IHH Healthcare Q0F has reported earnings of RM1.55 billion ($466.4 million) for the FY2022 ended Dec 31, 2022, 16.9% lower than FY2021’s earnings of RM1.86 billion.
FY2022 revenue grew by 5% y-o-y to RM18.0 billion as the group’s core non-Covid-19 revenues recovered when local and foreign patients returned for treatment at the group’s hospitals. The ramp-up of operations at GHK Hospital as well as the acquisitions of DDRC SRL Diagnostics, General Hospital Acibadem Bel Medic in 2021 and the acquisition of Ortopedia Ozel Saghk Hizmetleri Anonim Sirketi in 2022 also contributed to the increase.
The revenue growth was partly offset by lower contributions from Covid-19 related services during the 4QFY2022.
Excluding the application of MFRS 1291 reporting standard, FY2022 revenue grew by 6% y-o-y to RM18.1 billion.
Other operating income fell by 31% y-o-y to RM497.8 million as FY2021 had a high base which included the remeasurement to fair value of interest in DDRC SRL of RM86.1 million. FY2021 also had a gain on disposal of Continental Hospitals and Apollo Gleneagles Hospital. FY2022, however, registered higher foreign exchange (forex) gains of RM82.0 million.
Earnings per share (EPS) for the FY2022 stood at 17 sen.
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As at Dec 31, 2022, cash and cash equivalents stood at RM3.66 billion.
A first and final dividend of 2.16 cents has been declared for Singapore Exchange (SGX) shareholders while a first and final dividend of 7 sen has been declared for Bursa shareholders. The dividend, which represents a 17% increase y-o-y, will be paid on April 28.
Looking ahead, the group says it expects its inpatient revenue to grow post Covid. It also remains confident of its long-term growth trajectory, which is underpinned by the megatrends in healthcare and its strong financial position.
Further to its statement, the group announced that it will develop its laboratory business into a distinct, core platform to provide end-to-end services to patients and clients for seamless care.
As at Dec 31, 2022, the group’s occupancy stood at 70%, with 223,397 inpatient admissions. It has 11,881 operational beds as at end-December and 23.4 million lab tests during the period.
Shares in IHH Healthcare closed 1 cent lower or 0.57% down at $1.75 on Feb 28.
