IHH Healthcare has reported earnings of RM612 million ($190 million), up 27% y-o-y for its 2QFY2022 ended June 30.
This translates to basic earnings per share (EPS) of 6.69 sen for the quarter, compared to EPS of 5.26 sen a year ago.
Revenue for the period increased 2% y-o-y to RM4.37 billion on continued growth in key markets and a return of both local and foreign patients. The ramp up of Gleneagles Hong Kong Hospital and contribution from General Hospital Acibadem Bel Medic acquired in July 2021 also played a part, partially offset by the expected tapering of Covid-19 related services.
Ebitda decreased 12% y-o-y to RM979 million. The company’s 2QFY2022 patmi excluding exceptional items decreased 32% to RM317.5 million mainly due to lower ebitda and debit adjustment of RM130.3 million in Q2 2022 relating to the application of Malaysian Financial Reporting Standards (MFRS) 129.
IHH Healthcare managing director and CEO Dr Kelvin Loh says 1QFY2022 was its inflexion quarter as its core business of hospital and healthcare services resumes growth.
“With strong cash flow and operating synergies, we are now embarking on further growth initiatives by exploring earnings accretive opportunities and improving returns. While we expect near-term headwinds including inflation, higher interest rates and currency volatility, we are confident in our ability to provide long-term value for all stakeholders,” says Loh.
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Shares in IHH closed 7 cents higher or 3.66% up at $1.98 on Aug 25.
