FY Mar-2022 Financial Highlights
MMK. 138.7 Bn
Six-month Revenue
Six-month revenue was mainly driven by growing
Healthcare Services
MMK. 1.5 Bn
Net profit attributable to Equity Holders
Delivered profit to shareholders when most businesses
remain prudent towards current business environment
39.7 %
Gross Profit Margin
Improved GP Margin in Healthcare Services when
Financial Services manage higher cost of funds
4.8 Bn
Net Profit For The Year
Driven mainly by Healthcare Services while Financial Services
continue to build stronger balance sheet
Financial Performance Summary
| FY Mar-2022* Audited | HY Mar-2021** Unaudited | % Change | |
|---|---|---|---|
| Statement of Income (MMK ’000) | |||
| Revenue | 138,693,464 | 164,065,048 | (15.5%) |
| Gross Profit | 55,059,390 | 77,652,089 | (29.1%) |
| Net Profit | 4,780,676 | 15,635,729 | (69.4%) |
| Total Comprehensive Income | 5,387,300 | 9,933,735 | (45.8%) |
| Net Profit attributable to Equity Holders | 1,470,464 | 8,421,652 | (82.5%) |
| Basic (loss)/earnings per share (MMK) | 44 | 264 | (83.3%) |
| Statement of Financial Position (MMK ’000) | As at 31-Mar-2022 | As at 30-Sep-2021 | % Change |
| Total Assets | 3,419,973,957 | 3,113,782,069 | 9.8% |
| Total Liabilities | 2,915,850,077 | 2,615,196,526 | (11.5%) |
| Total Equity | 504,123,880 | 498,585,543 | 1.1% |
| Net Asset value per share (MMK) | 12,181*** | 12,047*** | 1.1% |
| Financial Indicators | |||
| Gross Profit Margin (%) | 39.7 % | 47.3% | (16.1%) |
| Net Profit Margin (%) | 3.5 % | 9.5% | (63.2%) |
| Net Gearing (%) | 15.1 % | 16.0% | (5.6%) |
* Audited financial report is to comply with the new financial year, covering six months of the operating period from 1 October 2021 to 31 March 2022
** Unaudited financial report ended from 1 October 2020 to 31 March 2021
*** Net Asset Value Per Share is calculated by dividing the total net asset value of the Company by the number of outstanding shares (inclusive of convertible shares under Restructured Loan Agreement)
Revenue
Sources of Income
Gross Profit and Net Profit Margin
Core Operating EBITDA
Earnings Per Share
Net Asset Value Per Share
FMI Group Overview
While the Group will continue to take preventive measures and plan for future spikes of COVID-19 in Myanmar, the focus has firmly shifted towards operational improvements and capturing business opportunities. Although some of these challenges will remain, in other aspects there are signs of improvement. The Group’s total revenue was decreased by 15.5 % to MMK 139 billion in FY Mar-2022 and the decline was primely due to the drop in revenue contributed by the financial services segment as the management of Yoma Bank strategically place its business with a stronger balance sheet and increased cash position. However, the revenue from the healthcare segment significantly increased by 72.8% to 29.7 billion in FY Mar-2022. This growth in revenues was generated from core hospital operations and covid-related treatment. Pun Hlaing Hospitals explored other opportunities to increase its revenue with its Emerging Health unit spearheading numerous new business initiatives by occupying 27.0% of the total revenues generated as compared to its contribution of 11.1% in FY Mar-2021.
The gross profit declined by 29.1% groupwide mainly due to lower revenue contribution and higher cost of expenses by Yoma Bank not only the higher deposit balance but also the lower loan disbursement, despite the healthcare services bump up the gross profit margins by generating more revenues.
Given the unpredictable business environment, the Group continued cost control measures achieved through salary reduction, reduced depreciation, and lower overhead costs. The Group’s total expenses decreased by 15.8% even after the fact that all segments had to endure inflated prices. Moreover, the adjustment of the reversal of previous loan loss provisions for NPLs was impacted positively and partially mitigated the overall administrative expenses.
The group’s net profit decreased by 69.4% in FY Mar-2022 to MMK 4.8 billion for the aforementioned reasons and as a result of a higher share of losses from associates and joint ventures were driven by the Real Estate segment which was partially offset by an improvement in FMIDecaux.
The Group’s total assets have increased by 9.8% to MMK 3.4 trillion due to the increase in Bank’s treasury and loan portfolios. Meanwhile, the total liabilities of the Group have also increased by 11.5% due to the larger customer deposits through its popular product offerings such as Everyday Flexi and Super Fixed accounts.
The Group’s equity was slightly increased by 1.1%, which was attributable to the increase in equity reserve and non-controlling interest mainly coming from Yoma Bank.