AfroCentric’s share price unchanged despite doubling HEPS
JSE-listed AfroCentric, whose main subsidiary is healthcare management group Medscheme, said on Friday that total revenue in the year to end-June rose 11.3% to R538.4m.
The group cited cost-containment and new business generation for the improved results, saying it has made progress in positioning itself ahead of the roll-out of the National Health Insurance (NHI) Fund.
Profit before tax rose 46.9% to R538.4m and headline earnings per share (HEPS) 110.7% to 47.06%, the latter towards the upper end of its recent guidance.
The group said in August that HEPS was expected to rise by between 96.78% and 112.02%.
AfroCentric, which is a black-owned provider of specialised services to the public and private sectors, is looking to position itself across the healthcare value chain, ahead of the implementation of the NHI.
The group recently announced that its courier pharmacy business, Pharmacy Direct, has won a contract to supply chronic medicines to alleviate congestion at provincial public hospitals and clinics.
At 10.36am, AfroCentric’s share price was unchanged at R5.30, having fallen 17.19% so far in 2018.