AfroCentric posts profit increase

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.