Billionaire businessman Dennis Bastas’ company DBG Health recorded a near eightfold increase in net profit last year but paid no dividend, newly filed financial documents reveal.
DBG Health’s net profit rose from $52 million to $411.7 million in the 12 months to March, driven by acquisitions across its pharmaceuticals and beauty divisions. Revenue climbed to $1.96 billion, up from $1.39 billion the previous year.
Despite the strong result, neither Bastas nor DBG Health’s parent company, DBG Global Investments, received a payout. The year prior, DBG Global received $26.6 million in dividends.
Bastas, executive chairman of DBG Health and the son of Greek immigrants, is now worth an estimated $5 billion, according to the Financial Review Rich List.
He gained $1.6 billion in August after selling a 25% stake in DBG Health to US private capital fund BDT & MSD Partners, valuing the company at over $7 billion.
DBG Health owns Arrotex, Australia’s largest generic drug manufacturer, which produces about a third of all medicines dispensed under the Pharmaceutical Benefits Scheme.
Its growing beauty portfolio includes MCoBeauty, Nude by Nature, and PONi Cosmetics, with MCoBeauty now stocked in over 2000 US Target and Kroger stores and in the UK’s Superdrug chain.
Recent filings show DBG expanded its holdings, acquiring the remaining 50% of MCoBeauty and increasing its stake in myDNA Inc from 32.2% to 66.5%, gaining control of the US-based genetics firm.
Total assets rose to $3.28 billion, while non-current debt increased to $1.88 billion with loans maturing between 2027 and 2028.
Source: AFR.
