Netcare scraps its dividend for the first time since 1996
The private hospital group takes steps to preserve cash as Covid-19 storm batters the sector
SA’s third-biggest private hospital group, Netcare, has followed a number of other companies and scrapped its interim dividend payment for the first time since listing on the JSE in 1996.
Similar to other companies, Netcare is implementing a series of cash preservation measures aimed at weathering the uncertain trading environment created by Covid-19. It has also withdrawn its full-year guidance, secured a waiver of its debt covenants and increased its undrawn banking facilities to R4.8bn.