Thursday 30/05/2024

• Revenue at RM6.0 billion mark for the first time
• Outstanding growth momentum: revenue up 16%, EBITDA up 19%
• Core profit or PATMI (ex EI) up 22%; Lower headline PATMI due to high base in previous period (Q1 2023) which included one-off gain from sale of non-core asset IMU 

“We carried strong growth momentum into Q1 2024, with quarterly revenue hitting the RM6.0 billion mark for the first time. This outstanding performance cut across all our core markets as we took in more patients and provided more complex treatments. This drove core profit, or PATMI (ex EI), higher, even as headline profit was lower because the high base in Q1 2023 included a one-off gain from the sale of IMU. 
 
We continue to focus on providing patients with cutting edge care; for instance, the recent official opening of the region’s first private proton therapy care centre in Singapore further reinforces our position as Asia’s leading Centre of Excellence in comprehensive cancer care.
 
Overall, we expect favourable tailwinds from secular trends in the countries we operate in, which will underpin our longer-term growth. As we push on with our growth strategy aligned with our “ACE” framework, we are confident that we can generate sustained and sustainable value for all.”  
 
Dr Prem Kumar Nair
Group Chief Executive Officer, IHH Healthcare




Q1 2024: Outstanding core performance

• Highest ever quarterly revenue; revenue and EBITDA saw double-digit growth from sustained patient volume and taking on more acute, complex cases.
• PATMI excluding exceptional items (“PATMI (ex EI)”) was up 22% on the strong operational performance. Excluding effects of MFRS 129, PATMI (ex EI) increased 30%.
• The lower headline PATMI was primarily due to the high base in Q1 2023, which recorded one-off gains of RM862.0 million from the sale of International Medical University (“IMU”).
• Balance sheet remained strong: net cash generated from operating activities at RM831.3 million; overall cash balance at RM2.2 billion.
• Post Q1 2024,
  • Shareholders approved all resolutions tabled at the 14^th Annual General Meeting on 28 May 2024.
  • IHH officially opened the Mount Elizabeth Proton Therapy Centre in Singapore – it is the first private healthcare provider in Asia to offer proton therapy, providing patients unprecedented access to this advanced and highly specialised cancer treatment.

• The Group is confident of its growth trajectory and will anchor on its ACE framework to deliver against its five strategic priorities, notably aiming to add close to 4,000 new beds in the next five years.
• Overall, the Group expects continued revenue growth fuelled by healthcare megatrends, and will focus on driving profitability and sustaining healthy ROE while maintaining prudent capital management and mitigating inflationary and interest rates pressures.