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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 2022 MYRUSD
Gross Profit4,772.16M1,084.25M
Operating income2,211.89M502.55M
Income before tax2,178.22M494.90M
Net income1,496.18M339.93M
Diluted EPS0.160.03
Dividends Per Share0.070.01
Total Assets48,565.91M11,025.17M
Total liabilities19,406.86M4,405.64M
Total equity26,191.97M5,945.96M
Operating cash flow1,226.68M278.70M
Currency in MYRCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 11,520.93M 14,912.48M 13,404.60M 17,131.76M 17,988.68M
Gross Profit 2,884.52M 3,677.11M 2,709.70M 4,597.75M 4,772.16M
Operating income 1,203.24M 1,685.73M 914.38M 2,434.29M 2,211.89M
Income before tax 739.05M 968.61M 549.11M 2,515.88M 2,178.22M
Net income 541.84M 463.30M 199.03M 1,774.22M 1,496.18M
EBITDA 2,142.40M 3,041.22M 2,311.70M 3,749.18M 3,611.39M
Diluted EPS 0.06 0.05 0.02 0.20 0.16
Dividends Per Share 0.03 0.04 0.04 0.06 0.07
Total Assets 45,020.85M 45,111.62M 44,746.72M 45,510.26M 48,565.91M
Total liabilities 18,827.09M 19,175.82M 19,869.41M 20,391.79M 19,406.86M
Total equity 21,994.00M 22,339.53M 21,739.81M 22,424.93M 26,191.97M
Operating cash flow 1,562.71M 2,595.44M 2,085.16M 3,225.22M 1,226.68M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 2,854.98M 3,599.45M 3,189.89M 4,132.87M 4,087.10M
Gross Profit 714.80M 887.55M 644.82M 1,109.16M 1,084.25M
Operating income 298.17M 406.88M 217.59M 587.25M 502.55M
Income before tax 183.14M 233.79M 130.67M 606.93M 494.90M
Net income 134.27M 111.82M 47.36M 428.01M 339.93M
EBITDA 530.90M 734.06M 550.11M 904.45M 820.52M
Diluted EPS 0.01 0.01 0.00 0.04 0.03
Dividends Per Share 0.00 0.00 0.00 0.01 0.01
Total Assets 10,894.33M 11,028.38M 11,124.10M 10,924.21M 11,025.17M
Total liabilities 4,555.86M 4,687.89M 4,939.56M 4,894.81M 4,405.64M
Total equity 5,322.20M 5,461.32M 5,404.55M 5,382.84M 5,945.96M
Operating cash flow 387.25M 626.46M 496.20M 778.05M 278.70M

Valuation Measures

Dec 2022
Operating margin12.29%
Profit margin8.31%


  • Group Chief Financial Officer: Joerg Ayrle
  • Chief Executive Officer-IHH Healthcare Malaysia: Jean-François Naa
  • Group Chief Strategy Officer: Ashok Pandit
  • Group Head-Internal Audit: Stephen Byrne
  • Vice President-Investor Relations: Penelope Koh


  • Mitsui & Co., Ltd. (32.7%)
  • Khazanah Nasional Bhd. (Investment Company) (25.9%)
  • Employees Provident Fund (10.5%)
  • Permodalan Nasional Bhd. (5.1%)
  • Kumpulan Wang Persaraan (3.4%)
  • Kuwait Investment Authority (Investment Management) (1.7%)
  • Public Mutual Bhd. (1.3%)
  • The Vanguard Group, Inc. (1.2%)

Contact Details

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

Related Companies

  • IHH Financial Services Pte Ltd.
  • 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 Limited


  • EUDA Health Holdings Limited
Last Updated on 25 Sep, 2023

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