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Adcock Ingram’s profit drops as pandemic hits demand

The hit was somewhat cushioned by strong demand for immunity-boosting products.
Image: Moneyweb

South Africa’s Adcock Ingram said on Wednesday its first-half profit dropped 14.6% as fewer elective surgeries and doctor visits during the Covid-19 pandemic hit demand for its surgical instruments and branded prescription drugs.

The hit was somewhat cushioned by strong demand for immunity-boosting products, which drove an almost 50% surge in profit in the consumer division that accounts for a fourth of the pharmaceutical company’s gross profits.

Headline earnings per share (HEPS), the primary measure of profit for South African companies, dropped to 186.5 cents from 218.5 cents last year. Turnover for the six months ended December 31 rose 3.6% to R3.76 billion ($257.98 million), helped by its acquisition of homecare products company Plush in March.

South Africa’s second-biggest pharma company, which sells products including over-the-counter medication, its own FMCG brands and hospital and critical care products, announced a dividend of 80 cents per share for the period.

“The Group will continue to focus on cost control, cash generation and preserve the balance sheet strength, whilst continuing to seek acquisitions to broaden its portfolio,” the company said.

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