Wrap Text
Summarised Group Financial Results for the year ended 31 August 2025
enX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
JSE share code: ENX ISIN: ZAE000222253 - General Segment
("enX" or "the Group" or "the Company")
SUMMARISED GROUP FINANCIAL RESULTS
for the year ended 31 August 2025
- Revenue from continuing operations: R378 million (2024: R557 million), down 32%
- Profit before tax from continuing operations: R15 million (2024: R22 million), down 32%
- HEPS from continuing operations: Loss of 1c per share (2024: Loss of 8c per share)
- Net asset value per share: R5.24 (2024: R9.06)
% For the year ended For the year ended
change 31 August 2025 31 August 2024
Total operations
Basic (loss)/earnings per share (EPS) (cents) - (93) 116
Diluted (loss)/earnings per share (cents) - (93) 116
Headline earnings per share (HEPS) (cents) (82) 53 298
Net asset value per share** (42) 524 906
Net tangible asset value per share** (41) 524 885
For the year ended
% For the year ended 31 August 2024
change 31 August 2025 (Restated #)
Continuing operations
Basic loss per share (cents) 88 (1) (8)
Diluted loss per share (cents) 88 (1) (8)
Headline loss per share (cents) 88 (1) (8)
Discontinued operations
Basic (loss)/earnings per share (cents) - (92) 124
Diluted (loss)/earnings per share (cents) - (92) 124
Headline earnings per share (cents) (82) 54 306
** Equity attributable to equity holders of the parent/Number of ordinary shares in issue net of treasury shares.
# The prior period has been restated due to the classification of enX's Lubricants segment (AG Lubricants) and enX's Chemicals segment (WAG)
as disposal groups held for sale and discontinued operations as at 1 December 2024 and 30 June 2025 respectively. The prior year's EPS, Diluted
EPS and HEPS remain unchanged on a total operations basis. The split between continuing and discontinued operations, has however changed due
to AG Lubricants and WAG being classified as disposal groups held for sale and discontinued operations.
During the financial year, enX completed the disposal of the Lubricants segment, unlocking R288 million in gross proceeds and this, together
with surplus unrestricted cash from previous divestments, enabled special distributions totalling R520 million to shareholders.
Following the classification of enX's Chemicals segment as a disposal group held for sale and a discontinued operation from 30 June 2025,
and the disposal of the Fleet and Lubricants segments in June 2024 and March 2025 respectively, enX's continuing operations comprise the
Power segment and the Service Centre.
The financial results from the continuing operations were negatively impacted by the lower demand in the Power segment with minimal loadshedding
this year compared to approximately 120 days of loadshedding in the prior year, the delay in large-scale power data centre customer projects and
the payment of the non-recurring R15 million limited guarantee claim under the Cap Leverage Proprietary Limited ("CapLev") shareholder indemnity
which became due and payable when the Industrial Development Corporation called on its guarantee.
Revenue from continuing operations decreased 32% to R378 million (2024: R557 million). The Power segment revenues across all revenue streams were
down significantly due to minimal loadshedding, which previously presented significant opportunities in the first half of 2024 together with the
delay in large-scale power data centre customer projects.
Excluding the payment of the non-recurring R15 million limited guarantee claim under the CapLev shareholder indemnity which became due and payable,
Operating loss from continuing operations before net finance costs and impairments, was R23 million (2024: loss of R22 million).
Net financing income was R53 million (2024: R44 million) due to higher surplus cash balances.
Profit before tax from continuing operations was R15 million (2024: R22 million). Headline loss per share from continuing operations was a loss
of 1 cent per share (2024: loss of 8 cents per share).
The net asset value per share was R5.24 per share (31 August 2024: R9.06). The reduction from the prior year is mainly due to cash being returned
to shareholders in the form of special distributions amounting to R1.55 and R1.30 per enX ordinary share paid on 7 April 2025 and 11 August 2025
respectively.
The Group has R8 million (2024: R278 million) of interest-bearing liabilities which includes the disposal group held for sale lease liabilities.
Cash and cash equivalents (excluding the disposal group held for sale) was R175 million (31 August 2024: R772 million), of which R102 million
is cash held at the Service Centre and R73 million is held at New Way Power to meet working capital requirements.
Net cash before financing amounted to an inflow of R241 million (2024: R811 million) including R153 million arising from the disposal of the
Lubricants segment net of amounts paid into an escrow account and cash disposed of as part of the transaction.
enX's independent auditor, KPMG Inc, has issued their audit opinion on the Group and Company financial statements for the year ended 31 August 2025.
The audit report can be accessed via the enX website https://www.enxgroup.co.za/annual-results/. The audit was conducted in accordance with
International Standards on Auditing. KPMG Inc has issued an unmodified audit opinion and the audit opinion includes a key audit matter related
to the disposal of enX Lubricants segment.
This short-form announcement is the responsibility of the directors of the Company. This short-form announcement is only a summary of the 2025
Financial Statements and further narrative published on the Company's website (https://www.enxgroup.co.za/annual-results) on 11 November 2025
and does not contain complete or full details. Any investment decisions by investors and/or shareholders should be based on consideration of
the full announcement. This short-form announcement has not been audited by the Company's auditors.
The 2025 Financial Statements can be accessed directly using the following JSE link:
https://senspdf.jse.co.za/documents/2025/jse/isse/enx/FY2025.pdf
The 2025 Financial Statements including the audit opinion, can be accessed via the enX website:
https://www.enxgroup.co.za/annual-results/
The 2025 Financial Statements are also available for inspection from 11 November 2025:
- at the Company's registered office (9th Floor, Katherine Towers, 1 Park Lane, Sandton); and
- copies of the 2025 Financial Statements may be requested during office hours at no charge by emailing info@enxgroup.co.za or
the Company's sponsor at jsesponsor@standardbank.co.za.
By order of the board
K Mokhobo R Lumb J Dawson
Chairman Chief Executive Officer Chief Financial Officer
11 November 2025
DIRECTORS Registered office: 9th Floor, Katherine Tower, 1 Park Lane, Sandton
Executive directors: R Lumb (Chief Executive Officer), Postal address: PostNet Suite X86, Private Bag X7, Aston Manor, 1630
J Dawson (Chief Financial Officer) Sponsor: The Standard Bank of South Africa Limited
Non-executive directors: K Mokhobo(1), (2) (Chairman), Company secretary: Acorim Proprietary Limited, represented by R Cloete
K Matthews(2), N Simamane(2) Transfer secretaries: Computershare Investor Services Proprietary Limited
(1) K Mokhobo was appointed Chairman following the
resignation of P Baloyi on 11 June 2025
(2) Independent
Date: 11-11-2025 02:00:00
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