TOPVISION Eye Specialist Berhad (“TOPVISION” or the “Company”), an experienced player in medical eye care services in Malaysia, today announced its unaudited financial results for the fourth quarter ended 31 December 2024 (“Q4 FY2024”), reporting steady revenue growth to RM11.54 million, up from RM11.33 million in the corresponding quarter of the previous year (“Q4 FY2023”). This growth was driven by the expansion of the Company’s ambulatory care centre (“ACC”) network and increasing demand for its comprehensive ophthalmic services.
In Q4 FY2024, revenue increased by 1.85% quarter-on-quarter to RM11.54 million from RM11.33 million in Q4 FY2023, while year-on-year growth stood at 2.86% to RM44.19 million from RM42.96 million in financial year ended (“FYE”) 31 December 2023. The revenue growth in Q4 FY2024 was mainly driven by the business commencement of the Mentakab centre in August 2024. However, the Company recorded a loss before tax (LBT) of RM1.81 million, a decline from the profit before tax (PBT) of RM1.39 million in Q3 FY2024, mainly due to one-off listing-related expenses amounting to RM3.01 million. Excluding this non-recurring expense, the adjusted PBT for Q4 FY2024 would have been RM1.21 million, reflecting stable operational performance despite expansion-related costs.
For the full FYE 31 December 2024 (“FYE2024”), TOPVISION recorded revenue of RM44.19 million, representing a 2.86% increase from RM42.96 million in FYE2023. This growth was largely driven by higher patient volume, contributions from new centres, and organic growth from existing operations. However, PBT for FYE2024 declined to RM3.74 million from RM7.51 million in FY2023, primarily due to higher operational costs associated with business expansion, including increased staffing expenses, depreciation from new property, plant, and equipment investments, and pre-operating costs related to new centres in Kuala Terengganu and Tawau set for expansion, as well as the abovementioned one-off listing-related expenses.
While expansion-related investments affected short-term profitability, they are essential in positioning TOPVISION for long-term sustainable growth. With these strategic expansions, the Company anticipates enhanced capacity utilisation and operational efficiencies.
In line with its commitment to delivering shareholder value, the Board is proposing a final dividend of 1 sen per ordinary share for the FYE2024, subject to shareholders’ approval at the forthcoming Annual General Meeting (AGM). The details of the book closure and payment date will be announced at a later stage.
During the quarter, TOPVISION remained committed to its strategic expansion plans, successfully launching its Mentakab centre to further strengthen its ACC network. Looking ahead, the Company is progressing with the development of TOPVISION International Eye Specialist Centre (“TIESC”), an advanced multidisciplinary specialist tertiary eye ACC in Klang Valley, set to open by year 2025. This facility will offer highly specialised ophthalmic treatments, including Laser-Assisted In Situ Keratomileusis (“LASIK”) and other refractive surgeries, such as Implantable Collmar Lens procedure, catering to the growing demand for vision correction solutions. Additionally, plans are underway to establish a new ambulatory care centre in Malaysia’s East Coast region, as well as in Tawau, East Malaysia, further expanding the Company’s market presence and accessibility to advanced eye care services.
Dr. Peter Chong Kuok Siong, Chief Executive Officer and Executive Director of TOPVISION, commented: “Despite the impact of one-off listing expenses on our bottom line, our business fundamentals remain strong, and we are confident in our growth strategy. The expansion of our ambulatory care network and the upcoming launch of TIESC will further solidify our market position and enable us to provide high-quality, specialised eye care to more Malaysians. We are also pleased to propose our maiden dividend as part of our commitment to delivering value to our shareholders.”
As the Company enters financial year 2025, it remains focused on enhancing operational efficiencies, expanding service accessibility, and sustaining long-term growth. With the completion of its expansion projects and strong market demand, TOPVISION is well-positioned to strengthen its leadership in Malaysia’s ophthalmic care industry and drive sustainable value creation for stakeholders.
