Beverly JCG Ltd. Q2 2025 Financial Report Analysis

Beverly JCG Ltd., a Singapore-listed company focused on aesthetic medical, healthcare, and trading activities, has released its condensed interim consolidated financial statements for the second quarter and six months ended 30 June 2025. Below is an in-depth analysis of the key financial metrics, performance trends, and notable corporate developments.

Key Financial Metrics & Performance Table

Historical Performance & Trends

• Revenue: The Group showed robust YoY growth with a 57% increase in Q2 revenue, driven solely by its aesthetic medical and healthcare segment in Malaysia. Trading and distribution remained dormant.
• Profitability: Q2 2025 marks a turnaround from significant losses in Q2 2024 to a small profit, reflecting effective cost control and revenue growth.
• Expenses: Administrative expenses dropped by 25% YoY, reflecting ongoing operational efficiency initiatives.
• Balance Sheet: While the Group reduced its capital deficiency from S\$5.34m to S\$2.78m, it remains in a negative equity position. Current liabilities continue to exceed current assets, but the gap has narrowed.

Exceptional Items & Corporate Actions

• Fundraising: The Group completed several share issuances in Q2 2025 for capital raising and debt conversion, with total issued shares increasing from 757m to 920m.
• Debt Conversion: On 25 April 2025, 81.1m shares were issued for S\$754k of debt under capitalisation deeds, reducing immediate cash outflows.
• Warrant Expiry: 4.5m warrants expired in March 2025, with reserves transferred to share capital. Outstanding convertibles now represent only 0.58% of issued shares.
• No Dividend: No dividends were declared for Q2 or the six-month period, citing cash needs for operations.
• Going Concern: The company received a financial support letter from its controlling shareholder and plans further fundraisings and potential acquisitions.

Cash Flow and Liquidity

• Operating Cash Flow: Net cash outflows from operations in Q2 2025 were S\$0.15m, mainly due to working capital changes.
• Investing Cash Flow: Minimal cash outflow (S\$9k) for asset purchases.
• Financing Cash Flow: Net inflows of S\$0.43m, largely from share issuance, offset by lease and loan repayments.
• Cash Position: Cash and cash equivalents increased to S\$544k at period end.

Industry Outlook

The report highlights a highly positive outlook for the aesthetic medicine market, especially in Asia-Pacific, which is expected to grow at a CAGR of 13.6%. The Group is positioned to benefit from rising demand, urbanisation, and technological advancement.

Chairman’s Statement

“The Group’s collaboration with third parties has been especially beneficial in generating additional revenue, and the Group continues to actively explore ways to monetise surplus capacity in its operating theatres. In line with the continuous efficiency efforts, the Group plans to introduce further cost-saving measures in 2025, cutting monthly expenses. These initiatives support Beverly’s ongoing dedication to maximising shareholder value while upholding the highest standards of service quality.”

Tone: Cautiously positive, focused on efficiency, value creation, and operational performance.

Other Noteworthy Items

• No Related Party Transactions: No IPTs reported for the period.
• No Divestments or Asset Sales: No material asset disposals or IPOs.
• No Legal Disputes or Natural Disasters: No material events disclosed.
• Disclaimer of Audit Opinion: The last annual audit carried a disclaimer of opinion; management asserts full disclosure of all issues.

Conclusion & Investment Recommendations

Overall Assessment: The Q2 2025 results show a significant operational turnaround for Beverly JCG Ltd., with strong YoY revenue growth and a return to profitability. However, the balance sheet remains challenged, with negative equity and ongoing liquidity risks. The company’s ability to raise capital, control costs, and tap into industry tailwinds are positives, but investors should remain alert to solvency and cash flow constraints.

For Current Holders:

If you currently hold Beverly JCG Ltd. shares, consider maintaining your position for now—but monitor future quarters closely for sustained profitability and further balance sheet improvement. Watch for signs of successful fundraising, margin expansion, and continued revenue growth in the aesthetic medical segment. Be cautious, as financial risks remain.

For Non-holders/Potential Investors:

If you do not currently own Beverly JCG Ltd. stock, it may be prudent to wait for greater evidence of recurring profitability and resolution of the capital deficiency before initiating a position. The sector’s growth potential is compelling, but company-specific risks are material.

Disclaimer: This analysis is based solely on the information disclosed in Beverly JCG Ltd.’s Q2 2025 financial report and does not constitute investment advice. Invest at your own risk and consider consulting a professional advisor before making any investment decisions. Past performance is not indicative of future results.

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