Johannesburg - Mediclinic International, South Africa’s largest private-hospital owner, said first-half profit increased 19 percent as the company expanded in Switzerland and upgraded units in the Middle East.
Net income advanced to 1.67 billion rand in the six months through September, compared with 1.4 billion rand a year earlier, the Stellenbosch-based company said in a statement today.
Sales gained 19 percent to 16.8 billion rand.
The company raised its first-half dividend 11 percent to 31 cents a share.
Mediclinic bought Clinique La Colline in Switzerland in June for 130 million Swiss francs (R1.5 billion).
Earlier that month, the company raised 3.18 billion rand for acquisitions in Switzerland, the United Arab Emirates and Africa.
“Our results have benefited from this diverse geographic presence and we continue to invest to extend and further improve our service offering,” chief executive Danie Meintjes said in the statement.
A weaker rand against the Swiss franc and United Arab Emirates dirham also had a “positive” impact on the earnings.
Mediclinic shares have gained 28 percent this year, valuing the company at 84.6 billion rand.
Competitors Netcare has risen 27 percent this year. - Bloomberg News