Netcare (NTC) 1H23 – Results Snapshot

Diluted HEPS increased to 44.7cps (+41.0% y-y). Adjusted HEPS increased to 46.3cps (+31.5% y-y).
Turnover growth +11.9% y-y, driven by strong turnover growth in Hospital and pharmacy operations (+11.7% y-y) and Non-acute services (+19.3% y-y).
Group GPM increased to 49.8% (1H22: 48.9%).
Expenses increased by 9.4% y-y, with expenses to sales decreasing to 39.7% (1H22: 40.6%).
OPM expanded by 200bps to 12.0%.
Improved occupancies of 63.2% compared to 56.4% in 1H22.
Interim dividend of 30.0cps declared.