We celebrate our 30th Anniversary this year.

Since our humble beginnings with two clinics in the CBD in 1976, we have grown into the integrated healthcare organisation we are today. Raffles Medical Group has grown in breadth, depth and size, as reflected in the 470 fold growth in turnover and 600 fold increase in profits over the past 30 years.

Our growth story continues today. It is made possible because we have physicians, nurses and healthcare managers who are extremely competent, compassionate and who use their talents, skills, learning and experience for the benefit of all our patients. These are Raffles' core competencies which have allowed us to deliver the best total healthcare at the best value to people in Singapore and Asia. Our mission and our unique Group Practice model distinguish us from other healthcare companies in the region. The cumulative strength and sustainability of this model will be even more evident in years to come.

We have done well this year. Our team achieved an unprecedented profit after tax of $12 million. Group revenue was an all time high of $112.9 million. With Raffles Hospital recording its highest patient numbers since its opening in 2001, profit growth for the Hospital surged 134.4%. Revenue from foreign patients - who come from more than 100 countries - grew by 50%. The Hospital will continue to contribute strongly to the Group's performance as more local and foreign patients choose to receive their care from the Hospital. Healthcare Services Division will continue to contribute positively as the Singaporean economy strengthens. International Medical Insurers, our insurance subsidiary, is expected to do better in its second year of operations.

The Group is actively seeking opportunities in the region and will consider growth through acquisition or green field projects. We are upgrading our Jakarta office into a medical centre. This will provide our Indonesian patients, their families and friends more convenient access to our brand of healthcare.

For us to continue our growth path, we will ensure that our core values are preserved and strengthened. We must also maintain our tradition of sound, prudent financial management and stewardship.

We need to identify physicians, nurses and healthcare managers with the right traits, imbue them with the Raffles spirit and values, groom and develop them so that they will continue to provide the right leadership for the organisation.

We need to retain and reinforce our ability to respond swiftly to future challenges and threats, just as we have responded to the SARS crisis in 2003.

I thank the Board of Directors of the Group and subsidiaries for their invaluable support, advice and wise counsel all these years and as we take the Group to new heights. I also thank and acknowledge the many Raffles physicians, nurses, healthcare managers and staff who have contributed to Raffles these 30 years. Their dedication, hard work and sacrifice have been firmly etched into the history of Raffles Medical Group.

I also wish to record our sincere appreciation and gratitude to all our patients and corporate clients for trusting us and giving us their unwavering support. We value this relationship and promise to continue to give you our best.

We thank our shareholders and investors for sharing our vision and having the patience to support us in pursuing durable long term goals.

With your continued support, I am confident that by the end of 2010, we will be delivering our brand of healthcare in a few more countries in Asia and become recognized as one of the leading healthcare organisations in Asia.