SET-listed developer Pruksa Holding Plc will invest 17 billion baht between 2023-2027 to expand its healthcare business, with three new Vimut hospitals and 14 wellness and nursing home centres in Greater Bangkok to boost revenue from recurring income.
Somsak Akksilp, chief executive of Vimut Hospital Holding, a subsidiary of Pruksa Holding which owns and operates Vimut Hospital and Theptarin Hospital, said the healthcare business has growth opportunities.
"After fully opening in May 2021, Vimut Hospital last year had a jump of 6.5 times in inpatient cases, 3.3 times in outpatient visits, and 3.2 times in foreign patients," said Dr Somsak, formerly director-general of the Department of Medical Services, who joined Vimut last October.
In 2023, the company will spend 2.5 billion baht to set up a new Vimut Hospital in Pin Klao and three wellness and beauty centres in Greater Bangkok.
The new hospital in Pin Klao, and two more, which will be located on Narathiwat Ratchanakharin and Sukhumvit Road, will be on land plots where Pruksa earlier planned to develop a condo project, said Mr Somsak.
Within five years it will open 14 wellness and nursing home centres in Greater Bangkok in locations including Koo Bon, Vacharapol, Sukhumvit Soi 54, Pracha Chuen, Rattanathibet, Phatthanakan, Central Westgate, Ratchaphruek, and six other locations.
"Our healthcare business is operated with an ecosystem and connected platforms," said Uten Lohachitpitaks, chief executive of Pruksa Holding. "We aim to double growth in healthcare revenue by 2028."
Besides Vimut Hospital and Theptarin Hospital, the company's healthcare business currently comprises Vimut Wellness in Bangna-Wongwaen and Ban Mhor Vimut Clinic in Rangsit Klong 3.
This month it will open Senera Vimut Health Service, a wellness centre for seniors in the Koo Bon area.
Other healthcare services include a Vimut application, telemedicine, a co-programme with Ramathibodi Hospital, Malaysian digital preventive wellness brand Naluri, Singapore-based precision gut microbiome Amili, and elderly caregiver platform Kaohub.
In 2022 the company generated 1.34 billion baht from its healthcare business, a 4.7-times growth from 2021. It expects to earn 2 billion baht in 2023, representing 50% growth.
Mr Uten said revenue from the healthcare business in 2023 would account for 7% of its total revenue, up from 4% last year.
Pruksa reported 28.6 billion baht in total revenue in 2022, up 0.7% from 28.4 billion baht in 2021.
Driven by revenue from healthcare, net profit rose 18% to 2.77 billion baht, from 2.35 billion baht, with a net profit margin to revenue ratio increasing to 9.7%, from 8.3%.
This year the company will launch 23 new residential projects worth 23.5 billion baht and expects to have 24 billion baht in presales and 28 billion baht in housing revenue, up from 17 billion baht and 27.2 billion baht in 2022, respectively.
