Afrocentric (ACT) FY23 – Results Snapshot

Diluted HEPS 34.9cps (-34.2% y-y).
Revenue growth +2.0% y-y to R8.9bn.
Operating expenses grew 7.1% y-y, with operating expenses to sales up from 48.4% to 50.8%.
No dividend (FY22: 34cps).
Gross debt fell from R651m to R648m. Net cash also decreased from R136m to R86m.
Sanlam acquisition was completed during the year, where Sanlam acquired a 60% controlling shareholding in ACT.
ACT closed down its operations in the procurement of hospital surgical consumables through its subsidiary MMed Distribution.