Diluted HEPS 610.9cps (+1.6% y-y).
Revenue growth slowed 1.2% y-y to R9.8bn, due to weaker demand in 2Q25 from the independent wholesale channel.
The recovery in 2H25 was driven by strong demand for AIP’s winter basket, the well-executed informal sector strategy and normal buying patterns among pharmacy wholesalers.
Group GPM declined by 40bps to 33.0%, due to a less favourable sales mix and low factory recoveries at the Wadeville facility.
Total expense growth was flat, with expenses-to-sales decreasing by 30bps to 22.0%.
OPM maintained at 11.0%.
Dividend of 280cps (FY24: 275cps).
Net cash improved to R104.1m (FY24: R89.4m).
Average annual price realisation of 4.3% offset the organic volume decline of 3.1%.
AIP has entered into a Transaction Implementation Agreement with NATCO Pharma which will acquire all shares in the Group not owned by Bidvest and will subsequently delist from the JSE.
