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Mediclinic doubles profit, reinstates dividend

The ultramodern Mediclinic Midstream is the latest addition to Mediclinic Southern Africa's private hospital situated in Midstream Estate in Centurion. Picture: Thobile Mathonsi

The ultramodern Mediclinic Midstream is the latest addition to Mediclinic Southern Africa's private hospital situated in Midstream Estate in Centurion. Picture: Thobile Mathonsi

Published May 25, 2022

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South African hospital chain operator Mediclinic International is reinstating dividends after almost doubling full-year profit, it said on Wednesday.

The London-listed company's headline earnings per share for the year to March 31 rose to 19 pence from 9.6 pence a year earlier, driven mainly by increasing patient numbers as coronavirus restrictions eased.

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The company announced a dividend of 3 pence per share.

Healthcare providers were hit hard in 2020 and partly in 2021 as the COVID-19 pandemic forced people to postpone non-essential hospital procedures.

But as vaccination rates increased and successive waves of COVID-19 proved to be less deadly, people resumed hospital visits, helping to boost revenue and profit at private hospitals.

Mediclinic, which owns a chain of private hospitals in southern Africa, the Middle East and Switzerland, posted annual revenue up 8% at 3.2 billion pounds ($4.01 billion), exceeding pre-pandemic levels, the company said.

However, profit has yet to reach its pre-pandemic level of 26.9 pence per share.

Reuters

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