AfroCentric reports 42.77% increase in HEPS to end-June
JSE-listed, black-owned investment holding company AfroCentric reported a 42.77% increase in normalised headline earnings per share to 44.03c for the year to end-June, with the company reporting normal organic growth, as well as healthy growth in client medical scheme memberships. The group operating profits increased by 49.89% to R564.1m, and net profits before tax increased by 35.20% to R366.7m. The company said in a statement it had also met the profit undertakings set by Sanlam, which acquired an effective 28.7% interest in the group’s wholly owned subsidiary, Medscheme, for R703m. This was largely due to healthy contributions from its WAD Holdings asset acquisitions, which includes courier company Pharmacy Direct, as well as growth in its client base. This would allow for joint development initiatives with Sanlam to be placed on a priority agenda for the ensuing year, AfroCentric said. The company provides services to the public and private healthcare sectors, including through...
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