Netcare (NTC) FY22 Results Snapshot

Diluted HEPS increased to 73.4cps (+19.9% y-y).
Turnover growth +2.1% y-y – Hospital and pharmacy increased by 1.4% y-y, Non-acute services by 12.1% y-y and Primary Care by 6.6% y-y.
Group GPM declined by 54bps to 48.8%.
Good expense control, with expenses to sales decreasing to 39.4% compared to 40.2% LY.
OPM expanded by 75bps to 10.5%.
Overall occupancy increased to 60% (56.7% LY) – with acute hospitals’ occupancy at 59.3% (56.2% LY) and mental health facilities’ at 68.1% (62.1% LY).
Final dividend of 30cps declared.
Net debt reduced to R4.9bn, from R5.3bn.