Chairman's Statement

Dear Shareholders,

On behalf of the board and management, I am pleased to present the Annual Report of AsiaMedic Limited (“AsiaMedic”, together with its subsidiaries and associated company, the “Group”) for the financial year ended 31 December 2024 (“FY2024”).

STRATEGIC GROWTH AND FINANCIAL PERFORMANCE

FY2024 was a landmark year for AsiaMedic, marking our fourth consecutive year of revenue growth. We achieved a record revenue of $28.9 million, a 23% increase from $23.6 million in FY2023. This sustained growth reflects the success of our strategic initiatives, expansion efforts, and unwavering commitment to delivering quality healthcare services across all our business segments.

While our revenue growth remained strong, profit before tax declined by 38% to $0.6 million, primarily due to pre-opening expenses for the AsiaMedic Sunway Imaging at Royal Square in Novena (“Novena Centre”), which officially opened in February 2025. Profit after tax decreased by 66% to $0.6 million, as FY2023 included a one-off income tax credit of $0.9 million. Despite these short-term impacts, our underlying operating profit remained strong, underscoring the resilience of our core business.

We maintained a solid financial foundation, with net assets increasing by 28% to $16.9 million as at 31 December 2024. Supported by a robust cash balance of $8.0 million and a net cash inflow from operating activities of $2.5 million, the Group remains well-positioned to sustain long-term investments in innovation and growth.

BUSINESS SEGMENT PERFORMANCE

IMAGING BUSINESS: THE KEY DRIVER OF GROWTH

Diagnostic imaging and radiology services continued to be our primary growth driver, with revenue rising 36% to $15.9 million from $11.7 million in FY2023. This was driven by:

• Increased referrals from specialist clinics and hospitals.
• Enhanced imaging capacity, following the installation of a new MRI scanner in September 2023.

In February 2025, we reached a significant milestone with the official opening of AsiaMedic Sunway Imaging Centre at Novena Centre, a strategic collaboration with Sunway Equity Holdings Pte. Ltd., a wholly-owned subsidiary of Sunway Group. Spanning nearly 6,000 sqft, this state-ofthe-art facility offers comprehensive diagnostic imaging services, including CT and MRI, with a special focus on sub-specialised radiology services. Our investment in cutting-edge medical imaging technology reflects our long-term vision of building tomorrow's healthcare by enhancing diagnostic accuracy and patient care.

WELLNESS BUSINESS: LEADING THE WAY IN PREVENTIVE HEALTHCARE

Revenue from medical wellness and health screening services reached $9.6 million, reflecting steady performance in a competitive landscape. Our flagship health screening centre at Orchard Road remains a trusted provider of comprehensive health assessments.

As a leading provider of onsite school health screening services, the Group is well-positioned to support Singapore's national Grow Well SG initiative. Launched in January 2025, this national health promotion strategy aims to enhance preventive care and healthier lifestyles among children and adolescents. AsiaMedic's role in this initiative underscores our commitment to building tomorrow's healthcare by investing in the well-being of future generations.

AESTHETICS BUSINESS: EXPANDING OUR SERVICE PORTFOLIO

Our medical aesthetics business experienced growth, with revenue increasing 32% to $2.5 million from $1.9 million in FY2023. This marks the first full year since the acquisition of LE Private Clinic's business in August 2023, broadening our revenue streams while capitalising on the growing demand for premium aesthetic treatments.

PRIMARY CARE BUSINESS: MEETING SINGAPORE'S HEALTHCARE NEEDS

Revenue from primary healthcare services grew 20% to $2.4 million from $2.0 million in FY2023, in line with increased demand for quality outpatient care. We remain committed to providing a patient-centric healthcare experience, reinforcing Singapore's position as a regional hub for high-quality medical services.

OUTLOOK: BUILDING A SUSTAINABLE FUTURE

Looking ahead, the healthcare industry faces challenges such as manpower constraints and increasing competition. However, we remain well-positioned to navigate these challenges through:

• Strategic investments in advanced technology to improve diagnostic accuracy and patient outcomes.
• Expanded capacity at Novena Centre, which nearly doubles our imaging capabilities to serve more patients and enhance access to radiology services.

Preventive healthcare continues to be a growth driver, fueled by:

• Rising awareness of health screening and early detection.
• Growing demand for corporate wellness programs.
• National health initiatives like Grow Well SG, which reinforce the importance of lifelong health management.

By diversifying our offerings, AsiaMedic is well-positioned to address evolving healthcare needs.

Moving forward, we will continue to explore strategic partnerships, new service offerings, and technological advancements to ensure sustainable growth while delivering high-quality, patient-centred care.

APPRECIATION

On behalf of the Group, I extend my deepest appreciation to our patients, clients, and partners for their trust and unwavering support. To our dedicated employees, your hard work and commitment are the driving forces behind our success. I would also like to express my gratitude to the Board and management team for their valuable insights and leadership. Finally, to our valued shareholders, thank you for your confidence in AsiaMedic's vision.

With your continued support, we look forward to achieving new milestones as we continue our journey of building tomorrow's healthcare.

Charles Wang
Non-Executive Chairman