Investment case

Our diversified business model and growth strategy enable us to achieve sustainable growth and value creation across the healthcare sector by leveraging our competitive advantages.

Strong market positioning

One of the largest health administration businesses in the South African healthcare sector

An established track record as a medical scheme administrator – 3.7 million lives under our care (39.55% of market share)

An integrated healthcare business and market leader in managed care

The largest distributor of chronic medicine to government hospitals and clinics – 850 000 scripts dispensed per month (80% public sector)

Diversified across complementary healthcare services

A diversified healthcare business with growing exposure across the healthcare value chain in South Africa – pharmaceutical business generates 38% of revenue

Increased diversification enables us to optimise our clients' healthcare costs

A presence in other sub-Saharan Africa countries

Diversification makes us more sustainable in a changing healthcare environment

Multiple growth drivers

Maximising value with new integrated business model

Optimising value chain to enhance efficiencies and reduce healthcare costs

Digitising to enhance client experience – one million items processed by robotic process automation (RPA)

Leveraging healthcare and financial services opportunities with Sanlam partnership

Positioning for success in National Health Insurance (NHI) environment

Competent and experienced management

Experienced, empowered leadership team with healthcare expertise

Market leading intellectual capital with clinical, actuarial, data analytics and health intelligence competence and capabilities

Data capabilities support our strategy to eliminate inefficiencies within the healthcare industry and optimise the value chain – appointed an information technology (IT) executive

Retention bonuses are in place in respect of strategic management incentive

Consistent financial performance

Compound annual revenue growth of 25.6% since 2015 despite difficult market conditions

Normalised headline earnings grew by 4.4% despite acquisition costs

Acquisitions are delivering expected value – enhancing the Group's growth in the pharmaceutical and retail clusters

Efficient capital allocation

Acquisitions and organic growth funded largely from internally generated cash

Debt-to-equity ratio of 23.5% remains well within our acceptable risk tolerance

Our history





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