29 Dear Stakeholders, As we reflect on 2024, I feel both proud and humbled to have completed my first year as the Group CEO of IHH Healthcare. It has been an immensely rewarding experience, working alongside all my colleagues as One IHH to touch lives and transform care. A key driver of IHH’s progress in FY2024 was the transformation led by the ACE framework – Align, Challenge, Empower – introduced in late 2023. By aligning with the framework, challenging the status quo to innovate and empowering our people to lead change, we have optimised efficiency, growth, and enhanced value for patients and all other stakeholders. Our evolution is a shared long-term journey that has fostered empowerment, collaboration and resilience at every level. I am heartened by the Group’s steadfast focus on patients and commitment to doing right by our people, the public and our planet. Our ‘Care. For Good.’ aspiration has been fundamental in building trust and shaping our growth with a clear purpose. 2024 in Review Year after year, IHH Healthcare has proven its strength in both good and uncertain times. FY2024 was no different. The Group’s revenue increased 16% to RM24.4 billion, and our EBITDA stands at RM5.4 billion, a 17% growth from FY2023. PATMI declined 10% to RM2.7 billion mainly due to the one-off gain from disposal of IMU in 2023. Excluding Extraordinary Items (EI), PATMI grew 32% from a year ago to RM1.7 billion. ROE growth remains a key focus for us. On the back of our strong financial performance, IHH declared a total of 10.0 sen per share in ordinary dividends in FY2024, an increase from 9.0 sen per share in FY2023. We delivered strong financial growth, enhanced operational and clinical excellence, and solidified our market leadership, all while prioritising high-value, cost-effective patient care. This success stemmed from increased patient volumes, advanced treatments, and improved operational efficiency, driving significant revenue and EBITDA growth across our operations. Moving forward, we are committed to expanding our capacity and pursuing sustainable growth, while ensuring continued medical excellence and long-term value. We are proud to share some key highlights from 2024 in the following sections. Growing Our Capacity Expanding access to world-class healthcare remains a central priority for IHH Healthcare. We are on track to adding 4,000 beds by 2028, with around 1,000 delivered in FY2024 alone. FY2024 saw us making strategic acquisitions in Malaysia, strengthening not just our market presence but also our medical tourism segment. We opened a new hospital in India to address the rising demand for comprehensive medical treatments. In land-scarce Singapore, we continue to implement our “out of hospital” strategy. By growing the number of ambulatory care centres to decant lower acuity cases from hospitals, we free up beds for more complex, higher acuity treatments. Our Commitment to Excellence and Value With a vast network of over 140 healthcare facilities, including over 80 hospitals across 10 countries, IHH maintains a robust clinical governance framework. This framework, which meets or exceeds international benchmarks, ensures consistent, high-quality care and optimal patient outcomes throughout our network. In our pursuit of medical excellence, we strategically acquire cutting-edge technologies to meet the evolving needs of patients, reduce treatment times and improve care. To mitigate medical inflation, we are transitioning towards providing more value-based healthcare in our core markets. Our Value-Driven Outcomes (VDO) initiative, which focuses on delivering high-quality and patient-centred care, optimises both health outcomes and cost effectiveness. By 2025, we aim to achieve 90% of VDO outcomes at or above international benchmarks.
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