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IHH Healthcare reverses out of the red in 1HFY2021 with earnings of RM858.9 mil

Samantha Chiew
Samantha Chiew8/26/2021 06:12 PM GMT+08  • 2 min read
IHH Healthcare reverses out of the red in 1HFY2021 with earnings of RM858.9 mil
IHH is back in the black in 1HFY2021 with earnings of RM979 mil.
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IHH Healthcare Berhad announced that its 1HFY2021 ended June saw earnings of RM858.9 million ($277.1 million), reversing out of a RM440.4 million loss in 1HFY2020.

This came on the back of a 34% increase in revenue to RM8.2 billion, compared to RM6.1 billion a year ago. The group explains that 1HFY2020 was a low base due to major lockdowns in various markets that it operates in, including Singapore, Malaysia India and Turkey as a result of the Covid-19 pandemic. During this period, patients postponed non-urgent and non-essential treatment and visits to hospitals and healthcare facilities.

Patient volumes picked up as the lockdowns gradually eased to varying extent since June 2020. In addition, the magnitude of Covid-19 related-services provided by the group also increased as the pandemic continues. The group was in active collaboration with the public healthcare sector of the countries it operates in since late January 2020 to treat Covid-19 patients, as well as to provide Covid-19 screening, laboratory testing and vaccination services.

The consolidation of DDRC SRL Diagnostics since April 2021 and acquisition of Prince Court Medical Centre (PCMC) in September 2020 also contributed to the increase in revenue in 1HFY2021.

As at end-June, cash and cash equivalents stood at RM2.1 billion.

Dr Kelvin Loh, managing director and CEO of IHH says, "While we may face unpredictable short-term headwinds amid the ever-evolving pandemic situation, we are confident of our longer-term trajectory. Given the Delta variant causing a resurgence worldwide, the situation remains fluid, but our priority remains the same - we will provide the fullest extent of Covid-19 support for governments so that patients continue to get the best of medical care, while ensuring the safety and well-being of our people."

Shares in IHH Healthcare closed 1.08% higher at $1.88 on Aug 26.

Photo: IHH Healthcare

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