KUALA LUMPUR: IHH Healthcare Bhd's net profit increased to RM623 million in the second quarter ended June 30, 2024 (2Q FY2024) from RM301 million in 2Q FY2023.

The strong performance was boosted by the strong operational performance, as well as the positive impact of deferred tax credits and net monetary gains from the application of MFRS 129, the healthcare group said in a Bursa Malaysia filing on Thursday.

Revenue increased by 30 per cent to RM6.09 billion from 2Q FY2023's RM4.67 billion, driven by sustained demand for quality healthcare services, a case mix of more acute patients and price adjustments to counter inflation.

"Hospital and healthcare's 2Q FY2024 revenue increased 18 per cent to RM5.72 million.

"Labs' total revenue increased nine per cent to RM439 million with its total test volumes increasing by 11 per cent to RM25 million," it said.

IHH Healthcare also declared an interim single-tier cash dividend of 4.5 sen per share for the financial year ending Dec 31, 2024, payable on Oct 30, 2024.

In the first half of 2024 (1H 2024), the group's net profit declined to RM1.39 billion, but revenue reported double-digit growth of RM12.05 billion on sustained improvement in patient volumes and revenue intensity across all markets.

On prospect, IHH Healthcare said the group is poised to meet the increasing demand for quality healthcare services given the growing healthcare needs both locally and regionally.

"The group's strategic priorities encompass both organic and inorganic growth drivers, expansion of IHH's services in the healthcare continuum, developing new engines of growth, and turning around underperforming assets.

"The group continues to seek opportunities to acquire strategic assets," it said.