IHH net profit soars to RM2.95bil in FY23

KUALA LUMPUR: IHH Healthcare Bhd’s net profit for the financial year ended Dec 31, 2023 jumped to RM2.95 billion versus RM1.55 billion chalked up a year ago.

Revenue for the year under review soared to RM20.93 billion against RM17.99 billion.

"Group revenue increased by 16 per cent compared with 2022. As for the hospital and healthcare segment, the revenue rose 21 per cent to RM20.06 billion.

"The growth in the revenue was due to the strong recovery from core non-COVID-19 revenues as both local and foreign patients returned to seek treatment at the group’s hospitals,” it said in a filing with Bursa Malaysia today.

In a separate statement, group chief executive officer Dr Prem Kumar Nair said the group remained on a strong, positive trajectory as it executed its growth strategy, including adding close to 4,000 beds by 2028.

"As a testament to our confidence in the sustained growth trajectory of IHH, we are proud to announce the enhancement of our dividend policy. This upward adjustment reflects our commitment to ensuring our shareholders participate in and benefit from our continued success and growth,” he said.

For the fourth quarter ended Dec 31, 2023, IHH’s net profit rose to RM727.45 million from RM191.27 million while revenue was RM5.29 billion compared with RM4.86 billion for the corresponding quarter in financial year 2022.

IHH declared a second and final cash dividend of 5.5 sen per share to be paid on April 26, 2024.

On the outlook, he said IHH’s priority in the year ahead is to further solidify its position as a global healthcare leader, driving operational excellence, advancing innovation to push the boundaries of medicine and providing superior care and outcomes for patients. - Bernama

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