The Mercury

AfroCentri­c posts profit increase

- Manyane Manyane

MEDICAL scheme administra­tor AfroCentri­c yesterday reported a R218.57 million after tax profit for the year ended June compared with R178 .77m during the previous correspond­ing period last year.

The firm said its operating profit went marginally up to R376.36m than the R372.07m recorded during the similar period last year.

It said the acquisitio­n of WAD Holdings for R503m in 2014 contribute­d to the upsweep in the results.

The company’s investor relations officer, Shivani Ramdhani, said revenue went up 14.36 percent during the reporting period, compared with 7 percent in the last financial year.

Ramdhani said earnings surged 24.55 percent and the dividend grew by 20 percent, while earnings per share fell by 6.92 percent and headline earnings per share declined by 14.27 percent.

She said the slide in earnings and headline earnings per share could be attributed to the slump in the economy and political instabilit­y in the country.

AfroCentri­c owns Medscheme, provides health administra­tion and health risk management solutions to the health industry.

AfroCentri­c shares rose 0.97 percent on the JSE yesterday to close at R5.20.

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