Curro Holdings: H1 2023 – Strong Growth and Strategic Moves

  • Curro Holdings' H1 2023 results reveal strong growth with a 16% revenue increase, reaching R2.39 billion.
  • EBITDA surges by 21% to R566 million, and recurring headline earnings rise by 34% to R203 million.
  • Non-recurring income impact explained; virtual presentation planned for deeper insights into Curro's impressive financial performance.
By Lethabo Ntsoane

Curro Holdings Limited has unveiled its financial performance for the first half of 2023, showcasing impressive growth across key financial indicators. The company’s continued expansion and strategic focus on delivering quality education have culminated in noteworthy gains.

Promising Financial Highlights

In a testament to Curro’s commitment to excellence, the first half of 2023 witnessed a 3% increase in average learner numbers, bringing the total to an impressive 72,385 learners. This growth underscores the institution’s appeal to students and parents seeking quality education.

Financially, Curro’s performance has been robust. Revenue, a pivotal indicator of operational success, leaped by a remarkable 16% to reach R2.39 billion. This substantial rise from the R2.06 billion recorded in the corresponding period the previous year is a testament to Curro’s efficacy in maintaining a strong financial trajectory.

Further underlining its financial health, Curro’s earnings before interest, taxation, depreciation, and amortization (EBITDA) surged by 21% to a substantial R566 million, up from R467 million in H1 of the prior year. This growth in EBITDA reflects Curro’s efficient management of its operations and financial resources.

Impressive Earnings Growth

A standout performance of the period is Curro’s recurring headline earnings, which soared by an impressive 34% to R203 million, showcasing a significant upturn from the R152 million recorded in the comparable period. This increase reflects the company’s unwavering dedication to providing quality education and solidifying its position in the market.

The company’s earnings per share (EPS) rose by a substantial 21% to 33.4 cents per share, outpacing the 27.6 cents per share of the same period the previous year. Furthermore, recurring headline earnings per share (RHEPS) exhibited remarkable growth of 36%, reaching 34.6 cents per share from 25.5 cents per share in the prior corresponding period. This surge signifies the strength of Curro’s operations and its consistent financial performance.

Dividend Decision and Non-Recurring Income Impact

In a strategic move, Curro’s board of directors opted not to declare a dividend for the six months ending on June 30, 2023. This decision aligns with the company’s forward-looking policy of distributing 20% of recurring headline earnings as an annual dividend, contingent on the continuation of robust cash generation. While shareholders may not receive a dividend this time, the decision underscores Curro’s dedication to long-term sustainability.

It’s noteworthy that in assessing these results, shareholders should consider the impact of non-recurring income. During the previous comparable period, Curro’s subsidiary, Meridian, received a non-recurring long-overdue education subsidy income of R25 million. Although this income was included in the calculation of EPS and HEPS, it was excluded for RHEPS calculation purposes. This difference constitutes a key distinction between RHEPS, HEPS, and EPS in that period.

Upcoming Presentation and Full Announcement

Curro is set to present these impressive financial results to investors in a virtual presentation scheduled for 10:30 SAST on Monday, 21 August 2023. Interested parties can register for the presentation at The presentation will offer valuable insights into Curro’s financial performance and growth strategies. Presentation slides will be available on Curro’s website at on the day of the event.


Curro Holdings Limited’s impressive financial performance for the first half of 2023 underscores its commitment to providing quality education and solidifying its position as a leader in South Africa’s education sector. The substantial growth in key financial indicators, including revenue, EBITDA, and earnings per share, reflects the company’s dedication to excellence and its strategic approach to sustainable growth. As investors and shareholders evaluate these results, they are encouraged to consider the impact of non-recurring income and the forward-looking dividend policy. The upcoming virtual presentation offers an opportunity to gain deeper insights into Curro’s financial performance and strategic direction.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: Twitter: @NtsoaneLethabo