Yahoo Finance IHH Healthcare appoints Prem Kumar Nair as new group CEO; 2QFY2023 earnings dip
Before joining IHH, Nair was with Raffles Medical
IHH Healthcare has filled its top executive post half six months after previous managing director and CEO Dr Kelvin Loh quit to join AIA.
On Aug 29, the healthcare company announced that Dr Prem Kumar Nair has been appointed group CEO with effect from Oct 1.
For the past three years, Nair is the CEO of IHH Healthcare Singapore.
Joe Sim, holding the fort in the interim as group COO, has resigned.
Nair, who joined IHH from Raffles Medical Group, has around three decades of experience in the healthcare industry.
In its separate announcement on Aug 29, IHH reported that revenue for 2QFY2023 ended June increased by 7% y-o-y to RM4.7 billion. This brings 1HFY2023 revenue to RM9.8 billion, up 15% y-o-y.
However, earnings for 2QFY2023 was down 51% y-o-y to RM301.8 million, as the company booked a one-off gain in the year-earlier period.
Earnings for 1HFY2023 was up 53% y-o-y to RM1.7 billion, as the company achieved better underlying operating performance.
IHH says that besides trying to achieve organic growth from its existing operations ranging from Singapore to Turkey, it is on the lookout for earnings-accretive acquisitions across the region too.
Overall, the group expects continued revenue and ROE growth and will maintain a tight rein on costs and leverage operational synergies to mitigate inflationary and interest rates pressures, the company says.
IHH's Singapore quoted shares ended Aug 29 at $1.75, unchanged for the day and down 5.41% year to date.
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