KUALA LUMPUR: IHH Healthcare Bhd’s net profit for its fourth quarter ended Dec 31, 2021 rose to RM453.60mil from RM419.36mil in the previous corresponding period, driven by higher earnings before interest, taxes, depreciation and amortisation (Ebitda).

       In a filing with Bursa Malaysia yesterday, the group said the increase in Ebitda was boosted by higher revenue and lower bad and doubtful debt expenses, offset by higher staff costs, higher other operating expenses, reduced government grant income recorded and lower valuation gains on investment properties of its Singapore-listed associate, Parkway Life Real Estate Investment Trust.

       “The increase in staff costs was mainly due to the hire of contract employees and additional staff for Covid-19-related services rendered, higher doctors’ salaries for certain groups of doctors whose salaries vary with revenue or services rendered and the provision for market and appreciation bonus for staff.”

       Revenue in the fourth quarter grew to RM4.47bil from RM3.77bil a year earlier.

       “The group has been in recovery since June 2020, when patient volumes picked up as lockdowns in various markets the group operates in gradually eased.

       “During the lockdown period, patients postponed non-urgent and non-essential treatments and visits to hospitals and healthcare facilities,” IHH said.

       Additionally, it said the magnitude of Covid-19-related services provided by the group increased as the pandemic continued.

       “The group was in active collaboration with the public healthcare sector of the countries it operates in since late January 2020 to treat Covid-19 patients, as well as to provide Covid-19 screening, laboratory testing and vaccination services.”

       For its financial year ended Dec 31, 2021, IHH’s net profit jumped to RM1.86bil from RM288.88mil in the previous corresponding period, while revenue improved to RM17.13bil from RM13.40bil a year earlier.