For Q1 2023 IHH Healthcare group’s revenue increased 24% over Q1 2022 while its Q1 2023 EBITDA increased 15%. Excluding the effects of MFRS 129, the Group’s Q1 2023 revenue and EBITDA increased 22% and 15% respectively over the previous year’s Q1. The increase in EBITDA it said was mainly driven by higher revenue offset by higher costs of operations.
However, Q1 2023 PATMI excluding exceptional items decreased 19% to RM329.9 million, mainly due to higher net finance costs and a debit adjustment of RM121.8 million in Q1 2023 relating to the application of MFRS 129 which mainly resulted from higher depreciation and amortisation on reindexation, and deferred tax recognised on the uplifted carrying value of the reindexed assets.
Hospital and Healthcare’s Q1 2023 revenue increased 27% to RM4,764.5 million whilst its Q1 2023 EBITDA increased 22% to RM1,069.4 million. The growth in revenue was mainly due to the strong recovery from core non-COVID-19 revenues as both local and foreign patients returned to seek treatment at the Group’s hospitals. The commencement of operations at Atasehir Hospital in September 2022, the continuous ramp-up of operations at GHK Hospital, as well as the acquisitions of Ortopedia on 9 August 2022 and Kent on 14 February 2023 also contributed to the increase.
Against the previous quarter (Q4 2022) the group’s quarter-on-quarter revenue and EBITDA increased by 6% and 7% respectively. Excluding the effects of MFRS 129, the Group’s quarter-on-quarter revenue and EBITDA increased by 3% and 2% respectively. EBITDA increased quarter-on-quarter on the back of higher revenue and a lower base in Q4 2022 with a valuation loss on PLife REIT’s investment properties of RM19.5 million being recorded. It was partially offset by the higher cost of operations.
The Group reported a lower PATMI of 3% quarter-on-quarter. Excluding the effects of MFRS 129, the group’s quarter-on-quarter PATMI increased by 6%.
