IHH Healthcare has reported 4QFY2020 earnings of RM419.4 million, up 933% from RM40.6 million in the year earlier period. Revenue in the same period was slightly down by 2% y-o-y to RM3.77 billion.
The healthcare group, which operates in ten markets, attributes the better numbers to better cost control, various government subsidies, revaluation of properties and also the return of patients since June last year.
“Our focus on operational efficiencies, increasing bed occupancy and revenue intensity, along with tight cost controls continue to bear fruit,” says Dr Kelvin Loh, IHH’s managing director and CEO.
“We are on track to double our ROE in five years despite the impact of COVID-19,” he adds.
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While Loh is confident that IHH’s diversified operations will make it more resilient amid this wider uncertainty brought about by Covid-19, he warns that the pandemic is not over yet.
“Our priority is to continue working hand in glove with the public healthcare systems to win this war, whether with vaccinations or any other care needed,” he says.
For the whole of FY2020, IHH recorded earnings of RM288.9 million, down 47.6% from RM551.5 million in the preceding year. Revenue, meanwhile, was down 10.1% to RM13.4 billion.
IHH plans to pay a dividend of four sen per share, same as last year.
IHH, quoted on both KL and Singapore, closed at RM5.08 and $1.69 respectively on Feb 25.
