Curro Holdings Limited, a leading education provider in South Africa, has announced its audited financial results for the year ended 31 December 2023, showcasing robust growth in revenue and earnings. Despite economic challenges, the company reported a 14.6% increase in revenue, reaching R4,764 million, driven by continued demand for quality education services.
Financial Highlights:
| Metric | Amount | Increase/Decrease |
|---|---|---|
| Revenue | R4,764 million | 14.6% increase compared to previous year |
| EBITDA | R1,155 million | 24.7% increase compared to previous year |
| Recurring Headline Earnings (RHE) | R426 million | 29.0% increase compared to previous year |
| Recurring Headline Earnings per Share (RHEPS) | 73.2 cents | 32.1% increase compared to previous year |
| Headline Earnings per Share (HEPS) | 73.2 cents | 19.2% increase compared to previous year |
| Earnings per Share (EPS) | 7.0 cents | 82.5% decrease compared to previous year |
The increase in earnings was primarily attributed to the company’s strategic initiatives and operational efficiencies. However, despite the overall positive performance, EPS decreased significantly due to impairments of R378 million, impacting the bottom line.
Dividend Declaration:
The board of directors has declared a final gross dividend of 14.64 cents per share from income reserves for the year ended 31 December 2023, reflecting the company’s commitment to rewarding shareholders. The dividend, subject to South African dividend withholding tax (DWT) at a rate of 20%, amounts to 11.712 cents per share net of DWT.
Restatement of Prior Year Figures:
Additionally, the company disclosed a restatement of prior year figures, reclassifying provisions of R36 million from trade and other payables to provisions, in accordance with accounting standards. This adjustment had no impact on previously reported assets, equity, or profitability.
Conclusion:
Despite economic uncertainties, Curro Holdings Limited has demonstrated resilience and growth in its core business, reaffirming its position as a leading player in the education sector. The company’s commitment to delivering quality education and maximizing shareholder value remains unwavering, as evidenced by its strong financial performance and dividend declaration.
