Mediclinic gains on Swiss, SA hospital growth

Shutterstock [http://www.shutterstock.com]

Johannesburg - Mediclinic International [JSE:MDC], South Africa’s largest private hospital owner, said full-year profit rose 9% after it expanded in Switzerland and its home market and benefited from a stronger Swiss franc.

Earnings per share excluding one-time items climbed to R4.08 a share in the year to March 31, the company said in a statement on Thursday. That was lower than the R4.45 average of seven analyst estimates compiled by Bloomberg.

The hospital operator has been expanding in countries with growing demand for private healthcare.

Sales gained 16% to R35.2bn, with more than half the revenue coming from Switzerland, where the company bought Clinique La Colline in June last year for 130 million francs. Income from the Middle East rose to 12% of the total from 11% a year earlier.

Mediclinic shares fell 3.5% to R116.41 as at 09:26 in Johannesburg, paring the gain for the year to 16% and valuing the company at R101bn. Competitor Netcare [JSE:NTC] has advanced 11% this year.

The company had a R32m gain on foreign currency forward contracts during the year and raised the final dividend by 11% to 75.5 cents a share.


ZAR/USD
17.04
(-0.38)
ZAR/GBP
21.81
(-0.11)
ZAR/EUR
19.90
(-0.12)
ZAR/AUD
12.03
(-0.12)
ZAR/JPY
0.16
(-1.12)
Gold
1860.65
(+0.03)
Silver
22.87
(+0.11)
Platinum
844.51
(+0.50)
Brent Crude
42.23
(-0.12)
Palladium
2207.00
(+0.59)
All Share
53587.11
(-1.22)
Top 40
49547.74
(-1.16)
Financial 15
9401.28
(-1.95)
Industrial 25
72949.70
(-1.72)
Resource 10
53453.42
(-0.10)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1368 votes
It depends on how the funds are used.
73% - 8860 votes
No. We should have gotten the loan elsewhere.
16% - 1959 votes
Vote