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IHH reports higher revenue for FY2022 earnings down on higher costs

The Edge Singapore
The Edge Singapore2/28/2023 07:24 PM GMT+08  • 2 min read
IHH reports higher revenue for FY2022 earnings down on higher costs
The Mount Elizabeth Novena, one of the hospitals under IHH's umbrella / Photo: The Edge Singapore
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IHH Healthcare has reported higher 4QFY2022 revenue of RM4.9 billion, up 9% y-o-y, as patient volume increased with the pandemic easing.

However, due to higher costs and unfavourable currency movements, earnings for the quarter was RM191.3 million, down 58% y-o-y.

For the whole of FY2022, earnings was down 17% to RM1.5 billion, on the back of a 5% gain in revenue to RM18 billion.

The company plans to pay a first and final dividend of 7 sen per share for Bursa shareholders and 2.16 cents for SGX shareholders, up 17% over what was paid for FY2021.

Going foward, IHH expects inpatient volume to further grow with pent up demand.

In January, IHH has started major refurbishment works at the the Mount Elizabeth Hospital in Singapore, to better meet demand across the region.

See also: TDCX reports 1QFY2023 profit of US$20.5 mil, 22.5% higher y-o-y

In addition, IHH plans to develop its laboratory business into a distinct, core platform to provide end-to-end services to patients and clients for seamless care.

Nonetheless, IHH warns that the healthcare industry faces near-term macroeconomic headwinds such as inflationary pressures – including salary costs from nursing shortages – as well as high energy prices and rising interest rates.

It is confident it can maintain a tight rein on costs and leverage synergies from its scale as well as operational productivity to mitigate cost pressures.

IHH shares closed Feb 28 at $1.75, down 0.57%.

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