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

RW

Rafiq Wagiet

25 November 2024 | 17:04

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

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 

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