Mediclinic revenue up 9% | Fin24
 
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Mediclinic revenue up 9%

Nov 15 2019 20:03
Khulekani Magubane

Healthcare service provider Mediclinic [JSE:MEI] announced a 9% increase in its revenue to £1 515m (about R28.7bn) in its interim group results for the period ended September 30, 2019.

Through the SENS company news service, Mediclinic on Thursday said growth across all three of its divisions led to the positive data as well as a 4% increase in adjusted earnings before interest, tax, depreciation and amortisation to £222m (about R4.2bn).

Mediclinic is known for its private clinics located in South Africa, Namibia, Switzerland and the United Arab Emirates. In recent times, the company has also offered free screenings for conditions such as diabetes in low income communities.

The SENS statement comes well ahead of Mediclinic chair Edwin Hertzhog’s resignation as chair of the healthcare giant.

Hertzog indicated his intention to retire from the position with effect from the conclusion of the 2020 annual general meeting. A search a successor has been initiated and the board will provide an update in due course, the statement said.

The share price on Thursday at 09:45 for Mediclinic registered at about R72.02, dipping 0.66% from earlier in the morning. It closed at R72. 

The company said its interim dividend was maintained at 3.20 pence per share. According to the group its dividend policy was to target a pay-out ratio of between 25% and 35% of full-year adjusted earnings.

"The board may revise the policy at its discretion. The board declared an interim dividend from retained earnings of 3.20 pence per ordinary share for the six months ended 30 September 2019," the statement read.

South African shareholders would be paid the rand cash equivalent of 60.83200 cents (48.6656 cents net of dividend withholding tax) per share, according to the statement. A dividend withholding tax of 20% will be applicable to all shareholders on the South African register who are not exempt, it said.


mediclinic  |  south africa
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