Rafiq Wagiet25 November 2024 | 17:04

Netcare reports 15.8% jump in annual profit amidst tough market conditions

Revenue for the 12 months ended September was up 6.3% to R25.2bn.

Netcare reports 15.8% jump in annual profit amidst tough market conditions

Stephen Grootes speaks to Richard Friedland, CEO of Netcare.

Listen to the interview in the audio player below. 

Netcare increased its revenue by more than 6% for the 12 months ended September 2024.

Revenue was up to R25.2bn, while profit grew by 15.8% to R1.54bn.

The private healthcare provider also reported a 15.8% rise in annual profit for the period.

Earnings before interest, tax, depreciation and amortisation (ebitda) were 12.6% higher at R4.49bn.

Speaking to Stephen Grootes on The Money Show, Richard Friedland, CEO of Netcare says the company says it delivered a resilient financial performance despite a difficult market.

Friedland says there was a significant drop in maternity patients.

He adds that a rise in the cost of electricity has also impacted their profits. 

"There is a downward trend in maternity rates globally, but I think affordability was a key issue in South Africa."

- Richard Friedland, CEO - Netcare

"Our diesel costs were R77 million less than they were in the prior year, but all of that was taken up by the over inflation in electricity tariffs."

- Richard Friedland, CEO - Netcare

"We've reduced our energy intensity footprint, by 40% in the last 10 years. I shudder to think of the companies and corporates out there that haven't reduced their electricity demands."

- Richard Friedland, CEO - Netcare

Scroll to the top of the article to listen to the full interview