Pacific Smiles Group reported an 8.7% increase in revenue from ordinary activities for FY24, reaching $179.8 million, compared to $165.3 million in the previous period.
The dental services provider's statutory profit after tax skyrocketed 232.1%, up to $8.04 million from $2.42 million in the previous year.
Similarly, the underlying profit from ordinary activities after tax more than doubled, reaching $8.53 million, a 103.9% increase from $4.2 million in FY23.
Andrew Vidler, CEO of Pacific Smiles, remarked, "Our focus on operational efficiency and the expansion of our dentist network has driven notable revenue growth and significantly improved profitability."
He further added that these strategic initiatives have not only enhanced service levels but also bolstered patient and dentist engagement.
Patient fees rose 7.9% year over year to $291.8 million.
The company declared a final dividend of 3.25 cents per ordinary share, fully franked, to be paid on Oct. 10.
The total dividends paid out for the financial year came to $7 million, showing a growing return to shareholders.
The company's strong cash management enabled them to pay off all outstanding debt, leaving them with a net cash position of $17.7 million.
Pacific Smiles remains optimistic about its growth prospects, aiming to leverage existing and new dental centres for sustained performance.
The robust results demonstrate that the company's investments and operational reforms are yielding strong financial gains.
At the time of reporting, Pacific Smiles Group's share price was $1.84.