Diluted HEPS 258.9cps (-9.3% y-y).
Revenue declined 0.6% y-y to R4 714m, due to the slowdown in independent and pharmaceuticals wholesale channels.
Group GPM declined by 140bps to 32.6%. This was due to an unfavourable sales mix with a lower proportion of branded and generic Prescription products, and ARV private market sales.
Expenses grew by 2.4% y-y, with expenses-to-sales increasing from 21.6% to 22.2%.
OPM declined by 210bps to 10.3%.
Dividend of 115cps.
Net cash fell to -R629m (1H24: -R75m).
Organic volumes declined by 6.5%. This was partly compensated for by average price realisation of 5.3% and a mix benefit of 0.6%.
AIP believes the SEP adjustment of 5.25% in February 2025 will help to counter gross margin pressure but does not foresee the Wadeville facility will materially increase output in the next six months.
AIP’s total private market share grew by 4% in the last 12 months.
