AfroCentric Investment Corporation Limited provided earnings guidance for the financial year ended 30 June 2023. For the year, the company expects earnings per share to be between 29.88 cents to 35.31 cents reflecting a decline of between 35% and 45% in comparison to the 54.32 cents per share in the previous corresponding period (as restated ­ see below) and reflecting a decline of between 35.3% and 45.2% in comparison to the 54.57 cents per share in the previous corresponding period (as previously reported); and headline earnings per share to be between 32.89 cents to 38.37 cents reflecting a decline of between 30% and 40% in comparison to the 54.81 cents per share in the previous corresponding period (as restated) and reflecting a decline of between 30.3% and 40.3% in comparison to the 55.07 cents per share in the previous corresponding period (as previously reported). The decline in earnings for the current reporting period is mainly attributed to once off costs associated with various corporate activities and business unit restructuring.

The Group also decided to close down its operations in the procurement of hospital surgical consumables through its subsidiary MMed. This closure has resulted in a once off impairment of inventory and recoverability of debtors provisions.