Curro expects profits to skyrocket by 67%

Cape Town – Private school operator Curro [JSE:COH] expects its year-end results will show profits skyrocketing by 67%, it said on Thursday.

This follows its announcement in August 2016, saying that it’s on track to almost double the schools it runs to 200 by 2020, with plans to spend R950m building nine campuses in 2016.

With South Africa’s public education sector facing a continued crisis of providing quality education, the private school operator has seen a boom.

In unaudited information, Curro said on Thursday that it expects its earnings per share and headline earnings per share for the year ended 31 December 2016 to be between 43.1 cents and 47.1 cents per share compared to the 27.8 cents and 28.3 cents respectively achieved for the prior corresponding period, being an increase of between 52% and 67%.

Heps (67%) is how South African companies gauge profits.

The prior period’s results were restated from 28.2 cents and 28.7 cents respectively as a result of the rights issue in May 2016, it added.

The financial results are expected to be published on or about 28 February 2017, it said.