INTERIM RESULTS
New Life Healthcare CEO takes reins to expand abroad
New Life Healthcare CEO Shrey Viranna has been tasked with expanding the wellness group abroad so its revenue is equally split between SA and its international portfolio by 2022. The R42bn hospital owner and healthcare services provider grew its interim revenue by 17.5% to R11.3bn by end-March from R9.6bn a year earlier, results released on Friday showed. It increased its dividend by 8.6% to 38c per share. The group expected its investment and revenue growth to come largely from complementary or allied services, which included mental health, renal dialysis and oncology, instead of acute hospital care, which faced pricing pressure, said Viranna. Alec Abraham, senior equity analyst at Sasfin, said Life Healthcare had made the right decision to diversify away from acute hospital care to allied services. "These are capital-light and margin-rich services, not under as severe regulatory pricing pressure as acute care is." Much of this growth would be in Southern Africa but Life would also...
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