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IHH's net earnings more than doubles in 2021 on higher revenue, lower finance cost

Goola Warden
Goola Warden2/23/2022 08:01 PM GMT+08  • 2 min read
IHH's net earnings more than doubles in 2021 on higher revenue, lower finance cost
IHH doubles net earnings on the back of higher revenue and Ebitda, lower finance costs and lower base effect
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IHH Healthcare announced a 28% rise in revenue to RM17.1 billion, and a 123% rise in net income to RM1.594 billion. Including exceptional items (EI), IHH recorded a 646% rise in net income to RM1.86 billion. The EIs comprised of a positive impact from fair value gains of cross currency swaps, gains on disposals of subsidiaries and joint ventures, other fair value gains and lower impairment of goodwill.

The company attributed the revenue growth to a lower base in FY2020 because of Covid curbs. Net operating income more than doubled to RM1.594 billion on stronger Ebitda, lower lower net finance costs and higher share of profits from associates, the company added. Gearing has also eased, to 1.37 times.

According to the company, Gleneagles Hong Kong Hospital continued to report positive Ebitda in 4Q2021. In India, IHH completed the divestment of Continental Hospitals in December 2021, which is part of IHH’s portfolio review. In Turkey, Acibadem Atasehir Hospital, a 180-bed capacity hospital, is expected to open by 3Q2022. Parkway Shanghai Hospital, a 450-bed capacity hospital, is also slated to open in 3Q2022. IHH is building a one-stop multi-disciplinary medical centre at Woodleigh Mall in Singapore. The facility will feature an in-house radiological unit, and offer a comprehensive suite of medical services for the community, which range from offering health screening to providing urgent care. The centre is expected to open by 2023.

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