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interim results for the six months ended 31 December 2021, dividend declaration and change in the role of a Director

Published: 2022-03-15 07:00:00 ET

Afrocentric Investment Corp (JSE:ACT) News - interim results for the six months ended 31 December 2021, dividend declaration and change in the role of a Director

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


Summarised unaudited interim results for the six months ended 31 December 2021, dividend
declaration and change in the role of a Director

Introduction to the AfroCentric Group

AfroCentric is a Level 1 black-owned JSE listed investment holding company, that owns and operates a
diverse range of healthcare related enterprises, which include, specialised medical scheme administration
and management, the supply of pharmaceuticals, including a range of healthcare products and services,
to both the public and private healthcare sectors. A principal objective of the group, is to ensure the delivery
of efficient health management services and the distribution of quality products, all at a manageable and
affordable cost, for the benefit of scheme clients, scheme members and the group’s growing customer
base. AfroCentric has been able to successfully broaden its interests in the industry, by continuing to
pursue new opportunities, to expand and rationalise its presence in the healthcare sector.

The Board is pleased to present a summary of the Company’s results for the six months ended
31 December 2021.

Salient Features
                                                            %           Unaudited six         Unaudited six
                                                        change          months ended          months ended
                                                                        31 December           31 December
                                                                                2021                  2020

Total revenue                                             10.0          4 288.6 million       3 898.2 million
Operating profit                                            4.6           535.5 million         511.8 million
Operating profit (excluding lease reversals)                5.8           496.3 million         469.1 million
Healthcare Services Operating profit                        3.9           329.3 million         316.8 million
Healthcare Retail Operating profit                          9.7           167.0 million         152.3 million
Profit before tax                                         (0.2)           323.8 million         324.4 million
Profit after tax                                            1.3           233.6 million         230.7 million
Basic earnings (rands)                                      5.6           154.3 million         146.0 million
Headline earnings (rands)                                   3.4           154.5 million         149.5 million
Basic earnings (cents per share)                            5.5                 26.83                 25.43
Headline earnings (cents per share)                         3.2                 26.86                 26.03
Weighted average number of ordinary shares                                575.1 million         574.3 million
Dividend declared (cents per share)                         0.0                      17                    17

Dividends

The Board has pleasure in announcing that an interim gross dividend per ordinary share of 17 cents has
been declared for the six months ended 31 December 2021. Dividends are subject to Dividends
Withholding Tax. The payment date for the dividend is Monday, 16 May 2022.

•       Dividends have been declared out of profits available for distribution.
•       South African Dividends Withholding Tax rate is 20%.
•       The gross dividend amount is 17.00000 cents per ordinary share.
•       The net cash dividend amount is therefore 13.60000 cents per ordinary share.
•       The Company has 576 007 920 ordinary shares in issue as at the declaration date.
•       The Company’s income tax reference number is 9600/148/71/3.

The salient dates relating to the dividend are as follows:
Last day to trade cum dividend                               Tuesday, 10 May 2022
Shares commence trading ex-dividend                          Wednesday, 11 May 2022
Dividend record date                                         Friday, 13 May 2022
Dividend payment date                                        Monday, 16 May 2022

Share certificates for ordinary shares may not be dematerialised or rematerialized between Wednesday,
11 May 2022 and Friday, 13 May 2022, both days inclusive.

Change in the role of a Director

In compliance with paragraph 3.59(c) of the JSE Limited Listings Requirements, the AfroCentric Board of
Directors (“the Board”) hereby notifies Shareholders that Mr Willem Britz has stepped down as an
Executive Director with effect from 10 March 2022. He will however remain on the Board as a Non-
Executive Director going forward.

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 which 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/2022/JSE/ISSE/ACT/act2022.pdf

Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, copies of which are also available for inspection at our offices on work-days during business
hours, at no charge.


On behalf of the Board


Dr ATM Mokgokong                                             Mr A Banderker
Chairperson                                                  Group Chief Executive Officer

Johannesburg
15 March 2022



JSE Sponsor to AfroCentric




Questco Corporate Advisory Proprietary Limited

Date: 15-03-2022 09:00:00
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