Q & M Dental Group (Singapore) Limited






Dentistry 3.0 heralds a new era of ethical practice, harnessing big data and Artificial Intelligence. By leveraging vast patient datasets, practitioners personalise treatments, optimise outcomes, and prioritise patient well-being. Proactive preventive measures, tailored to individual needs, ensure long-term oral health. Through advanced technology, patients experience enhanced diagnostics and efficient procedures with reduced risks. Dentistry 3.0 thus embodies a paradigm shift towards patient-centric care, empowering individuals with comprehensive solutions for a healthier future.


01 Corporate Philosophy, Vision and Mission 02 Corporate Profile 03 Regional Footprint

04 Message to Shareholders 08 Board of Directors 12 Executive Officers 13 Key Figures

14 Operations Review 16 Q & M Free Dental Clinic Opening Ceremony 17 Financial Review

20 Financial Highlights 21 Corporate Social Responsibility 22 Corporate Information



Central to our corporate vision of being the leading private dental healthcare group in the region, Q & M derives its corporate values and purpose from the Confucian teachings of 修身齐家治国平天下.

Confucius teaches that the role of the individual - the sincerity of one's heart, desires, and motivation for knowledge, forms the basis of achieving enduring peace in the world. Once the individual embodies sincerity in all aspects of his life, to cultivate goodness and reject evil, he will then be able to align his family and home with these values. When the home is in order, the country and the rest of the world will also be in harmony and peace.

Similarly, Q & M will continue to thrive as long as each individual within the Group strives for knowledge, continual improvement and excellence, allowing one to achieve order in every aspect of their work and lives. Through teamwork, each business unit and division align with the corporate objectives to form a united Q & M family. Likewise, Q & M consciously aligns its corporate and stakeholders' interests, to achieve greater peace, harmony and well-being for all. To put these values in practice, we strive to ensure that our dental professionals practice in an ethical manner, each protocol or treatment plan benefits our patients (修身); doctors and support staff treat one another with mutual respect and are all governed by this philosophy (齐家). Only then, can we work together as a team (治国) to serve our patients (平天下). Together, we will build the Q & M brand to be synonymous with quality, excellence and value.


  • Improving oneself 齐家

  • Unity and alignment of the Q & M family 治国

  • Corporate and stakeholders' interests are aligned - the Q & M family complies with the rules and regulations set out by the relevant authorities as well as Q & M's internal protocols 平天下

  • Everyone is well-treated, including patients, doctors, nurses, management and shareholders.

  • Peace and harmony



Cultivate loyalty among Q & M family, to further enhance our people's engagement and participation level (齐家)


To have trust among colleagues, work as a team and making sure all information conveyed to patient is true and accurate(治国)


To foster a sense of respect among Q & M staff and all stakeholders, ensuring physical and psychological well-being (修身)


To foster strong ties with everyone, always keep the company in mind throughout our day-to-day decision-making processes (齐家)


To have strong sense of ethics and morals in daily operation (修身)





Q & M Dental Group (Singapore) Limited (QC7.SI) ("Q & M" or together with its subsidiaries, the "Group") is a leading private dental healthcare group in Asia.

Q & M owns the largest network of private dental outlets in Singapore, operating 106 dental outlets (including Q & M Free Dental Clinic) across the country. Underpinned by about 270 experienced dentists and over 350 supporting staff, the Group sees an average of 42,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.

Q & M also operates the Q & M Free Dental Clinic (the "Free Clinic") at Chai Chee Road, providing essential dental treatment free of charge to needy patients as part of its commitment to giving back to the community. Dental services at the Free Clinic are rendered by many volunteer dentists from the Group. Since its launch in July 2023, the Free clinic has attended to approximately 300 patients to-date.

Outside of Singapore, the Group has 44 dental clinics and a dental supplies and equipment distribution company in Malaysia. Q & M is also the substantial shareholder of Aoxin Q & M Dental Group Limited (SGX:1D4), a dental group listed on the Catalist board of the Singapore Exchange Securities Trading Limited ("SGX- ST") that operates dental clinics and hospitals primarily in the north-eastern region of the People's Republic of China.

In 2019, Q & M founded the Q & M College of Dentistry ("College"), which offers postgraduate dental education to support the ongoing education and professional development of the Group's dentists. The College offers Singapore's first private postgraduate diploma program in clinical dentistry. Furthermore, the College also regularly conducts various dental assisting courses for its own clinical support staff as well as to members of the public. For the latter, the participants can pay the course fee using their Skills Future credits.

In 2020, the Group expanded into the medical laboratories and research industry with the strategic investment into Acumen Diagnostics Pte. Ltd. ("Acumen"). In the past few years, Acumen played an important role in the nation's fight against Covid-19, as one of the few licensed medical laboratories for Covid-19 diagnostics in Singapore.

Moving on from Covid-19, the diagnostic laboratory is currently focused on commercialising its panel of PCR-based diagnostic testing for conditions such as sepsis, human papillomavirus (HPV) and colon cancer for the private sector clinics and hospitals in Singapore. In addition, Acumen is also running the Joint Testing and Vaccination Centre (JTVC) in Sengkang as commissioned by the Ministry of Health.

EM2AI Pte. Ltd. ("EM2AI"), an associate of the Group that focuses on developing AI-powered solutions, has rolled out a cloud-based Integrated Dental Management System ("EM2Clinic'') that efficiently facilitates patient relation management and operational processes in the clinic. A Q & M Patient App (the "App") integrated with EM2Clinic has been launched to enhance patients' overall experience. Through the App, dental records such as x-rays and 3D intra-oral scanned images are conveniently and securely stored in patients' mobile phones. EM2AI has also successfully deployed its AI detection module throughout the Group's dental clinics in Singapore and Malaysia. In addition, an ethical treatment planning module premised on generative AI is currently undergoing trials by selected dentists of the Group.

The Group was listed on the Mainboard of the SGX- ST on 26 November 2009.

For more information on the Group, please visit:www.QandMDental.com.sg

LIST OF SERVICES (Dental and Medical)


  • Aesthetic/Cosmetic Dentistry

  • CAD CAM Digital Dentistry

  • Children Dentistry

  • Clear Aligner (Invisalign)

  • Consultations

  • Crowns and Bridges

  • Dental X-ray with AI Scan

  • Dentures

  • Extractions

  • General Dentistry

  • Geriatric Dentistry

  • Gum Disease and Surgery

  • Implant Dentistry

  • Intraoral 3D Scanning

  • Mouth/Night Guards

  • Oral Surgery

  • Orthodontics (Braces)

  • Root Canal Treatment

  • Scaling and Polishing

  • Sensitive Teeth

  • Teeth Grinding (Bruxism)

  • Teeth Whitening

  • Tooth-Coloured Fillings

  • Wisdom Tooth Surgery


General Health Services:

Extensive Medical Check-Ups:

  • Adult and Children Consultation

  • Chronic Disease Management

    • Pre-education/Extracurricular activity Certification

  • Men's Health

    • Pre-employment Checks

  • Skin Care

  • Telemedicine

Minor Procedures:

  • Draining of Abscess

    Preventive Care:

  • Ear Syringing

    • Cervical PAP Smear

  • Removal of Foreign Material

    • Family Planning

  • Removal of Sutures

    • General Health Screening

  • Removal of Warts

    • Pre-Marital Health Screening

    • Smoking Cessation

  • Wound Care and Dressing

  • Weight Loss Management

  • Travel Advice and Vaccinations


  • Covid-19 Vaccination


  • Cervical Cancer

  • Chicken Pox

  • Childhood Vaccinations

  • Hepatitis Profiling and Vaccinations

  • Influenza

  • Tetanus

  • Typhoid


In the financial year ended 31 December 2023 ("FY2023"), Q & M Dental Group (Singapore) Limited's ("Q & M" or "the Group") total revenue amounted to S$182.7 million, up from S$181.2 million in FY2022. FY2023 profit before tax was S$13.7 million compared to S$14.3 million in FY2022.

Revenue from Core Healthcare Business1, was S$176.2 million in FY2023, up 2% from S$172.1 million in FY2022. EBITDA2 from Core Healthcare Business was S$39.6 million for FY2023 compared to S$39.5 million in FY2022, reflecting the continued strength of the Group's core business.

As at 31 December 2023, the Group has a total of 150 clinics within its network, with 1063 clinics in Singapore, 44 clinics in Malaysia. The Group has approximately 330 dentists and 460 supporting staff, of which 270 dentists and 350 supporting staff are in Singapore. Dentists in the Group see an average of about 42,000 patients per month.


Core Healthcare Business Revenue of S$176.2 million in FY2023, was derived from higher revenue contribution from Singapore dental clinics that was offset by lower revenue contribution from Singapore medical clinics, deconsolidation of the Shanghai Chuangyi in June 2023 and the impact of the weakening Malaysian Ringgit inrelation to the Group's operations in Malaysia. The Group's medical laboratory business was adversely impacted by lower demand for Covid-19 testing now that the Covid-19 virus has entered the endemic stage.

Aoxin Q & M Dental Limited ("Aoxin Q &M"), a 32.8% owned associate company of Q & M reversed from a loss in second half of 2022 to a profit in second half financial year of 2023 ("2H2023"), resulting in Q & M recording a share of profit from equity-accounted associate of S$0.1 million in 2H2023. For whole year FY2023 against whole year FY2022, the share of loss in Aoxin Q & M, decreased by S$0.5 million.

The Group's profit after tax attributable to owners of the parent increased from S$11.3 million in FY2022 to S$11.5 million in FY2023.

As at 31 December 2023, the Group's financial position remains strong. Net Asset Value attributable to owners of parent is S$99.1 million as at 31 December 2023 compared to S$96.5 for the previous year, an increase of 3%. Net asset value per ordinary share increased to 10.5 Singapore cents as at 31 December 2023, up from 10.2 cents a year ago.

As at 31 December 2023, Q & M has cash and cash equivalents of S$34.0 million and bank borrowings plus finance leases amounting to S$80.3 million.




The Group paid a 0.16 Singapore cent dividend for first half of 2023 ("1H2023") on 13 September 2023 and a second interim dividend of 0.53 Singapore cent per ordinary share for 2H2023 on 26 March 2024. The total dividend thus works out to 0.69 Singapore cent for FY2023, with a payout ratio of 57%.


The Group's FY2023 financial performance remains strong despite a challenging business environment as the fundamentals of the Group's business remains sound. For the year ahead, the Group will continue to execute on its multi-year and multi-prong strategy with emphasis on both the hardware and heartware of the Group. Data-Driven Dentistry will play an increasingly important role in bringing the Group into the Artificial Intelligence-age allowing dentists to offer patients the best possible treatment plans that are ethical, cost-effective and considers the overall well-being of the patient from a long-term perspective. This is vital in gaining the trust and confidence of the many thousands of patients that entrust their dental care needs to the Group.


The Group continues to explore strategic opportunities to grow its network of dental clinics in Singapore and Malaysia, with particular emphasis on organic growth. To achieve this, every clinic is carefully evaluated to improve productivity and maximise returns on a per clinic basis. Starting in 2023, Q & M was organised with area management teams that include dentists, nurses, operations and finance personnel to improve overall cost and operation efficiencies. Area Managers have been empowered to make improvements to work processes. In addition, the network footprint in both Singapore andMalaysia is regularly reviewed to ensure that geographical coverage of the clinics are matched with emerging pockets of demand that may not be adequately served currently.

The Group is also making strategic evaluations of markets in other South-East Asian countries to explore opportunities to expand the business.


Building on the success of operating a Joint Testing and Vaccination Centre (JTVC) in Singapore in FY 2023, the focus will shift leveraging this valuable experience to explore further public health engagements. We aim to collaborate with government agencies and healthcare organisations, expanding our footprint in the healthcare sector.

With the conclusion of our COVID-19 contract for PCR testing in Singapore, we look to diversify our revenue streams and expand our service portfolio. This includes commercialising our pipeline of PCR tests for infectious diseases and cancer, driving innovation and new product development. We will prioritise advancing our PCR tests, aiming for regulatory approvals and market launch to meet evolving healthcare needs.

We will also be intensifying efforts to explore international markets for our testing services and products. This entails assessing market dynamics, regulatory requirements, and potential partnerships to facilitate market entry and growth.


Q & M has taken the lead in the market by making early investments in the field of Artificial Intelligence. As we embrace the potential of AI and Dentistry 3.0, we remain mindful of our responsibility to uphold the highest ethical standards and prioritise patient well-being above all else.

1 Core Healthcare Business excludes contributions from the Group's medical laboratory, other gains, other losses and expenses incurred on the development of the Group's digital artificial intelligence (AI) guided clinical decision support system as well as rental rebates receive from the Singapore government,

  • 2 EBITDA refers to Earnings before interest, tax, deprecation and amortization.

  • 3 Includes the Free Dental Clinic





While AI holds the promise of revolutionising dentistry, it is our human touch, empathy, and expertise that will continue to define the essence of our practice as we interact with our patients on a daily basis.

Harnessing the power of our AI solutions such as our AI Guided Clinical Decision Support System ("AI-GCDSS") and our cloud-based Integrated Dental Management System ("EM2Clinic"), we will be able to formulate and recommend ethical, efficient, and effective solutions to our patients; which is a strategic differentiator for the Group. We strive to position our organisation as one of innovation and adaptability, embodying the best of patient-centric ethos and technological advancements that will define this new era of dental healthcare. Our commitment to continuous learning and evolution is not merely aspirational; it's integral to our identity as a forward-thinking dental healthcare provider.

We see a future where dental professionals collaborate across disciplines, leveraging the latest research and technological breakthroughs to enhance their skills and elevate patient care. In this vision, the Company transcends the traditional role of a healthcare provider to become a driving force for industry-wide transformation. By fostering a culture of curiosity, experimentation, and knowledge-sharing, we position ourselves not just to keep pace with change, but to actively shape its trajectory.

Our strategic investment in Artificial Intelligence exemplifies this commitment. Armed with comprehensive knowledge and data-driven recommendations, patients can engage more meaningfully in their dental care journey, while dentists can confidently tailor treatment plans to individual needs, ensuring optimal results every time.


On 25 January 2024, Q & M entered into a joint-venture agreement with EM2AI Professional Holdco Pte. Ltd. which invested S$1.6 million into the Group's wholly owned subsidiary EM2AI Pte. Ltd., and also provided an interest free loan of S$3.7 million to EM2AI for working capital purposes. EM2AI Professional Holdco Pte. Ltd. acquired an effective shareholding interest of 51% of EM2AI.

EM2AI is in the business of providing top-grade dental healthcare solutions with cutting edge AI technology. The following benefits are derived from the joint venture:

  • • strengthen the Group's financial position and improve its cash flow as EM2AI is currently not profitable and its activities require significant capital investment, specifically in the area of research and development (R&D);

  • • Funds saved by the Group in respect of further funding requirements of EM2AI can be deployed by the Group to its core activities.

AI-empowered solutions and businesses come with certain risks and uncertainties along with intensive working capital requirements, thus making it difficult to estimate when the business will become ultimately profitable. Divesting majority control of EM2AI allows the Group to effectively minimise its capital investment in EM2AI during its growth stage and still benefit from the growth of EM2AI without having to invest substantially into it.


Albert Einstein once said "When you stop learning you start dying". Q & M is absolutely dedicated to ensure that our staff are equipped with the necessary expertise and knowhow to deliver the best outcomes consistently for our patients. The Q & M College plays a key role in fulfilling this by offering quality training programs that give our staff the knowledge and skills in tandem with the latest advances in the field of dentistry.

Our frontline healthcare staff including both dentists and dental assistants are required to attend Q & M's annual compulsory training on an on-going basis. The training combines the best of classroom learning with highly practical sessions. Our commitment to our patients' care and well-being is something that the Group takes very seriously and will always be so.


The Q & M Free Dental Clinic launched in July 2023 is rooted in the belief that everyone deserves access to quality dental care, regardless of their financial circumstances and



background. It has become a highly meaningful platform for Q & M to give back to the community. The Group is heartened by the willingness of so many of its dentists and nurses stepping up to volunteer their time and expertise to help and benefit those who might otherwise have limited access to good quality dental healthcare.

From seniors seeking quality dental care in their twilight years to young children taking their first steps into dental hygiene, the Free Dental Clinic has touched the lives of over 300 individuals within the community from its inception in July 2023 until early March 2024. Among these beneficiaries, over 90 were seniors aged 60 and above, while numerous young children under 12 years old received crucial dental attention, setting the foundation for a lifetime of oral wellness.


Any organisation is only as strong as its weakest link and Q & M is no exception. From our very inception, even up to today, our corporate philosophy is encapsulated by the Chinese proverb, "修身齐家治国平天下", which has not only shaped our identity but also served as the compass guiding our actions. Our commitment and dedication to the Group, our patients, our fellow staff, our profession, and to the community has been unwavering and will continue to be so.

Building our foundation on solid rock will ensure that the Group can withstand the winds of change and adversity to emerge stronger after every challenge overcame. The plans and investments we have put in place in the areas of Artificial Intelligence, lifelong learning and upskilling for our dentists and nurses, ethical dentistry and data-driven dentistry will mean little if our patients and the community we serve do not directly benefit from what we do. While we are not the finished product by any means, we believe that we have laid down the groundwork to take the Group well into the next decade and beyond.


intertwines seamlessly with compassion, and technology becomes the catalyst for transformative care; all of which is undergirded by the strong and consistent values that we have forged since the beginning.

To our dedicated staff, we extend our deepest gratitude for your unwavering commitment and adaptability. As we embark on this transformative journey, your expertise and compassion remain our most invaluable assets.

We would like to take this opportunity to convey our heartfelt gratitude to the following three Independent Directors who will be retiring at the upcoming Annual General Meeting 2024: Mr Narayanan Sreenivasan, Mr Ng Weng Sui Harry, and Prof Toh Chooi Gait. Each of them has played a pivotal role in offering invaluable guidance and strategic counsel throughout their tenure on the Board, significantly contributing to the enduring strength and success of the Group. A special note of appreciation is due to Mr. Narayanan for his leadership and instrumental role in shaping the Company's direction during his tenure as Chairman of the Board. His candidness, insights, and sense of humour have left an indelible mark and will be dearly missed by all who had the privilege to work with him.

We offer our warmest wishes to each of them as they embark on new endeavours in the future.

To our esteemed shareholders, we express our sincere appreciation for your steadfast support.

In conclusion, we stand here with a profound sense of optimism and excitement for the future that awaits us. Together, we will embrace the transformative potential of AI, while staying true to our core values of loyalty(忠), truthfulness(信), respect(礼), righteousness(义) and integrity (廉).

MR NARAYANAN SREENIVASAN Independent Non-Executive Chairman


Today, we stand at the threshold of a remarkable era in the history of our Group - a future where innovation


Group Chief Executive Officer and Executive Director






Independent Non-Executive Chairman

Mr Narayanan Sreenivasan was appointed as Independent Non-Executive Chairman of Q & M on 14 October 2009. He is the Managing Director of K & L Gates Straits Law LLC and has 38 years of experience in government and private legal practice. He is also an Independent Director of FSL Trust Management Pte. Ltd..

He graduated with a LLB (Hons) from the National University of Singapore in July 1985. He is an Advocate and Solicitor of the Supreme Court of the Republic of Singapore and is also a Fellow of the Singapore Institute of Arbitrators and a Fellow of the Chartered Institute of Arbitrators. Mr Sreenivasan has an active litigation practice and was appointed as Senior Counsel in January 2013.


Non-Independent Executive Director and Group Chief Executive Officer

Dr Ng Chin Siau is the Group's founder and Group Chief Executive Officer. He was appointed as a Non-Independent Executive Director of Q & M on 7 January 2008. Dr Ng is responsible for the corporate direction of the Group. He leads the Group in all aspects of its business strategies, policy planning and business development in Singapore, Malaysia and the PRC.

In June 1992, he graduated from the National University of Singapore with a Bachelor of Dental Surgery. Dr Ng also obtained a Certificate of Implantology from the University of Frankfurt in December 2003. He was also an elected member of the Singapore Dental Council from May 2006 to April 2009. From May 1992 to October 1994, he was a Dental Officer with the Ministry of Health. Subsequently in November 1994, he left to join a private dental clinic at Bukit Batok as an Associate Dental Surgeon until October 1996. In November 1996, he founded the Group and has charted its growth since then.

Dr Ng is a Council Member of the Singapore-Liaoning Economic and Trade Council, and Singapore-Shangdong Economic and Trade Council. Dr Ng is also a Patron of the Ang Mo Kio-Hougang's Citizen's Consultative Committee and the Chairman of River Valley High School's School Advisory Committee appointed by Ministry of Education, Singapore.

Dr Ng received the Best Entrepreneur Award in the discipline of Dentistry from the National University of Singapore's Business Incubation of Global Organisations in September 2007. In September 2009, he was named the "Top Entrepreneur" and winner of "The Entrepreneur of the Year Award ("EYA") for Enterprise" in the 2009 Rotary Club - ASME EYA. In December 2010,

Dr Ng was conferred the "Ernst & Young Entrepreneur of The Year 2010 Award (Healthcare Services)". In 2015, Dr Ng was named the "Best CEO of the Year for Companies with S$300 million to S$1 billion Market Capitalisation" at the Singapore Corporate Awards. In 2022, Dr Ng received the Public Service Medal (Covid-19) under National Award (Covid-19) 2022.


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Q & M Dental Group (Singapore) Limited published this content on 30 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2024 03:59:02 UTC.