Covid-driven demand for services has lifted the full year profit for listed primary health care and pharmacy operator, Green Cross Health.
Green Cross Health brands include Life and Unichem Pharmacy and Access Community Health. Photo: RNZ / Dom Thomas
Key numbers for the 12 months ended March compared to a year ago:
- Net profit $24.6m vs $16.8m
- Revenue $670.3m vs $570.4m
- Operating profit $54.1m vs $35.1m
- Final dividend 3.5 cents a share
The company, whose brands include Life and Unichem Pharmacy and Access Community Health, said it adapted its business model across its divisions and scaled up to deliver services during the period of uncertainty.
"Our ability to deliver on our business strategy and invest in growth, coupled with our willingness and ability to deliver additional services, has contributed to a solid FY22 financial performance, resulting in a 47 percent lift in net profit to shareholders," chief executive Rachael Newfield said.
Pharmacy revenue for the year increased by 16 percent to $367 million, while operating profit for the division was up 49 percent to $35.9m, driven by further growth in dispensary activity and earnings from Covid-19 vaccinations and other services.
Green Cross said its pharmacies represented 51 percent of all New Zealand pharmacies providing Covid-19 vaccinations.
Its medical division saw operating revenue increase 35 percent to $111m, with operating profit up 71 percent to $16m, driven by Covid-19 testing, vaccinations and other Covid-19 care.
Its community health division recorded an operating profit of $5.6m, up 51 percent, and revenue growth of 12 percent to $192.2m.
Green Cross said it is expecting 2023 to return to pre-Covid profitability levels, but said its strong balance sheet allows for divided pay-outs and an accelerated level of acquisition activity.