IHH Healthcare group for quarter 4 2022 saw its revenue increase 9% year-on-year to RM4.9 billion its strongest revenue performance in FY 2022, attributed to patient volume recovery and foreign patients, especially in Malaysia and Singapore.
Also the ramp-up of Gleneagles Hong Kong Hospital and contributions from Acibadem Bel Medic in Serbia and Acibadem Adana Ortopedia Hospital in Turkiye also contributed to the higher revenue.
EBITDA decreased by 4% to RM1.1 billion mainly on higher operating costs, as well as partial erosion from translational effects of a weaker Lira against the Ringgit, and a MFRS 129-related adjustment of RM49.0 million. Net Operating Income decreased 23% to RM340.4 million, mainly on higher finance costs and higher depreciation and amortisation of RM61.0 million from MFRS 129-related adjustments. Excluding the effects of MFRS 129-related adjustments, Net Operating Income decreased 4% to RM424.4 million. Net Income declined 58% to RM191.3 million, primarily from an impairment loss of RM305.93 million relating to the Group’s assets and goodwill in China amid sustained COVID restrictions, as well as
higher net finance costs and adjustments relating to MFRS 129.
The board has also declared a first and final dividend of 7 sen per share for Bursa shareholders and 2.16 cents per share for SGX shareholders to be paid on 28 April 2023 to shareholders, a 17% increase compared to a year ago.
For the full year, the group’s revenue increased 5% to RM118 billion while EBITDA decreased 5% to RM4.1 billion mainly due to a high COVID-19 base a year ago, as well as the impact from a weaker Lira and MFRS 129-related adjustments. Net Income was down 17% to RM1.5 billion from the impairment loss relating to the Group’s asset and goodwill in China, while Net Operating Income decreased 13% to RM1.4 billion.
