Uphealth Group Limited (Formerly Don Agro International Limited): FY2025 Results Analysis
Uphealth Group Limited has undergone a transformative year, marked by the disposal of its agricultural business and the acquisition of a Russian oncology medical network. The company has shifted its principal business from agriculture to healthcare, and this transition is strongly reflected in its FY2025 financial results.
Key Financial Metrics and Performance Table
| Metric |
2H FY2025 |
1H FY2025 |
2H FY2024 |
FY2025 |
FY2024 |
YoY Change (%) |
| Revenue |
– |
– |
– |
– |
\$12.25m |
(100.0) |
| Net Profit/(Loss) |
\$0.31m |
(\$1.68m) |
(\$8.88m) |
(\$1.37m) |
(\$22.72m) |
+94.0 |
| EPS (cents) |
0.21 |
(1.12) |
(0.59) |
(0.91) |
(15.12) |
+94.0 |
| Dividend |
– |
– |
– |
– |
– |
n.a. |
| Net Asset Value/Share (cents) |
44.83 |
n.a. |
34.43 |
44.83 |
34.43 |
+30.2 |
Historical Performance and Exceptional Items
Uphealth Group’s FY2025 results reflect the company’s strategic pivot. All agricultural operations were disposed of in July 2024. As a result, all revenue and loss from agriculture are classified as discontinued operations from 2H 2024 onwards. The company reported:
- Loss from discontinued operations (FY2024): (\$18.1m), reduced to nil in FY2025, as the business was exited.
- Total comprehensive income (FY2025): \$15.63m (from a loss of \$5.54m in FY2024), mainly due to a \$17m gain from foreign currency translation as the Russian Ruble appreciated against the Singapore Dollar.
- Increase in finance income (FY2025): \$5.1m (vs. \$3.4m FY2024), driven by higher interest rates and foreign exchange gains. Finance costs dropped to \$0.2m (from \$0.7m) due to lower FX losses and absence of legacy debt costs.
- Administrative expense reduction: Fell 10.2% YoY, as key management bonuses related to the agricultural business ceased, offset by higher consulting fees for M&A activity.
Balance Sheet and Cash Flow Highlights
- Net asset value per share: Rose to 44.83 cents (from 34.43 cents), reflecting asset revaluation and FX gains.
- Cash and cash equivalents: \$24.7m (down from \$47.9m), mainly due to advance payments and loans related to the acquisition of the new medical businesses, despite inflows from the disposal of agriculture subsidiaries.
- Receivables: Rose sharply due to advance payments for the acquisition of 812 Capital LLC and Centre for Innovative Medical Technologies, LLC.
- No dividends declared: The company intends to conserve cash for working capital and further expansion.
Major Corporate Actions and Events
- Divestment of Agriculture Business: The group sold its entire agricultural operations in Russia for approximately \$65.7m, fully deconsolidated from FY2025.
- Acquisition of Medical Businesses: The group acquired significant stakes in a Russian network of oncology clinics (Euroonco) and CIMT, with completion confirmed in February 2026. The medical business will be consolidated from 1H 2026 onwards.
- Cash Company Status and Reclassification: Following the agriculture disposal, the group briefly became a “cash company” as per SGX rules but exited this status after completing the healthcare acquisitions.
- Surge in Receivables and Temporary Asset Structure: The balance sheet at end-2025 reflects a transitional state, with high cash outflows for advance payments and loans related to business acquisition, and no operating assets from the new medical business consolidated yet.
Directors’ Remuneration
| Period |
Salaries & Related Expenses |
Defined Contribution Plans |
Total |
| FY2025 |
\$823,000 |
\$154,000 |
\$977,000 |
| FY2024 |
\$2,759,000 |
\$471,000 |
\$3,230,000 |
Chairman’s Statement
“Following the completion of the acquisition of the Group’s new medical business, as stated in the Circular, the Group is now exploring and evaluating opportunities in South-East Asia, Central Asia and the Middle East through partnerships, joint ventures and other strategic alliances. The Group looks at both: acquiring existing, operating healthcare assets; and developing new clinics or hospitals together with established healthcare providers. The Group will continue to operate Euroonco and Uni clinics and we expect the growth in our margin as a result of an increase in the number of patients and check-ups as a result of the existing efforts invested into marketing activities.”
— Marat Devlet-Kildeyev, Chief Executive Officer and Executive Director
The tone is optimistic, highlighting strategic expansion and anticipated margin growth, though it is forward-looking and acknowledges the need for investment in growth.
Events and Issues Affecting the Business
- Macroeconomic Environment: The Group faces ongoing risks from the Russian business environment, including evolving tax legislation, FX volatility, and regulatory uncertainties.
- Exceptional Foreign Exchange Gains: FY2025 saw a \$17m gain in the foreign currency translation reserve, boosting equity and net asset value.
- No major related-party transactions or IPTs: No significant related-party dealings or interested person transactions in the reporting period.
Outlook and Forecasts
- The medical business, including Euroonco and Uni clinics, will be consolidated from 2026 and is expected to drive new revenue and profit streams.
- The Group is focused on geographic expansion and acquisition-led growth outside Russia, which could improve diversification but also raises execution risk.
- No dividends are expected in the near term as cash is reserved for working capital and expansion.
Conclusion & Investment Recommendations
Uphealth Group Limited’s FY2025 financials reflect a company in transition. The exit from agriculture and entry into healthcare have substantially reduced operating risk but also mean that FY2025 results are not indicative of future operating performance. The strong net asset value and cash position are positives, while the lack of operating revenue and reliance on successful integration and ramp-up of the medical acquisitions are key risks.
- For current shareholders: If you are holding the stock, consider maintaining your position if you are comfortable with near-term volatility and believe in the management’s execution capabilities in healthcare. The company’s strong cash reserves and strategic shift offer upside, but the next 12 months will be crucial as the new business is integrated and performance visibility improves.
- For potential investors: If you are not currently holding the stock, it is prudent to wait for the first set of results post-integration of the medical business (expected 1H 2026) before committing. This will allow you to assess whether the new business delivers on growth and profitability expectations.
Disclaimer: This analysis is based solely on the company’s published financial statements and does not constitute investment advice. Please conduct further due diligence and consult your financial adviser before making any investment decision.
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