Adcock Ingram Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/016236/06)
Share code: AIP ISIN: ZAE000123436
("Adcock Ingram" or "the Company" or "the Group")

Unaudited interim results for the six months ended
31 December 2022 and cash dividend declaration

Revenue
+8%

Gross profit
+8%

Trading profit
+15%

HEPS
+20%

Dividend
+20%

B-BBEE level
2

                                                           Unaudited           Unaudited
                                                           six-month           six-month
                                        Change          period ended        period ended
                                             %      31 December 2022    31 December 2021

Revenue                       (R'000)       8             4 676 411           4 345 674
Gross profit                  (R'000)       8             1 640 236           1 521 652
Trading profit                (R'000)      15               623 462             543 226
Operating profit              (R'000)      16               594 038             511 584
Headline earnings per share   (cents)      20                 289.9               242.3
Basic earnings per share      (cents)      20                 289.9               242.2
Total assets                  (R'000)                     8 036 326           7 560 989
Net asset value per share     (cents)                       3 412.0             3 096 6
Dividend declared per share   (cents)                         125.0               104.0
Segment revenue
Consumer                      (R'000)       6               846 707             795   187
OTC                           (R'000)      15             1 146 256             993   915
Prescription                  (R'000)       9             1 720 589           1 572   368
Hospital                      (R'000)     (2)               962 462             983   891
Segment trading profit
Consumer                      (R'000)       7               185   182           172   934
OTC                           (R'000)       9               181   081           166   847
Prescription                  (R'000)      37               167   447           121   878
Hospital                      (R'000)      10                88   601            80   565

Introduction
The Board of Directors (Board) is pleased to report that the Group performed very well in the half year
under review, attributed to its diverse and affordable portfolio of products, excellent sales and marketing
strategies, and a focus on external and internal customer service. The broad portfolio includes non-regulated
products which compete in the fast-moving consumer goods (FMCG) space, leading OTC brands where
the pharmacist plays a role in the product choice, products prescribed by medical practitioners, specialised
instruments, and surgical products, as well as hospital and critical care products, including intravenous
solutions, blood collection products and renal dialysis systems.

The healthy financial and operational performance was delivered against a backdrop of tight economic
conditions, high levels of disruption to operations due to utility supply challenges, currency devaluation and
high fuel prices.
Prospects
Trading conditions are expected to remain challenging, with consumers facing considerable hardship
as a result of elevated transport, electricity, food and borrowing costs. The disappointing low Single Exit
Price (SEP) adjustment of 3.28% granted to the industry in the current calendar year will not compensate
for the abnormal cost increases in certain raw materials and packaging, the weak currency, and the above
inflationary increases in wages and utilities, resulting in gross margin compression being difficult to avoid.
Nonetheless, the strength of the Group's broad and affordable portfolio of well-known brands, should
continue to withstand many of the macroeconomic challenges in South Africa.

Dividend distribution
The Board has declared an interim dividend out of income reserves of 125 cents per share in respect of the
six-months ended 31 December 2022. The South African dividend tax ("DT") rate is 20% and the net dividend
payable to shareholders who are not exempt from DT is 100 cents per share. Adcock Ingram currently has
169 718 861 ordinary shares in issue and qualifying for ordinary dividends. The income tax reference number
is 9528/919/15/3.

The salient dates for the distribution are detailed below:
Last date to trade cum distribution                                               Tuesday,   14   March   2023
Shares trade ex distribution                                                    Wednesday,   15   March   2023
Record date                                                                        Friday,   17   March   2023
Payment date                                                                       Monday,   20   March   2023


Share certificates may not be dematerialised or rematerialised between Wednesday, 15 March 2023 and
Friday, 17 March 2023, both dates inclusive.

N Madisa                              AG Hall
Chairperson                           Chief Executive Officer


Approved by the Board: 20 February 2023

SENS release date: 21 February 2023

Registered office 1 New Road, Midrand, 1682

Postal address Private Bag X69, Bryanston, 2021

Transfer secretaries
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue,
Rosebank, Johannesburg, 2196.

Private Bag X9000, Saxonwold, 2132

Auditors
PricewaterhouseCoopers Inc, 4 Lisbon Lane, Waterfall, 2090

Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited), 1 Merchant Place,
corner Fredman Drive and Rivonia Road,
Sandton, 2196

Bankers
Nedbank Limited, 135 Rivonia Road, Sandown, Sandton, 2146.
Rand Merchant Bank, 1 Merchant Place,
corner Fredman Drive and Rivonia Road, Sandton, 2196.
Investec Bank Limited, 100 Grayston Drive, Sandton, 2146

The full announcement has been published on SENS and is available at https://senspdf.jse.co.za/documents/2023/JSE/ISSE/AIP/AIP012023.pdf
The contents of this short-form summary announcement are the responsibility of the Board of Directors.
Any investment decision should be considered and based on the content of the information contained in the full announcement,
that will be published on the Company's website at www.adcock.com/investors/financial reports.
Copies of the full announcement are available for inspection at the registered office of the Company and may be requested without charge
during office hours by phoning +27 11 635 0143.