Restructure gives Adcock profit a boost
Pharmaceutical group increases overall revenue 7%
Pharmaceutical group Adcock Ingram has managed to turn its rest of Africa operations profitable, contributing to a tripling of after-tax profit in the year to end-June. Adcock Ingram grew overall revenue by 7% to R5.96bn and after-tax profit was up 213% to R561m in the year to end-June. The group declared a final dividend of 76c, taking its total for the year to R1.39, a 34% increase on the prior year’s R1.04. Over-the-counter (OTC) medicines are Adcock Ingram’s second-biggest contributor to revenue but biggest contributor profit. Its OTC division grew revenue by 11% to R1.8bn, contributing 31% of group revenue. Adcock Ingram says the process of re-engineering its business has borne fruit and allowed it to claw back profit in a tough operating environment. The pharmaceutical company said on Friday the shake-up of the leadership team had also restored its trusted reputation in SA. A new management was installed by Bidvest in 2014 after the group acquired a majority interest in the fi...
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