The growth in hospital and healthcare revenue was attributed to strong recovery from core non-Covid-19 revenues, as both local and foreign patients returned to seek treatment at the group’s hospitals. The group also noted that it had adjusted prices to counter inflation.
The ramp-up of operations at Atasehir Hospital, which opened in September 2022, the continuous ramp-up of operations at GHK Hospital, as well as the acquisitions of Ortopedia on Aug 9, 2022 and Kent on Feb 14, 2023 also contributed to the increase, it added.
In Singapore, its hospital inpatient admissions was, however, flat at 14,997 in the quarter, while its revenue per inpatient admission increased 8 per cent to RM62,665.
Meanwhile, its Malaysia hospital inpatient admissions rose 8 per cent to 61,638 in the quarter, while its revenue per inpatient admission increased 4 per cent to RM10,151.
For the full year, the group’s revenue rose 16 per cent to RM20.9 billion, while net profit excluding exceptional items fell 7 per cent to RM1.3 billion on higher net finance costs and lower exchange gain.
The group said that the net profit was eroded by higher depreciation and amortisation on re-indexation of assets in Turkey under MFRS 129, deferred tax recognised on the uplifted carrying value of the reindexed assets and translational effects from a weakened Turkish lira against the ringgit during the year.
MFRS 129 refers to the framework for financial reporting in hyperinflationary economies.
Excluding effects of MFRS 129, the group’s FY23 net profit excluding exceptional items would rise by 17 per cent, it highlighted.
Shares of IHH Healthcare closed S$0.02 or 1.1 per cent higher, at S$1.77 on Thursday, before the results announcement.