KUALA LUMPUR (Nov 30): IHH Healthcare Bhd saw its net profit in the third quarter ended September 30, 2023 (3QFY2023) surge more than double to RM532.07 million from RM251.76 million in the same period last year, boosted by growth from higher patient volumes and revenue from higher acuity treatment.

As a result, earnings per share climbed to 6.04 sen from 2.78 sen, its Bursa Malaysia filing showed on Thursday.

The healthcare group said its quarterly revenue rose by 26.74% to RM5.83 billion compared with RM4.6 billion, underpinned by higher revenue contribution from its hospital and healthcare segment.

Meanwhile, for the full nine-month period ended on September 30 (9MFY2023), the group’s net profit increased by 63.24% to RM2.22 billion from RM1.36 billion in the same period last year.

Notably, the cumulative net income included a one-off gain from the sale of the International Medical University.

Revenue, on the other hand, edged 19.12% higher to RM15.64 billion from RM13.13 billion.

On a quarterly basis, IHH’s net profit came in higher from RM301.83 million registered in the immediate preceding quarter (2QFY2023) while revenue increased by 24.84% from RM4.67 billion in 2QFY2023.

Commenting on the group’s financial performance, IHH Healthcare CEO, Dr Prem Kumar Nair said its impressive performance in the 3QFY2023 clearly reflects the group’s growth trajectory.

“We are dedicated to achieving profitable growth and healthy return-on-equity while upholding our commitment to do right by all our stakeholders.”

Shares in IHH Healthcare closed unchanged at RM5.83, giving it a market capitalization of RM51.34 billion.