Netcare (NTC) Results Snapshot 1H22

Diluted HEPS increased to 31.7cps (26.4cps LY).
Turnover growth +2.3% y-y, supported by Non-acute services, whose revenue surpassed pre-pandemic.
Group GPM declined by 77bps to 48.9%.
Good expense control, with expenses to sales decreasing to 40.6% compared to 42.0% LY.
OPM improved by 93bps to 10.0%.
Dividend of 20cps declared.
Net debt has reduced to R5.4bn, from R6.1bn.