Johannesburg - South Africa's No.2 drugs maker Adcock Ingram posted a 16.1% rise in full-year profit bolstered by volume growth and price increases and said it expected further volume growth.
Adcock, which makes painkillers such as Panado and flu remedy Corenza Para-C, said on Tuesday headline earnings per share rose to 450c.
Revenue increased 21.3% to R4bn, boosted by a 12% volume growth and government's granted price increase of 13.2%.
The company - the biggest over-the-counter medicine maker in South Africa - said it expected further volume growth in its core business.
"Whilst current economic conditions remain challenging, particularly at a consumer level, Adcock expects further volume growth in its core businesses," it said.
The company said, in a separate statement, it would sell a 13% stake for R1.3bn to black investors in a landmark black economic empowerment transaction for the South African healthcare industry.
The transaction would be funded through a combination of unencumbered equity from the black economic empowerment partners and vendor facilitation from Adcock Ingram, the company said.
- Reuters