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Short form announcement of the unaudited financial results for the six months ended 31 August 2025
RH BOPHELO LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2016/533398/06)
JSE & RSE Share Code: RHB, ISIN: ZAE000244737
("RHB" or "the Company")
SHORT FORM ANNOUNCEMENT OF THE UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2025
SUSTAINABLE INVESTMENT PORTFOLIO AND NET ASSET VALUE GROWTH
RHB has maintained its trajectory of Net Asset Value ("NAV") growth established at the prior financial year-
end, delivering strong performance for the six months ended 31 August 2025. The Company recorded an
increase of 4% in NAV (2024: 18%), underscoring steady progress in the execution and expansion of its
strategic objectives.
During the interim period, the Company through RH Bophelo Operating Company Proprietary Limited ("RHBO")
made the following investments:
• Deployed capital to the value of R5,5 million to 1-Pharma Proprietary Limited ("MMED distribution") for
working capital purposes; and
• Deployed capital to the value of R2,0 million to RazoHealth Radiology Proprietary Limited ("Razohealth")
for the expansion of one radiology site.
FINANCIAL OVERVIEW
The key financial indicators reflected in these financial results are as follows:
• Investment income decreased by 18% when compared to the prior period at R44 million (2024: R52 million)
due to delayed dividend income in the current year;
• Decrease in expenses due to lower finance costs and cost containment measures;
• Basic earnings per share and headline earnings per share decreased from 29,63 cents to 29,44 cents
per share;
• Net asset value, net asset value per share and tangible net asset value per share increased by 4% from
R1 054 million to R1 097 million and R16,29 to R16,96 respectively; and
• The Company and its investments remain liquid and solvent, with sufficient resources to continue
operating into the foreseeable future.
Aug-25 Aug-24
Unaudited Unaudited
R R
Gains from financial assets at fair value through profit
or loss 40 869 995 38 487 649
Interest income 3 341 552 4 390 482
Dividend income - 9 400 000
Other income - 195 504
Total expenses (19 188 357) (25 253 915)
Total income before tax 25 023 190 27 219 720
Income tax (5 977 916) (8 050 220)
Total income after tax 19 045 274 19 169 500
Earnings per share
Basic and diluted earnings per share (cents) 29,44 29,63
Diluted and headline earnings per share (cents) 29,44 29,63
Weighted average number of shares 64 691 298 64 691 298
Net asset value (R) 1 097 262 502 1 053 502 955
Cash and cash equivalents (R) 29 485 142 32 299 782
Number of shares in issue 64 691 298 64 691 298
Net asset value per share and tangible net asset value
per share (R) 16,96 16,29
CHANGE IN DIRECTORATE
As announced on SENS on 21 August 2025, shareholders are hereby informed of the official resignation of
Bojane Segooa as a Non-Executive Director and Chairperson of the Audit and Risk Committee of the Company.
Further to the SENS announcement published on 16 October 2025, the Company confirms the appointment of
Nontobeko Sanelisiwe Ndhlazi as an Independent Non-Executive Director and member of the Audit Committee,
with effect from 15 October 2025.
The Company also confirms that Carmen Mpelwane, an existing Independent Non-Executive Director and
member of the Audit Committee, has been appointed as Chairperson of the Audit Committee, with effect from
15 October 2025, as advised on SENS on 16 October 2025.
SHORT-FORM NOTICE
This short-form announcement is the responsibility of the Directors of the Company. It is a summary of the full
announcement released on SENS and published on the Company's website
(https://www.rhbophelo.co.za/investment/sens-announcements/) and the JSE's cloudlink:
https://senspdf.jse.co.za/documents/2025/jse/isse/RHBE/Half2026.pdf on 25 November 2025 and does not
contain full or complete details.
Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement and SENS.
The full announcement can be requested from the company secretary (BoardSupport@statucor.co.za) and is
also available for inspection at the Company's registered office.
Any forward looking statement has not been reviewed nor reported on by the Company's external auditors.
On behalf of the Board
Quinton Zunga Yondie Metu
CEO CFO
Johannesburg
25 November 2025
Registered Office Transfer Secretaries
Unit 12 Computershare Investor Services Proprietary Limited
1 Melrose Boulevard (Registration number 2004/003647/07)
Melrose Arch Rosebank Towers
Melrose North 15 Biermann Ave
Johannesburg Rosebank
2076 Johannesburg
South Africa 2196
Tel: 010 007 2171 South Africa
Email: invest@rhbophelo.co.za
Sponsor South Africa
Directors Deloitte & Touche Sponsor Services Proprietary Limited
Q Zunga (Chief Executive Officer) (Registration number 1996/000034/07)
AY Metu (Chief Financial Officer) 5 Magwa Crescent
CW Clarke (Chief Investment Officer) Waterfall City
S Moraba (Independent Non-Executive Chairman) Johannesburg
Dr PD Sekete (Non-Executive Director) Gauteng
C Mpelwane (Independent Non-Executive Director) 2090
F Makwetla (Non-Executive Director) South Africa
R Makhubela (Independent Non-Executive Director)
T Mashau (Independent Non-Executive Director) Sponsor Rwanda
N Ndhlazi (Independent Non-Executive Director) Faida Securities Rwanda Limited
(Registration number 101856301)
Company Secretary Centenary House
Statucor Consulting Proprietary Limited 4th-Floor
(Registration number 1989/005394/07) 124
Building 5 Kigali
Summit Place Rwanda
221 Garsfontein Road
Menlyn
Pretoria
0181
South Africa
Auditors
Forvis Mazars
54 Glenhove Road
Melrose Estate
Johannesburg
Gauteng
2196
South Africa
Date: 25-11-2025 10:00:00
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