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AFROCENTRIC INVESTMENT CORPORATION LIMITED - Condensed unaudited interim results for the six months ended 31 December 2023

Release Date: 04/03/2024 10:00
Code(s): ACT     PDF:  
Wrap Text
Condensed unaudited interim results for the six months ended 31 December 2023

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


Condensed unaudited interim results for the six months ended 31 December 2023

Introduction to the AfroCentric Group

AfroCentric is a BEE Level 1, majority black-owned JSE Limited listed investment holding company, which
owns and operates a diverse range of healthcare-related enterprises that provide specialised medical
scheme administration and deliver a range of healthcare products and services to the public and private
healthcare sectors. The principal objective of the Group is to ensure the delivery of efficient health
management services and the distribution of quality products at a manageable and affordable cost for the
benefit of our stakeholders. AfroCentric has successfully broadened its interests in the industry by
continuing to pursue new opportunities to expand and rationalise its presence across the healthcare
sector.

The Board presents a summary of the Company's results for the six months ended 31 December 2023.

Salient Features
                                                            %         Unaudited six        Unaudited six
                                                       change          months ended         months ended
                                                                        31 December          31 December
                                                                               2023                 2022

Total revenue from contracts with customers (R'           1.4               4 384.4              4 322.1
million)
Profit before tax (R' million)                          (3.2)                 262.2                270.9
Profit for the year (R' million)                        (4.9)                 185.0                194.4
Basic earnings (R' million)                              38.1                 173.8                125.8
Headline earnings (R' million)                           39.6                 175.4                125.7
Basic earnings (cents per share)                        (3.5)                 21.03                21.79
Headline earnings (cents per share)                     (2.4)                 21.24                21.76
Weighted average number of ordinary shares                             826.1million         577.4million
Dividend declared (cents per share)                      100                     11                    0

Dividends

The Board has pleasure in announcing that an interim gross dividend of 11 cents per ordinary share has
been declared for the period ended 31 December 2023. Dividends are subject to Dividends Withholding
Tax. The payment date for the dividend is Monday, 13 May 2024.

-      Dividends have been declared out of profits available for distribution.
-      South African Dividends Withholding Tax rate is 20%.
-      The gross dividend amount is 11.00000 cents per ordinary share.
-      Net cash dividend amount is therefore 8.80000 cents per ordinary share.
-      The Company has 828 092 709 ordinary shares in issue as at the declaration date.
-      The Company's income tax reference number is 9600148713.

The salient dates relating to the dividend are as follows:

Last day to trade cum dividend                                      Tuesday, 7 May 2024
Shares commence trading ex-dividend                                 Wednesday, 8 May 2024
Dividend record date                                                Friday, 10 May 2024
Dividend payment date                                               Monday, 13 May 2024

Share certificates for ordinary shares may not be dematerialised or materialised between Wednesday,
8 May 2024 and Friday, 10 May 2024, both days inclusive.

Effective 31 December 2024, the Group will be aligning its financial year end with Sanlam. Going forward,
an annual dividend will be declared and paid based on the audited results for the period January to
December.

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 and does not contain full or complete details. The full announcement is
available for viewing on the following websites:

Company's website: http://www.afrocentric.za.com/inv-reporting.php

JSE website: https://senspdf.jse.co.za/documents/2024/JSE/ISSE/ACT/Int2024.pdf

Management will host a virtual investor presentation tomorrow Tuesday, 05 March 2024 at 10:30 SAST. The
webcast will be accessible at: https://www.acinterim2024.co.za

Any investment decision by investors and/or shareholders should be based on consideration of the information
contained in the full announcement released on SENS, copies of which are also available for inspection at the
Company's offices on workdays during business hours (at no charge) or on request from the company secretary
by email: lebohang.mpumlwana@afrocentrichealth.com



Dr ATM Mokgokong                                             Mr GN van Wyk
Chairman                                                     Group Chief Executive Officer


Johannesburg
4 March 2024


JSE Sponsor to AfroCentric
Questco Corporate Advisory Proprietary Limited

Date: 04-03-2024 10:00:00
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