(Bloomberg) -- Mediclinic International Plc full-year profit beat analysts’ estimates as the hospital operator’s Swiss unit overcame some regulatory changes and its South African business improved.
Net income advanced 29 percent to 229 million pounds ($297 million) in the year through March, the Stellenbosch, South Africa-based company said in a statement on Wednesday. Analysts expected 222.78 million pounds. A total dividend of 7.9 pence per share was declared, in line with the 2016 total dividend.
Mediclinic, the combination of South Africa’s biggest private health-care provider and Al Noor Hospitals Group Plc of Abu Dhabi, said revenue from the Swiss operations rose 3 percent, while Mediclinic Southern Africa sales were up 7 percent. In the Middle East, revenue fell 8 percent, impacted by regulatory changes such a co-payment for some medical insurance patients.
“This year, regulatory matters weighed on the group more so than in the past and I’m pleased that in recent weeks we’ve made progress with some key issues in Switzerland and Abu Dhabi,” Chief Executive Officer Danie Meintjes said. “We will continue to monitor the regulatory landscape and engage with authorities.”
Shares of Mediclinic, which also owns almost 30 percent of Spire Healthcare Group Plc in the U.K., have advanced 13 percent this year in London and 14 percent in Johannesburg. That compares with Netcare Ltd.’s 16 percent drop and Life Healthcare’s 6.3 percent decline.
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