KUALA LUMPUR (Nov 28): KPJ Healthcare Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) jumped 78.2% to RM90.31 million from RM50.69 million a year ago, as it recorded a gain of RM41.5 million from the sale of its Indonesian operations, while its hospital business in Malaysia improved.

It completed the sale of its Indonesian operations — its 100% interest in PT Al-Aqar Bumi Serpong Damai and 75% interest in PT KPJ Medica — to PT Nusautama Medicalindo on Sept 18 for RM13.7 million cash, together with a settlement of shareholder’s loan amounting RM137.5 million.

Quarterly revenue rose 15.9% to RM925.39 million from RM798.75 million in the previous year's corresponding quarter, due to an increase in inpatient visits and bed occupancy rate, KPJ said in its Bursa Malaysia filing on Tuesday.

With the stronger earnings, the group announced a dividend payout of 1.30 sen per share — comprising an interim dividend of 1.05 sen and a special dividend of 0.25 sen — for FY2023, to be paid on Dec 28, bringing its dividends declared to-date for FY2023 to 3.35 sen per share. In comparison, it paid a total of two sen per share for FY2022.

According to the group, inpatient visits to its hospitals rose 13.2% to 96,968 from 85,655 in 3QFY2022, while bed occupancy rate grew to 73% from 66%.

For the nine months ended Sept 30, 2023 (9MFY2023), KPJ Healthcare's net profit soared 89.3% to RM189.15 million from RM99.90 million in 9MFY2022, as revenue expanded 19.4% to RM2.55 billion from RM2.14 billion.

Looking ahead, KPJ Healthcare said it anticipates that the remaining quarter of FY2023 will also see strong results, though it typically sees a drop in patient visits during the end of the year.

"KPJ will continue to be a beneficiary of long-term structural trends, including rising private healthcare expenditure, in line with higher income and ageing population," it added.

Shares of KPJ Healthcare went up two sen or 1.56% to close at RM1.30 on Tuesday, valuing the group at RM5.88 billion in market capitalisation.