ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Health Services

IHH Healthcare Bhd.

Company Background

IHH Healthcare runs 37 private hospitals in 10 countries, including China and India. Its facilities have a total of more than 6,000 beds.

Headquartered in Malaysia, the company also sees Singapore and Turkey as its home markets. Its hospitals in these three countries attract affluent patients from across Southeast Asia and the Middle East. The group's Mount Elizabeth and Gleneagles hospitals in Singapore are considered particularly prestigious, thanks to their state-of-the-art medical equipment.

IHH is 44% owned by Khazanah Nasional, an investment arm of the Malaysian government. Khazanah in 2010 defeated a rival bid from India's Fortis Healthcare to take control of Parkway Holdings, a then-listed Singaporean company, which owned hospitals in Malaysia and Singapore. Today, Parkway is a wholly owned IHH subsidiary.

IHH is listed in both Malaysia and Singapore. The group is led by CEO Tan See Leng, who is also a doctor. Tan joined Parkway in 2004 and held various high-ranking positions before the company slid under IHH's umbrella.

Globally, IHH is the second-largest health care operator by market capitalization. Japanese trading house Mitsui & Co. is a major shareholder.

Business Summary

IHH Healthcare Bhd. is an investment holding company, which engages in the provision of healthcare services. It operates through the following segments: Singapore, Malaysia, India, Greater China, PPL Others Acibadem Holdings CEE, IMU Health Malaysia, PLife REIT, and Others. The company was founded on May 21, 2010 and is headquartered in Kuala Lumpur, Malaysia.

Financial Highlights

Dec 2021 MYRUSD
Gross Profit4,597.75M1,109.16M
Operating income2,434.29M587.25M
Income before tax2,515.88M606.93M
Net income1,774.22M428.01M
Diluted EPS0.200.04
Dividends Per Share0.060.01
Total Assets45,510.26M10,924.21M
Total liabilities20,391.79M4,894.81M
Total equity22,424.93M5,382.84M
Operating cash flow3,225.22M778.05M
Currency in MYRCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 11,142.63M 11,520.93M 14,912.48M 13,404.60M 17,131.76M
Gross Profit 2,620.19M 2,884.52M 3,677.11M 2,709.70M 4,597.75M
Operating income 1,068.88M 1,203.24M 1,685.73M 914.38M 2,434.29M
Income before tax 1,162.33M 739.05M 968.61M 549.11M 2,515.88M
Net income 931.31M 541.84M 463.30M 199.03M 1,774.22M
EBITDA 2,046.96M 2,142.40M 3,041.22M 2,311.70M 3,749.18M
Diluted EPS 0.11 0.06 0.05 0.02 0.20
Dividends Per Share 0.03 0.03 0.04 0.04 0.06
Total Assets 38,925.48M 45,020.85M 45,111.62M 44,746.72M 45,510.26M
Total liabilities 15,183.41M 18,827.09M 19,175.82M 19,869.41M 20,391.79M
Total equity 21,890.16M 21,994.00M 22,339.53M 21,739.81M 22,424.93M
Operating cash flow 2,006.03M 1,562.71M 2,595.44M 2,085.16M 3,225.22M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 2,591.60M 2,854.98M 3,599.45M 3,189.89M 4,132.87M
Gross Profit 609.41M 714.80M 887.55M 644.82M 1,109.16M
Operating income 248.60M 298.17M 406.88M 217.59M 587.25M
Income before tax 270.34M 183.14M 233.79M 130.67M 606.93M
Net income 216.60M 134.27M 111.82M 47.36M 428.01M
EBITDA 476.09M 530.90M 734.06M 550.11M 904.45M
Diluted EPS 0.02 0.01 0.01 0.00 0.04
Dividends Per Share 0.00 0.00 0.00 0.00 0.01
Total Assets 9,618.35M 10,894.33M 11,028.38M 11,124.10M 10,924.21M
Total liabilities 3,751.77M 4,555.86M 4,687.89M 4,939.56M 4,894.81M
Total equity 5,408.98M 5,322.20M 5,461.32M 5,404.55M 5,382.84M
Operating cash flow 466.57M 387.25M 626.46M 496.20M 778.05M

Valuation Measures

Dec 2021
Operating margin14.20%
Profit margin10.35%

Key executives

  • CEO, MD & Non-Independent Executive Director: Chi Keon Loh
  • Group Chief Operating Officer: Heng Joo Sim
  • Group Chief Financial Officer: Joerg Ayrle
  • Group Chief Strategy Officer: Ashok Pandit
  • Group Head-Internal Audit: Stephen Byrne


  • Mitsui & Co., Ltd. (32.8%)
  • Khazanah Nasional Bhd. (Investment Company) (25.9%)
  • Employees Provident Fund (9.7%)
  • Permodalan Nasional Bhd. (4.8%)
  • Kumpulan Wang Persaraan (3.2%)
  • Kuwait Investment Authority (Investment Management) (1.7%)
  • Public Mutual Bhd. (1.2%)
  • The Vanguard Group, Inc. (0.9%)

Contact Details

  • Website:
  • Address: Pantai Hospital Kuala Lumpur, 8 Jalan Bukit Pantai, Kuala Lumpur, 59100, Malaysia
  • Phone: +60.3.2298.9898

Related Companies

  • IHH Healthcare Bhd. (Singapore)
  • Centre For Digestive & Kidney Diseases India Pvt Ltd.
  • Indah Capital Ltd.
  • Shanghai Mai Kang Hospital Investment Management Co. Ltd.
  • Bodrum Tedavi Hizmetleri A.S
  • Integrated Healthcare Turkey Yatirimlari Ltd.
  • Integrated Healthcare Holdings (Bharat) Ltd.
  • Integrated Healthcare Holdings Ltd.
  • Acibadem Saglik Hizmetleri ve Ticaret AS
  • Pantai Holdings Sdn. Bhd.
  • Parkway Holdings Ltd.


    Last Updated on 24 Jun, 2022

    Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

    Celebrate our next chapter
    Free access for everyone - Sep. 30

    Find out more