Similarly, revenue was 19% higher at RM3.42 billion from RM2.87 billion previously, contributed by the increase in patient visits.

“The revenue for the Malaysia segment in 2023 closed at RM3.35 billion from RM2.83 billion in the preceding year.

“This is mainly contributed by the increase in inpatient visits to 350,330 patients from 297,071 in the current financial year, evidenced by the higher bed occupancy rate (BOR) of 67% compared to 58% in 2022,” the company said in a filing with Bursa Malaysia.

For the fourth quarter (Q4 2023), KPJ’s net profit rose 16% to RM73.39 million from RM63.41 million while revenue increased 19% to RM911.46 million from RM765.83 million.

On its prospects, the hospital operator said the expectation that the Malaysian economy would grow between 4 and 5% in 2024 augurs well for the group.

The group said it expects an increase in the number of patients for this year, supported by an increase in new beds and services as well as the hiring of new consultants.

“The health tourism sector is expected to exceed RM2 billion in revenue in 2024, which the group aims to capitalise on,” it added.

As at 4.39pm, KPJ Healthcare’s share price was down by 1 sen or 0.61% at RM1.64, giving it a market capitalisation of RM7.38 billion.