AfroCentric Investment Corporation Limited announced its condensed unaudited interim results for the six months ended 31 December 2023. The company, known for its diverse range of healthcare-related enterprises, showcased a mixed financial performance during the period under review.
Financial Highlights
| Metric | Change | Six Months Ended 31 Dec 2023 (R’ million) | Six Months Ended 31 Dec 2022 (R’ million) |
|---|---|---|---|
| Total Revenue | +1.4% | 4,384.4 | 4,322.1 |
| Profit Before Tax | -3.2% | 262.2 | 270.9 |
| Profit for the Year | -4.9% | 185.0 | 194.4 |
| Basic Earnings per Share (EPS) | -3.5% | 21.03 | 21.79 |
| Headline Earnings per Share (EPS) | -2.4% | 21.24 | 21.76 |
Despite a slight increase in total revenue, AfroCentric witnessed declines in both profit before tax and profit for the year. Basic earnings per share and headline earnings per share also experienced reductions compared to the same period in the previous year.
Dividend Declaration
In the midst of the mixed financial results, AfroCentric’s Board of Directors declared an interim gross dividend of 11 cents per ordinary share for the period ended 31 December 2023. However, investors should note that dividends are subject to a 20% South African Dividends Withholding Tax. The net cash dividend amount per ordinary share stands at 8.80000 cents. The dividend payment date is set for Monday, 13 May 2024.
Change in Financial Year End
In a significant strategic move, AfroCentric announced its decision to align its financial year-end with Sanlam, effective 31 December 2024. This change aims to streamline the company’s reporting and operational processes, providing stakeholders with clearer insights into its financial performance.
Conclusion
While AfroCentric’s interim results reflect a mixed performance, the declaration of an interim dividend underscores the company’s commitment to delivering value to its shareholders. The decision to align its financial year-end with Sanlam signals a strategic move towards enhancing transparency and efficiency in its operations. Investors and shareholders are encouraged to delve deeper into the full announcement available on the company’s website or the JSE website and participate in the upcoming investor presentation for a comprehensive understanding of AfroCentric’s financial performance and future prospects.
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