PRINC performs well in Q4. Revenue grows 12.6%, totaling 5,640 million baht in 2023. Number of patients - bed occupancy rate soared. In 2024, moving forward with hospital expansion, elderly care business and related medical businesses.

Principal Capital PCL. (PRINC), a company that operates private hospitals and healthcare businesses under the name Principal Healthcare, reported its Q4 2023 results with a total revenue of THB 1,523 million, an increase of 12.6% year-over-year (YoY). This brings the total revenue for the full year of 2023 to THB 5,640 million. Excluding COVID-19 related revenue, revenue for 2023 grew by 36.1%, driven by growth across all hospitals in the group. Currently, there are a total of 15 hospitals in the group, with 14 already operational across 11 provinces.

Dr. Krittavith Lertutsahakul, Managing Director and Vice Chairman of Principal Capital PCL. (PRINC), discussed the company's Q4 2023 performance. The Average Daily Census (ADC) saw an impressive 62.6% growth compared to the same period in the previous year. And still maintaining continuous growth from the previous quarter which achieved record-high performance.

Three key factors have contributed to this success:

1. Strong execution against the plan: The organization diligently executed its plan to enhance capacity, including expanding medical services. This involved strengthening the medical team and establishing specialized clinics and medical centers in 2023. Additionally, revenue recognition from the new Ruamphat Phitsanulok Hospital, the Medical Referral Service Unit under the Monsoon Wind Farm project in Dak Cheung City, Lao PDR, operated by PRINC Hospital Ubonratchathani, played a significant role in expanding the service recipient base in Lao PDR. The company plans to continue expanding its hospital network and invest in expanding medical services in specialized fields, such as cardiology, oncology, and infertility clinics, across affiliated hospitals. 
2. Patient Base Diversification: Both Thai and international patients, particularly in disease groups requiring hospitalization, have contributed to the growth in several key metrics. Notably, cases related to respiratory infections such as RSV in children and influenza strains A and B, as well as dengue fever. These factors have contributed to an observed 14.0% increase in average Outpatient Department (OPD) visits per day, an 8.1% increase in average outpatient income per visit, and a 3.4% increase in admission rate.
3. Technology Enhancement: PRINC has invested in enhancing information technology capabilities to increase the efficiency of medical services and management of hospitals and affiliated businesses. This is achieved through Shared Services models such as Teleradiology and Radiotherapy team. Development of the PRINC Single Profile system to check treatment history across medical institutions. This is to ensure that in the case of illness, no matter which hospital in the network you receive services, will receive quality care with access to accurate treatment history data, Ready to provide medical support for accurate diagnosis and treatment, etc.

As for operating results according to sustainability guidelines (ESG), the company received a corporate governance assessment of Thai listed companies, or CG, for the year 2023 at the level of 5 stars, or "Excellent" (Excellent CG Scoring), awarded by the Thai Institute of Directors (IOD). Additionally, it has passed the assessment of international standards of ethics for healthcare providers, or EPiHC, becoming the second hospital in Thailand to receive such recognition.
Furthermore, PRINC actively supports the United Nations Global Compact in Thailand and has committed to achieving carbon neutrality since 2021. The organization aims to achieve net zero carbon emissions by 2030. Along with transitioning to solar energy through solar rooftop installations at two additional locations: PRINC Hospital Ubonratchathani and PRINC Hospital Uthaithani, bringing the total to five operational locations, as outlined in the sustainability operational plan. 

"The company is still moving forward with the plan to expand hospitals to reach the target of 20 within 2 years. This year, the company will also proceed with opening additional medical centers and specialized clinics in many branches. It will expand cancer treatment centers at various affiliated hospitals. Additionally, the company will expand the healthcare business, focusing on comprehensive care and rehabilitation for the elderly and patients, medical equipment businesses, infertility care, and more. Furthermore, to prioritize the healthcare business, the company plans to decrease its investments in real estate. This aligns with the implementation of the sustainable operating plan, aiming to contribute to increasing access to public health services in urban areas. This aligns with the company's aspiration to become an organization that fosters a spirit of giving and continues to help individuals, communities, and society," Dr. Krittavith concluded.