IHH Healthcare has reported patmi of RM623 million ($187.9 million) for 2QFY2024 ended June 30, up 107% y-o-y from RM301 million recorded in 2QFY2023. Ebitda rose 34% y-o-y to RM1.4 billion within the same period.
The group also reported patmi of RM1.39 billion for 1HFY2024, down 18% y-o-y from RM1.69 billion from 1HFY2023.
For 2QFY2024, the group’s earnings excluding exceptional items (EI) saw a 39% y-o-y increase to RM437 million.
These EIs include lease reversals, exchange rate differences and gains from disposed assets and subsidiaries during the current and prior financial period.
In an Aug 29 announcement, the group says its increase in earnings came on the back of its strong operational performance, as well as positive impact from deferred tax credits and net monetary gains from the application of the MFRS 129 accounting standard. This is a financial reporting standard for hyperinflationary economies, and was applied to the group’s entities in Turkiye.
Earnings per share stood at 7.07 sen in 2QFY2024, up from 3.43 sen in 2QFY2023.
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Additionally, the group’s revenue for 2QFY2024 saw a 30% y-o-y increase to RM6.09 billion, driven by sustained patient volume growth and taking on more acute, complex cases across all markets.
Gross profit rose by 66% y-o-y to RM9.01 million in 2QFY2024.
As such, the group has declared an interim single-tier cash dividend of 4.5 sen per ordinary share for FY2024 ending Dec 31. This will be paid on Oct 30 and the record date is Sept 30.
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Moving forward, Prem Kumar Nair, CEO of IHH Healthcare Q0F , says: “Recently, we broke ground on IHH Singapore’s first foray into a transitional care facility, extending our continuum of care. Additionally, Fortis Memorial Research Institute in India became the first in South Asia to offer Gamma Knife Esprit treatment for brain tumours, solidifying our position as Asia’s leading centre of excellence for cancer care.”
Shares in IHH Healthcare closed flat at $1.90 on Aug 29.
