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Market Daily Report: Bursa Malaysia's Benchmark Index Ends At Intraday High On Late Buying

KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 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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