Message from the Board of Directors
Industry Overview and Business Direction
In 2025, although Thailand’s economy continued to face volatility amid widespread uncertainties, the healthcare services industry remained a fundamental pillar of society. Growth was supported by Thailand’s transition into a fully aged society, driving a continuous increase in demand for medical services. At the same time, patients placed greater emphasis on preventive healthcare and value-based service selection. Under this context, the Company remained committed to continuously refining its business strategy to enhance service quality and respond to evolving healthcare needs. Key initiatives include the expansion of specialized medical centers and the upgrading of service standards, such as the renovation and rebranding of hospitals, including the renaming to “Kasemrad Hospital Pathumthani”, as well as ongoing improvements in medical service quality. Notably, Kasemrad International Hospital Vientiane was accredited by Joint Commission International (JCI) during the year, reflecting the Company’s commitment to elevating healthcare standards to international levels and strengthening confidence among both domestic and international patients.
Hospital Network Development and Advancement of Specialized Medical Centers
As part of its network expansion strategy, the Company continued to enhance its medical service capabilities to comprehensively meet the healthcare needs of the population. Kasemrad Ari Radiation Oncology Clinic provides cancer treatment using advanced medical technologies and accommodates patients across all major healthcare schemes, including self-paying patients, Universal Coverage Scheme (UC), Social Security Scheme (SSO), and Civil Servant Scheme, thereby improving equitable access to quality cancer care. In addition, Kasemrad Hospital Prachachuen, in collaboration with the National Health Security Office (NHSO), the Pediatric Cardiac Surgery Foundation, and Child's Dream Foundation, provided surgical treatment for pediatric patients with congenital heart disease, enhancing access to quality care and improving patients’ quality of life.
Meanwhile, the Company continued to invest in advanced medical technologies and equipment to improve diagnostic accuracy and treatment efficiency, while elevating service standards across its hospital network. Key developments included the installation of a 3-Tesla MRI system at Kasemrad International Hospital Rattanatibeth, the first of its kind in Nonthaburi Province; the installation of high-resolution CT Scan systems at Kasemrad Hospital Pathumthani and Kasemrad Hospital Bangkae and the deployment of Extracorporeal Membrane Oxygenation (ECMO) systems at Kasemrad Hospital Bangkae to enhance critical cardiac care capabilities.
Stable Operational Performance
Despite the slowdown in revenue from international patients in 2025, the Company was able to sustain overall revenue growth. Total revenue reached 12,025.4 million baht, representing an increase of 1.6% yoy. This growth was primarily supported by a 6.7% increase in revenue from Social Security Scheme patients, driven by a 0.6% increase in the average number of registered insured persons, as well as service improvements and facility upgrade at key hospitals, including Kasemrad Hospital Bangkae, Kasemrad Hospital Prachachuen, and Kasemrad Hospital Pathumthani, which enhanced convenience and reduced waiting times. Additional support came from reimbursement for high-complexity cases (RW>2) at a rate of 12,000 baht per RW throughout the year. Further growth was driven by services such as sleep apnea diagnostics, mobile dental services, referral patients from non-affiliated hospitals, and services provided by Kasemrad Ari Radiation Oncology Clinic. As a result, the Company reported EBITDA of 2,881.4 million baht, an increase of 6.4% yoy, with an EBITDA margin of 24.0%. Net profit attributable to the Company totaled 1,316.4 million baht, increasing by 2.7%, with a net profit margin of 10.9%, remaining consistent with the previous year.
Sustainable Business Operations
In addition to conducting business, the Company places strong emphasis on good corporate governance and ESG principles, alongside active contributions to social development. Key initiatives included mobile medical units, public health education programs, support for community healthcare activities, and the development of employee capabilities and quality of life. These efforts form part of the Company’s commitment to creating sustainable value for society and all stakeholders. The Company has been recognized by leading institutions for its sustainability and governance performance. Notable achievements include an upgraded corporate credit rating of “A+” with a “Stable” outlook from TRIS Rating, an “AA” rating in the SET ESG Ratings by the Stock Exchange of Thailand, and an ESG score of 4.0 out of 5.0 from FTSE Russell. The Company also received an “Excellent” corporate governance rating from the Thai Institute of Directors (IOD), and achieved a full score of 100 points for the eighth consecutive year under the Annual General Meeting (AGM Checklist) Evaluation Project.
On behalf of Bangkok Chain Hospital Public Company Limited, the Board of Directors would like to express sincere appreciation to our shareholders, patients, financial institutions, government and private sector partners, business partners, and all employees for their continued trust and support. The Company remains committed to continuously developing its organization, enhancing medical standards, and expanding service capabilities to strengthen confidence among patients, shareholders, and society, while advancing toward sustainable long-term growth.