Dis-Chem profit rises on new acquisitions, medicine demand

Total revenue climbs 15.7% to R30.4bn.
Image: Moneyweb

South Africa’s Dis-Chem Pharmacies reported a rise in annual profit on Monday, buoyed by acquisitions of new drugstores and stronger demand for medicines as Covid-19 lockdowns ease.

The drugstore chain said the acquisitions of dozens of locations during the year ended February 28, and its recent launch of a health insurance offering have helped the group broaden its focus.

“In the two months since launching medical insurance, uptake has exceeded our initial expectations,” Dis-Chem said in a statement, although it warned the consumer environment remained “constrained.”

Dis-Chem, which runs the second-largest chain of pharmacies in South Africa in competition with Clicks Group, said it administered 1.4 million Covid-19 vaccine doses during the year, resulting in R513 million ($32.5 million) in revenue.

Total revenue climbed 15.7% to R30.4 billion. Headline earnings per share, a key metric of profit for South African companies, jumped 27.6% to 99.2 cents for the year.

Read the Sens here.

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