KUALA LUMPUR (Aug 28): KPJ Healthcare Bhd (KL:KPJ), which operates 29 hospitals in the country, as well as one each in Bangladesh and Thailand, posted a 61.9% increase in net profit to RM75.88 million for the second quarter ended June 30, 2024 (2QFY2024), from RM46.88 million a year earlier, on higher revenue.

This led to a higher earnings per share of 1.74 sen for 2QFY2024, compared with 1.07 sen for 2QFY2023.

Quarterly revenue rose 18.5% to RM930.56 million, from RM785.36 million a year earlier, largely contributed by the increase in bed occupancy rate (BOR) from increased patient visits and increased bed capacity in the current quarter.

In a filing with Bursa Malaysia on Wednesday, KPJ Healthcare said its Malaysia segment contributed RM914.2 million in revenue in 2QFY2024, which was 98% of its overall revenue in the quarter, as well as 19% higher than the RM770.5 million recorded in 2QFY2023.

The group declared a second interim dividend of one sen per share for the financial year ending Dec 31, 2024 (FY2024), payable on Oct 4.

The strong quarterly performance helped lift the group’s net profit for the cumulative six-month period (1HFY2024) by 49.9% to RM147.27 million, from RM98.27 million a year earlier, while revenue grew 14.9% to RM1.84 billion, from RM1.6 billion in 1HFY2023.

Going forward, KPJ Healthcare said it continues to embark on its strategic initiatives, which include asset optimisation, bed expansion and talent acquisition.

“The group continues to face a competitive talent landscape in the healthcare industry, [and] pressure on costs [is expected] to remain in the near future. We are cautiously optimistic on [our] prospects for FY2024,” it added.

KPJ Healthcare shares closed three sen or 1.6% lower at RM1.85 on Wednesday, giving it a market capitalisation of RM8.37 billion. The stock has risen 30.3% so far this year.