Singapore Medical Group
Singapore Medical Group website

Singapore Medical Group on Monday said first-half profit grew more than six times, fueled by growth at its healthcare services segment.

Shares in the Singapore-listed company jumped as much as 5 percent at S$0.645. The stock has gained about 45 percent so far this year.

Net profit attributable to shareholders rose to S$4 million in the six months ended June 30 from S$633,000 a year earlier.

Revenue for the quarter increased 57.5 percent to S$30.66 million.

Healthcare segment revenue climbed 42.3 percent to S$21.9 million in the period.

The Group's administrative expenses surged 64.6 percent due to increased staff headcount, as a result recent acquisitions and expansion plans.

"Heading into the second half of the year, a key focus will be on integrating our newly acquired entities while driving operational efficiencies in areas such as staffing, marketing and space utilisation," CEO Beng Teck Liang said in a statement.