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AFROCENTRIC INVESTMENT CORPORATION LIMITED - Interim results and dividend declaration

Release Date: 09/03/2021 09:00
Code(s): ACT     PDF:  
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Interim results and dividend declaration

AfroCentric Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT ISIN: ZAE000078416
(“the Company")

Summarised unaudited interim results for the six months ended 31 December 2020 and dividend

Introduction to the AfroCentric Group

AfroCentric is a Level 1 black-owned JSE listed investment holding company, which owns and operates a
diverse range of healthcare related enterprises, which include, specialised medical scheme administration
and management, the supply of pharmaceuticals, including a range of healthcare products and services,
to both the public and private healthcare sectors. A principal objective of the group, is to ensure the delivery
of efficient health management services and the distribution of quality products, all at manageable and
affordable cost, for the benefit of scheme clients, scheme members and the group’s growing customer
base. AfroCentric has been able to successfully broaden its interests in the industry, by continuing to
pursue new opportunities, to expand and rationalise its presence in the healthcare sector.

The Board is pleased to present a summary of the Company’s results for the six months ended
31 December 2020.

Salient Features
                                                            %           Unaudited six         Unaudited six
                                                        change          months ended          months ended
                                                                        31 December           31 December
                                                                                2020                  2019

Total revenue                                              25.3         3 898.2 million       3 111.3 million
Operating profit                                           16.5           511.8 million         439.3 million
Operating profit (excluding lease reversals)               17.9           469.1 million         398.0 million
Healthcare Services Operating profit                       16.4           313.5 million         269.4 million
Healthcare Retail Operating profit                         20.9           155.6 million         128.7 million
Profit before tax                                          19.1           320.1 million         268.7 million
Profit after tax                                           13.0           226.5 million         200.5 million
Basic earnings (rands)                                      8.3           146.0 million         134.8 million
Headline earnings (rands)                                  10.9           149.5 million         134.7 million
Basic earnings (cents per share)                            8.3                 25.43                 23.48
Headline earnings (cents per share)                        10.9                 26.03                 23.47
Weighted average number of ordinary shares                                574.3 million         574.2 million


The Board has pleasure in announcing that an interim gross dividend per ordinary share of 17 cents has
been declared for the six months ended 31 December 2020. Dividends are subject to Dividends
Withholding Tax. The payment date for the dividend is Monday, 17 May 2021.

•       Dividends have been declared out of profits available for distribution.
•       South African Dividends Withholding Tax rate is 20%.
•       The gross dividend amount is 17 cents per ordinary share.
•       The net cash dividend amount is therefore 13.60000 cents per ordinary share.
•       The Company has 574 951 251 ordinary shares in issue as at the declaration date.
•       The Company’s income tax reference number is 9600/148/71/3.

The salient dates relating to the dividend are as follows:
Last day to trade cum dividend                             Tuesday, 11 May 2021
Shares commence trading ex-dividend                        Wednesday, 12 May 2021
Dividend record date                                       Friday, 14 May 2021
Dividend payment date                                  Monday, 17 May 2021

Share certificates for ordinary shares may not be dematerialised or rematerialized between Wednesday,
12 May 2021 and Friday, 14 May 2021, both days inclusive.

Full Announcement

This short-form announcement is the responsibility of the Directors of the Company and is a summary of the
information in the full announcement which is available for viewing on the following websites:

Company’s website:

JSE website:

Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, copies of which are also available for inspection at our offices on work-days during business
hours, at no charge:

On behalf of the Board

Dr ATM Mokgokong                                       Mr A Banderker
Chairperson                                            Group Chief Executive Officer

9 March 2021

Sponsor: Sasfin Capital (a member of Sasfin Group)

Date: 09-03-2021 09:00:00
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