Business Day (3 September 2024) reported that AfroCentric announced a 0.4% increase in revenue compared with the previous year.
“Headline earnings per share (HEPS) rose by 11%, reaching 40.3 cents. This increase in HEPS contrasts with a steep 74.9% decline in profit after tax, driven by significant impairments in its pharmaceutical subsidiaries.
“The company noted that intensified competition in the pharmaceutical sector has led to margin erosion, with many customers opting for more affordable generic medicines to reduce out-of-pocket expenses.”