Wrap Text
Salient features of the unaudited results for the six months ended 30 June 2025 and cash dividend declaration
SABVEST CAPITAL LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/030059/06
"Sabcap" or "the Group" or "the Company"
ISIN: ZAE000283511
JSE share code: SBP
SALIENT FEATURES OF THE UNAUDITED RESULTS for the six months ended
30 June 2025 and cash dividend declaration
PROFILE
Sabvest Capital Limited ("Sabcap") is an investment group first
listed on the JSE in 1988 as Sabvest Limited and as Sabcap from
2020. The Seabrooke Family Trust ("SFT") has voting control of
Sabcap through an unlisted Z share and has an economic interest of
42,5% through its holding in the listed ordinary shares. At the
end of the reporting period Sabcap had 37 635 000 shares in issue
net of treasury shares (31 Dec 2024: 38 470 000).
Sabcap has long-term interests in two listed and thirteen unlisted
investments (two of which are held for sale), all accounted for on
a fair value basis. Sabcap's primary focus is on industrial and
service businesses, usually unlisted and co-invested with family,
management or financial partners in terms of Sabcap's Partnership
Principle. Sabcap also makes finance advances and holds listed
debt, equity and cash portfolios when it has surplus liquidity,
and undertakes other fee and profit earning activities from time
to time.
RESULTS
% %
increase increase
30 June 30 June
2025 2025
compared compared
to to
31 December 30 June Unaudited Unaudited
2024 2024 30 Jun 30 Jun
– 6 months – 12 months 2025 2024
Net asset value
per share – cents 5,1 17,8 13 882 11 786
Shareholders'
funds – R'm 3,1 15,2 5 224,5 4 534,0
Dividends per
share – cents 14,3 40 35
Total comprehensive
income – R'm (21,5) 250,9 319,8
Earnings and
headline earnings
per share – cents *1 (19,8) 662,7 826,1
Number of shares
in issue less held
in treasury – 000's 37 635 38 470
Weighted average number
of shares is issue – 000's 37 863 38 711
RESULTS (continued)
Audited
31 Dec
2024
Net asset value per share – cents 13 213
Shareholders' funds – R'm 5 069,7
Dividends per share – cents 105
Total comprehensive income – R'm 899,3
Earnings and headline earnings per share – cents *1 2 324,3
Number of shares in issue less held in
treasury – 000's 38 370
Weighted average number of shares is issue – 000's 38 691
*1 There are no diluting instruments.
GROWTH METRICS
Sabcap's primary financial metric is growth in NAV per share. This
is measured annually and growth rates over different periods are
included in the year-end results. The 15-year compounded annual
growth rate in NAV per share to the 2024 year-end was 18,1%,
calculated without re-investing dividends. The compounded annual
growth rate in NAV per share over 15 years with dividends
reinvested was 19,3%*. The 15-year compound annual growth rate in
the share price was 20,9%^.
* Calculated with dividends notionally not paid and the amounts
notionally retained by the Company growing at 10% per annum.
^ Calculated with reference to the weighted average share prices
of the Sabvest ordinary and 'N' ordinary shares.
RESULTS SUMMARY
Most investees performed satisfactorily during the period. Apex
and ITL performed well. Halewood and SA Bias results were affected
by weak trading conditions. Corero's share price reduced
materially before the reporting date (and further thereafter
following the release of a weak trading statement). Metrofile's
share price was materially down but improved after a SENS
announcement advising an expression of interest in the company
(the Group continues to carry the investment in Metrofile at the
put/call prices to which it is subject as advised previously).
NAV per share increased to 13 882 cents, being a 5,1% increase
from NAV per share of 13 213 cents at the 2024 year-end reporting
date and a 17,8% increase from the NAV per share of 11 786 cents
in the comparable period.
Net debt increased relative to the 2024 year-end reporting date
largely due to the additional short-term funding provided to
Valemount in support of its acquisition strategy and the buyback
of shares during the period. Guarantees issued for investees for
bank facilities and for deal transactions in progress increased to
R539m.
An interim dividend of 40 cents per share has been declared, being
a 14,3% increase on the 2024 interim dividend of 35 cents per
share. In addition, R69,3m (twelve months to 31 Dec 2024: R59,9m)
(six months to 30 Jun 2024: R51,7m) was allocated to buybacks of
Sabcap shares during the period.
INVESTMENT HOLDINGS
The Company's investment holdings include the fair value of its
investment in Sabvest (Pty) Ltd and comprises mainly of the fair
value of the investments, assets and liabilities held by the
underlying subsidiaries, summarised as follows as at 30 June 2025:
Number of
Listed/ ordinary
Unlisted Sector *1 shares/units
INVESTMENTS
Altify (previously Revix UK) U FT
Amicus (Pty) Ltd
(previously Flexo) U IS
Apex Partners Holdings
(Pty) Ltd U IS
ARB Holdings (Pty) Ltd U IS
Corero Network Security Plc L FT 57 500 000
DNI-4PL Contracts (Pty) Ltd U FT
EWA Global Limited U FT
Halewood International
South Africa (Pty) Ltd U IS
ITL Holdings Group U IS
Masimong Group Holdings
(Pty) Ltd U MCA
Metrofile Holdings Limited L IS 21 000 000
Rolfes Holdings (Pty) Ltd U MCA
SA Bias Industries (Pty) Ltd U IS
Sunspray Solutions (Pty) Ltd *3 U IS
Transaction Capital Limited L FT
Valemount Trading (Pty) Ltd U IS
Versofy (Pty) Ltd U IS
INVESTMENT HOLDINGS(continued)
Unaudited Unaudited
Economic 30 Jun 30 Jun
Interest *2 2025 2024
% R'000 R'000
INVESTMENTS 5 471 917 5 084 078
Altify (previously Revix UK) 10,1 – –
Amicus (Pty) Ltd
(previously Flexo) 20,2 83 608 66 338
Apex Partners Holdings
(Pty) Ltd 40,6 834 064 686 294
ARB Holdings (Pty) Ltd 18,5 379 668 403 388
Corero Network Security Plc 10,6 199 634 173 905
DNI-4PL Contracts (Pty) Ltd 19,4 974 112 973 642
EWA Global Limited 11,3 78 486 –
Halewood International
South Africa (Pty) Ltd 19,0 88 813 124 036
ITL Holdings Group 34,4 744 762 575 939
Masimong Group Holdings
(Pty) Ltd 9,0 555 310 489 897
Metrofile Holdings Limited 5,0 63 210 63 210
Rolfes Holdings (Pty) Ltd – – 179 546
SA Bias Industries (Pty) Ltd 86,7 1 289 611 1 214 288
Sunspray Solutions
(Pty) Ltd *3 11,1 104 419 57 558
Transaction Capital Limited – – 17 400
Valemount Trading (Pty) Ltd 39,3 76 220 58 637
Versofy (Pty) Ltd 3,8 – –
Interest-bearing borrowings (249 411) (466 486)
Deferred tax liability (101 703) (138 069)
Cash on hand 7 646 36 548
Other net assets 97 731 19 564
5 226 180 4 535 635
INVESTMENT HOLDINGS(continued)
Audited
31 Dec
2024
R'000
INVESTMENTS 5 365 767
Altify (previously Revix UK) –
Amicus (Pty) Ltd (previously Flexo) 112 472
Apex Partners Holdings (Pty) Ltd 607 197
ARB Holdings (Pty) Ltd 385 138
Corero Network Security Plc 266 674
DNI-4PL Contracts (Pty) Ltd 984 281
EWA Global Limited 73 887
Halewood International South Africa (Pty) Ltd 136 507
ITL Holdings Group 722 084
Masimong Group Holdings (Pty) Ltd 527 801
Metrofile Holdings Limited 63 210
Rolfes Holdings (Pty) Ltd –
SA Bias Industries (Pty) Ltd 1 278 572
Sunspray Solutions (Pty) Ltd *3 109 606
Transaction Capital Limited 14 640
Valemount Trading (Pty) Ltd 83 698
Versofy (Pty) Ltd –
Interest-bearing borrowings (161 640)
Deferred tax liability (178 225)
Cash on hand 53 386
Other net assets (6 839)
5 072 449
*1 IS – Industrial and Services; MCA – Mining, Chemicals and
Agriculture; FT – Specialised Financial and Technology.
*2 Represents the economic interest at 30 June 2025.
*3 Previously Sunspray Food Ingredients (Pty) Ltd.
PROSPECTS
Sabcap expects good growth from most of its material investees in
the coming period and therefore projects further growth in its NAV
per share in the remainder of 2025 in line with prior years.
References to future financial information in this announcement
have not been reviewed or reported on by the Group's auditors.
CASH DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 40 cents (2024:
35 cents) per ordinary share for the six months ended 30 June 2025
has been declared out of income reserves.
The issued share capital of the Company at the declaration date is
37 365 000 ordinary shares. The income tax number of the Company
is 9660061186. Withholding tax on dividends at a rate of 20% will
be deducted for all shareholders who are not exempt in terms of
the applicable legislation. This will result in a net cash
dividend of 32 cents per ordinary share to non-exempt
shareholders.
Last date to trade "CUM" dividend Tuesday, 9 September 2025
Trading "EX" dividend commences Wednesday, 10 September 2025
Record date Friday, 12 September 2025
Dividend payment date Monday, 15 September 2025
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 10 September 2025 to
Friday, 12 September 2025, both days inclusive.
Sandton
20 August 2025
The above announcement is a summary of information in the
unaudited results for the six months ended 30 June 2025 ('interim
results') and does not contain full or complete details and is the
responsibility of the directors. Any investment decisions by
investors and/or shareholders should be based on the interim
results which is available on
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/SBPE/Int25.pdf
and published on the Company's website on
https://www.sabvestcapital.com/pdf/2025/IntRes25.pdf
on 20 August 2025.
REGISTERED ADDRESS:
4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196
COMMUNICATIONS:
Postal address: PO Box 78677, Sandton 2146, Republic of South
Africa
Telephone: (011) 268 2400
Fax: (011) 268 2422
e-mail: ho@sabvest.com
TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15
Biermann Avenue, Rosebank 2196 (PO Box 61051, Marshalltown 2107)
DIRECTORS:
K Pillay # (Chairperson), O Ighodaro # (Lead Independent
Director), CS Seabrooke * (Chief Executive), BJT Shongwe #
L Mthimunye #, K De Matteis *, L Rood *
*Executive #Independent
SPONSOR:
Rand Merchant Bank (A division of FirstRand Bank Limited),
1 Merchant Place, Corner of Fredman Drive and Rivonia Road,
Sandton 2196
COMPANY SECRETARY:
Levitt Kirson Business Services (Pty) Ltd
www.sabvestcapital.com
Date: 20-08-2025 12:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
