August 28, 2019 / 7:50 AM / 3 months ago

UPDATE 1-South African drugmaker Adcock profit jumps, offloads Ghana investment

(Adds details)

JOHANNESBURG, Aug 28 (Reuters) - South African pharmaceutical firm Adcock Ingram Holdings Ltd said on Wednesday full-year earnings rose 10.6% and that it disposed of its investment in Ghana.

Headline earnings per share from continuing operations for the year ended June 30 rose to 421.7 cents from a restated 381.3 cents in the previous year.

HEPS is the most widely watched profit gauge in South Africa and strips out certain one-off items.

The company said in a statement that it had sold its investment in Ghana-based Ayrton Drug Manufacturing, saying its performance did not meet expectations.

The disposal follows that of its Zimbabwean enterprise in January as the firm, which traces its roots back to an optical lens, frame and instruments business in 1924.

Adcock Ingram, which also has operations in India, said revenue rose 11% to 7.1 billion rand ($465.97 million), driven by a change in sales mix.

Despite weak economic growth and high unemployment in its home market most of Adcock’s divisions saw an improvement in profit, with its prescription, consumer and hospital supply businesses all growing in double digits.

Shares in Adcock rose 4.5% to 58 rand by 0745 GMT. ($1 = 15.2369 rand) (Reporting by Nqobile Dludla; Editing by Subhranshu Sahu and Louise Heavens)

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