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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.  
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IHH 4QFY2024 Net Profit Edges Higher Amid Rising Costs, Declares 5.5 Sen Dividend

Revenue Surges 26% on Strong Healthcare Demand, Acquisitions

  • IHH Healthcare Bhd (KL:IHH) reported a slight increase in net profit to RM732 million for 4QFY2024, up from RM728 million a year earlier.
  • Quarterly revenue jumped 26.5% to RM6.69 billion, fueled by:
    • Higher inpatient volumes and revenue intensity from more complex cases.
    • The consolidation of Timberland Medical Centre and Island Hospital post-acquisition.

Dividend Payout Increased

  • Final dividend declared: 5.5 sen per share, payable on April 28.
  • Total FY2024 dividend: 10 sen per share, up from 9 sen per share in FY2023.
  • Dividend payout ratio: 40% of profit after tax and minority interests (Patmi), exceeding the 30% policy threshold.

Financial Performance Breakdown

  • Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 33% YoY to RM1.4 billion.
  • Excluding MFRS 129 effects (hyperinflation adjustments in Türkiye), revenue and EBITDA would have grown 13% and 9% YoY, respectively.
  • Cost pressures impacted profitability, with:
    • Staff costs up 33% YoY to RM2.59 billion.
    • Finance costs surging 38% YoY to RM341 million.
    • Depreciation and impairment charges rising 37% YoY to RM372 million.

Full-Year Profit Declines Despite Revenue Growth

  • FY2024 net profit fell 10% to RM2.66 billion, impacted by:
    • Foreign exchange losses.
    • Higher staff and depreciation costs.
  • Annual revenue grew 16% to RM24.38 billion, driven by sustained healthcare demand across key markets.

Optimistic Outlook: Expansion Plans and Strategic Growth Priorities

  • IHH to add nearly 4,000 new beds over the next four years to meet rising demand.
  • Plans to enhance profitability while mitigating inflationary and interest rate risks.
  • Focus on high-value, cost-effective healthcare and improving clinical outcomes.
  • CEO Dr. Prem Kumar Nair: Confident in strengthening IHH’s position as a global healthcare leader while delivering healthy returns to shareholders.

Stock Performance

  • IHH shares closed at RM7.31 on Thursday, gaining one sen.
  • Market capitalisation: RM64.35 billion.
  • Stock has climbed roughly 17% since August 2024.
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