SGX-listed IHH Healthcare almost triples net income in Q1

It posted a net income of RM1.4b ($410.3m).

IHH Healthcare, one of Singapore’s top firms, said its revenue also grew 24% year-on-year to $1.4b (RM 5.1b) in the first quarter of 2023 due to increase of patients in key markets.

According to the financial statement, the EBITDA also grew 15% mainly driven by the higher revenue.

Its net income growth was driven by one-off gains from the sale of International Medical University and on the strong patient volume growth.

“The dividend of 7.0 sen per ordinary share for FY 2022 was paid out on 28 April 2023. The Board further declared a special dividend of 9.6 sen per ordinary share for FY 2023 from the divestment of IMU, representing a 100% payout of the gains from the sale, to be paid out on 30 June 2023,” read the statement.

Looking ahead, IHH Healthcare said it is seeking to increase its beds by 2,000 in Malaysia, India and Türkiye over the next three years.

IHH also wants to earnings-accretive opportunities to acquire assets across Asia and Europe, backed by its healthy balance sheet.

The healthcare business also wants to expand its service offerings by developing its laboratory and diagnostics business and investing in complementary digital health services.

$1 = RM3.41