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Last 515.00
Change Today +20.00 / 4.04%
Volume 258.3K
ACT On Other Exchanges
As of 11:00 AM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

afrocentric investment corpo (ACT) Snapshot

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Day High
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52 Week High
04/30/15 - $650.00
52 Week Low
09/8/14 - $395.00
Market Cap
Average Volume 10 Days
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afrocentric investment corpo (ACT) Details

AfroCentric Investment Corporation Limited, an investment holding company, operates in healthcare fund management sector in South Africa. The company offers medical scheme administration products and services, including claims assessing, broker management and commissions, national branch network, healthcare provider administration, scheme contribution collections, member query management, and fund management services. It also provides health risk management services, such as hospital benefit management, medicine benefit management, disease management, network management, dental benefit management, and scheme management support services. In addition, the company offers and licenses ICT solutions, including Nexus and UMS, an integrated health administration and managed care system, as well as provides network support and Website hosting services; and provides a platform for critical patient information management. Further, it provides solutions for the management of HIV/AIDS treatments for medical aids and corporate clients. Additionally, the company offers various services to health insurance companies, including medical coding of claims, data transcription, claim adjudication, call center, network management, software development and support, and pre-authorization and guarantee of payment for inpatient claims; and financing services. AfroCentric Investment Corporation Limited was founded in 2006 and is headquartered in Roodepoort, South Africa.

3,524 Employees
Last Reported Date: 12/16/14
Founded in 2006

afrocentric investment corpo (ACT) Top Compensated Officers

Group Chief Executive, Executive Director and...
Total Annual Compensation: R4.5M
Financial Director and Executive Director
Total Annual Compensation: R3.0M
Executive Officer
Total Annual Compensation: R4.2M
Executive Officer
Total Annual Compensation: R3.1M
Compensation as of Fiscal Year 2014.

afrocentric investment corpo (ACT) Key Developments

AfroCentric Investment Announces Management Changes

AfroCentric Investment announced that Mr. Wallace Holmes, who has reached the mandatory retirement age, has retired as the group chief financial officer with effect from 1 August 2015. Mr. Hannes Boonzaaier has been appointed as an executive director and group CFO with effect from 1 August 2015. Hannes qualified as a CA (SA) after completing his articles with KPMG in 1999. He then joined the corporate finance team at KPMG where he gained experience in valuations, due diligence reviews and commercial structuring of deals. After 3 years in the corporate finance environment, he joined the Medscheme group as a financial manager. In 2010 after the AfroCentric purchase of the Lethimvula Group, Hannes was appointed as the general manager for group financial reporting. His success in leading the financial team and the core business knowledge gained by him resulted in his appointment as CFO from 1 March 2015 for AfroCentric Health Limited.

Afrocentric Investment Corp. Announces Consolidated Unaudited Earnings Results for the Six Months Ended December 31, 2014

Afrocentric Investment Corp. announced consolidated unaudited earnings results for the six months ended December 31, 2014. For the period, the company reported revenue ZAR 1,016,170,000 against ZAR 937,170,000 a year ago. Operating profit was ZAR 173,198,000 against ZAR 144,691,000 a year ago. Profit before impairment and amortization was ZAR 186,812,000 against ZAR 157,901,000 a year ago. Profit before income tax was ZAR 134,948,000 against ZAR 103,553,000 a year ago. Profit attributable to equity holders of the parent was ZAR 94,758,000 against ZAR 71,153,000 a year ago. Cash generated from operations was ZAR 125,475,000 against ZAR 80,015,000 a year ago. Net cash used in operating activities was ZAR 6,174,000 against ZAR 47,127,000 a year ago. The dilution in basic earnings and headline earnings per share arise primarily as a result of the increased weighted average number of shares in issue at 31 December 2014, arising through shares issued for the second tranche payments at 31 December 2013, including the shares issued on conversion of the company's convertible preference shares which occurred on the same date.

Afrocentric Investment Corp. Announces First Interim Dividend for the Six Months Ended December 31, 2014, Payable on May 18, 2015

The Board of Directors of Afrocentric Investment Corp. announced the company's first interim dividend of 10 cents per ordinary share (gross) has been declared for the six months ended December 31, 2014. Dividends are subject to Dividends Withholding Tax. The payment date for the dividend is May 18, 2015. This interim dividend will constitute part of the Group's annual dividend, to be considered with the results at year-end. The net cash dividend amount is therefore 8.5 cents per ordinary share.


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