As dental care becomes an increasingly essential part of personal health, rising awareness, higher disposable incomes, and growing demand for quality services are reshaping the market.
Q & M Dental Group Limited (“Q & M”), a Mainboard-listed company on the SGX-ST, is building on a solid operational base, an expanding regional network, and a strong financial position to accelerate its next phase of growth.
For the six months ended 30 June 2025 (“1H2025”), Q & M recorded revenue of S$88.4 million. Core dental business revenue increased by S$3.0 million or 4% to S$87.2 million, mainly due to the consolidation of Aoxin Q & M from an equity-accounted associate to a subsidiary of the Group, higher revenue contribution from the Group’s equipment & supplies distribution companies in Singapore and Malaysia offset by marginally lower revenue contribution from Singapore dental clinics.
Other business revenue decreased by 74% from S$4.6 million in 1H2024 to S$1.2 million in 1H2025. The decrease of S$3.4 million was mainly due to the cessation of the Group’s medical laboratory in September 2024 due to the expiry of the clinical laboratory service licence, as well as the closure of certain non-performing clinics. Despite the decline in revenue from other businesses, the core dental segment has remained the primary growth driver, generating consistent and predictable earnings.
Profit after tax (PAT) for the core dental business posted a 10% jump to S$13.7 million, highlighting operational strength, while profit attributable to owners (PATMI) excluding other gains and losses rose 5% to S$8.3 million. The Group remains committed to rewarding shareholders, as reflected in the first interim dividend of 0.4 cent per share, payable on 4 September 2025.
Overall, the Group reported net other losses of S$4.4 million in 1H2025, mainly due to the consolidation of Aoxin Q & M and EM2AI from equity-accounted associates to subsidiaries of the Group.
In 1H2025, the Group generated net cash flow from operating activities of S$15.0 million. This was mainly derived from the profit generated from operations in 1H2025, offset by a decrease in trade and other payables and income taxes paid. As at 30 June 2025, the Group has cash and cash equivalents of S$47.1 million, compared S$34.3 million as at 31 December 2024, mainly due to the consolidation of Aoxin Q & M’s cash and cash equivalents.
Dr Ng Chin Siau, Group Chief Executive Officer of Q & M, said, "The first half of 2025 presented significant challenges, with the nation facing various economic headwinds. Despite these difficulties, our core dental business remained resilient, driven by our dual approach of organic growth and strategic acquisitions as part of our local expansion plan.
I am also pleased to highlight the successful issuance of S$130 million in 3.95% Notes, which received an overwhelmingly positive response from both professional and investor communities. This strong support serves as a testament to the credibility and reputation that Q & M has built over the years. With this additional 'war chest' of capital, Q & M is now fully 're-fueled' and ready to embark on the next phase of its growth journey.”
Recently, Q & M successfully raised S$130.0 million through 3.95% notes under its Multicurrency Debt Issuance Programme, reflecting strong investor confidence. The proceeds will fund clinic expansion, strategic acquisitions, and the enhancement of its equipment and supplies distribution capabilities across Singapore and regional markets.
In Singapore, Q & M is enhancing clinic performance and strengthening its talent pipeline, with its dental college playing a central role in developing clinical capacity.
In Malaysia, the Group is preparing to capture growing cross-border demand ahead of the Johor–Singapore Rapid Transit System (RTS) launch in December 2026, leveraging its trusted brand to retain Singaporean patients while attracting local clients through a lean network of high-performing outlets.
In China, Q & M is taking a measured approach, evaluating expansion opportunities in a consolidating market with long-term growth potential.
As of 30 June 2025, the Group operates 108 dental outlets, 5 medical clinics, a dental college, and a dental equipment and supplies distribution company in Singapore. In Malaysia, it manages 37 dental outlets along with a dental equipment and supplies distribution company. In the People’s Republic of China (“PRC”), the Group runs 7 dental polyclinics, 7 dental hospitals, a dental training centre, a dental equipment and supplies distribution company, and a dental laboratory.
While the consolidation of Aoxin Q & M as a subsidiary has temporarily impacted overall profits, the acquisition strengthens Q & M’s regional presence. It is expected to support sustainable growth and reinforce the Group’s ability to deliver consistent, high-quality dental care across its expanding network, while fostering collaboration, sharing of expertise, and the development of talent across the region.
Q & M’s strategy balances near-term earnings stability with medium- to long-term growth initiatives, providing shareholders with both resilience and upside potential. With a strong financial position, an expanding regional presence, and technological capabilities, Q & M is well-positioned to enhance shareholder value and solidify its position as a leading dental healthcare brand.
For investors, Q & M’s trajectory is defined not just by resilience in challenging markets but by its ambition to lead through innovation, regional diversification, and disciplined execution.