KUALA LUMPUR: IHH Healthcare Bhd's net profit grew to RM534.0 million in the third quarter ended Sept 30, 2024 (3Q FY2024) from RM532.0 million in the same period last year, buoyed by sustained demand for quality healthcare services and growth in revenue intensity.

Revenue, however, dropped to RM5.64 billion from RM5.83 billion in the previous year, impacted by currency effects of the Malaysian Financial Reporting Standards (MFRS) 129 adjustments.

"Excluding this, 3Q FY2024 revenue increased as a result of sustained demand for quality healthcare services, a case-mix of more acute patients and price adjustments to counter inflation," the integrated healthcare provider said in a filing with Bursa Malaysia today.

Revenue for its hospital and healthcare segment increased 11 per cent to RM5.79 billion, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose eight per cent to RM1.30 billion in 3Q FY2024.

For the cumulative nine months ended Sept 30, 2024, the group's net profit contracted to RM1.93 billion from RM2.22 billion, while revenue rose to RM17.69 billion from RM15.64 billion previously.

Looking forward, the group expects to face global economic and geopolitical challenges but remains confident in managing uncertainties and staying on its long-term growth path, supported by strong fundamentals, expansion initiatives, and healthcare megatrends.

In a statement, group chief executive officer Dr Prem Kumar Nair said the acquisition of Island Hospital in Penang and the opening of Fortis Hospital, Manesar, in the National Capital Region, India, had added 1,000 beds, enabling the group to serve more patients with exceptional care.

"As we continue to execute our strategic priorities and place patients at the centre of all we do, we remain confident of our growth trajectory," he said.