped 11% to RM93.27 million, according to an exchange filing. At the initial public offering (IPO) price of 22 sen per share, the company is valued at 21 times its latest earnings.
PMCK is scheduled for listing on July 9 after its IPO raised about RM60 million for PMCK and another RM7 million for the selling shareholders managing director Datuk Lee Gaik Cheng and deputy executive chairman Datuk Lim Kim Huat.
The company’s operations are predominantly located in Kedah with about 98% of its revenue derived from this single northern state where minor floods are a recurring natural disaster.
The floods, particularly during the monsoon season, usually pose little material impact to operations and financial results, PMCK noted.
On the outlook of the private healthcare industry in Malaysia’s northern region, PMCK said the industry remains poised for continued growth driven by a rising middle-class population, greater health awareness, and increasing demand for quality and personalised medical services.
“By leveraging on the consistent demand, the group’s business strategies includes plans to expand its medical centre business by setting up a private medical centre in Kulim, Kedah to attract patients as the group is of the view that there is a need for private healthcare services amongst the population in the northern region of Malaysia,” it added.
The new private medical centre in Kulim, dubbed PMC Kulim, is in the midst of development with a total construction cost of RM193 million.