Owner of Hoan My hospital reports $2 mln loss in 2022

Hoan My Medical Corporation, owner of the Hoan My hospital chain, has reported a loss of nearly VN50 billion ($2.1 million) in 2022.

In 2021, the company recorded after-tax profit of VND285.58 billion ($12.16 million), equivalent to return on equity (RoE) of 19.85%, according to a document it sent to the Hanoi Stock Exchange (HNX).

By the end of 2022, the company's equity had reached VND1.39 trillion ($59.1 million), down 3.5% compared to the beginning of 2022 and the bond debt-to-equity ratio increased from 1.6 times to 1.66 times. The total outstanding bond debt was then VND2.3 trillion ($98.14 million).

The company is currently circulating two lots of bonds with a total par value of VND2.33 trillion ($99.2 million). Of these, the first bond lot with a par value of VND930 billion ($39.6 million) will mature on October 15, 2023 and the second with a par value of VND1.4 trillion ($59.6 million) will mature on October 15, 2025.

Hoan My Medical Corporation, located on the 11th floor, Friendship building, 31 Le Duan street, District 1, Ho Chi Minh City, has charter capital of VND392.35 billion ($16.71 million). Its legal representative is Nguyen Thi Chau Loan.

The company is the owner of the Hoan My hospital chain, the first private hospital chain in Vietnam, with the first hospital coming into operation in December 1999 on Tran Quoc Thao street, HCMC. According to the company's announcement, the chain owns a network of 15 hospitals and six clinics.

The Hoan My hospital and clinic chain was founded by doctor Nguyen Huu Tung. In 2009, Tung selected two foreign funds as investors with $20 million for a 44% stake. This is considered one of typical M&A deals between Vietnamese enterprises and foreign investors.

Nguyen Huu Tung did not seek advice of a lawyer for the deal and this was a mistake. The pressure from meeting the requirements of the investors forced Tung to sell Hoan My to India's Fortis Healthcare for $100 million.

Fortis Healthcare later sold Hoan My to Richard Chandler, an investment group based in Singapore. After belonging to Richard Chandler, now Clermont Group, Hoan My continuously expanded its scale, acquiring private hospitals in many other provinces and cities in Vietnam.