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| Last traded |
R35.75 |
| Change |
R0.15 |
| % Change |
0.42% |
| Cumulative volume |
82,084 |
| Market cap |
R23.32bn |
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Cape Town - Private hospitals group
Medi-Clinic Corporation [JSE:MDC] may be raising big bucks to fund expansion in Switzerland, but that does not mean local operations are being neglected in any way.
Medi-Clinic's latest annual report showed the company had set aside R850m of capital expenditure for its southern African operations in the financial year ahead.
Writing in the latest annual report, Medi-Clinic Southern Africa CEO Koert Pretorius said the company would spend R402m on capital projects and new equipment to enhance its business in the region.
He also disclosed that R213m would be earmarked for the replacement of existing equipment and another R236m for repairs and maintenance.
Pretorius said the capex would be funded from operational cash flow. In mid-June Medi-Clinic announced a R1.4bn rights offer to fund growth opportunities for Hirslanden, its private hospitals subsidiary in Switzerland.
Medi-Clinic spent about R315m on capital projects and new equipment in southern Africa, R194m on the replacement of existing equipment and over R200m on the repairs and maintenance of property and equipment in the year to end-March 2010.
Pretorius said incremental earnings before interest, tax, depreciation and amortisation stemming from recent capital projects should amount to R32m in this financial year, and R90m in the 2012 financial year.
Medi-Clinic's new 140-bed Cape Gate Medi-Clinic in the Western Cape was commissioned in February 2010. Pretorius reported that Cape Gate occupancies were above budget.
He said other significant projects that had commenced were the addition of 74 beds at the Nelspruit Medi-Clinic, 30 beds at Limpopo Medi-Clinic and 28 beds at Tzaneen Medi-Clinic.
Pretorius said a project for Muelmed Medi-Clinic in Pretoria comprising an additional 57 beds, 12 additional obstetric beds with three labour rooms and four neonatal ICU beds had also been approved.
He said the number of beds at Medi-Clinic's local operations was expected to increase from 7 035 to 7 077 during the financial year ahead.
- Fin24.com