IHH net income down 51% YoY in Q2

The decline was driven by foreign exchange losses amidst Turkish Lira devaluation.

SGX-listed firm IHH Healthcare reported a net income of $88m (RM301.8m), 51% lower year-on-year in the second quarter (Q2) in 2023 from Q2 2022.  

It was driven by foreign exchange losses following the Turkish Lira’s devaluation in June 2023.

The group revenue grew 7% YoY, with more patients coming in and higher revenue intensity across markets. EBITDA also grew 3% mainly on the higher revenue.

The net operating income, which reflects the Group’s core performance, was steady, declining 1% on higher net finance costs.

In the first half of 2023, the revenue and EBITDA also posted growth with 15% and 9%, respectively.

The Board of Directors have declared an interim cash dividend of 3.5 sen per ordinary share for the financial year ending 31 December 2023 to be paid on 27 October 2023 to shareholders.