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enX Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
JSE share code: ENX
ISIN: ZAE000222253
Listed on the General Segment of the Main Board
("enX" or ''the Company'' or ''the Group'')
TRADING STATEMENT AND TRADING UPDATE
Trading statement
In terms of paragraphs 6.26 to 6.30 of the Listings Requirements of the JSE, the Company is
required to publish a trading statement as soon as it is reasonably certain that the financial results
for the period to be reported on will differ by at least 20% from the published results for the prior
comparative period.
enX shareholders ("Shareholders") are accordingly advised that the Company is reasonably
certain that for the six months ended 28 February 2026 ("Current Range" or "Current Period"),
earnings per share ("EPS") and headline earnings per share ("HEPS") are expected to differ by
more than 20% compared to the six months ended 28 February 2025 ("Prior Period"), as follows:
Current Prior Period Percentage
Range change range
Total operations:
Basic (loss) / earnings per share (1c) to 5c (44c) 98% to 111%
Diluted (loss) / earnings per share (1c) to 5c (44c) 98% to 111%
HEPS 3c to 10c 47c (79%)to (94%)
Current Prior Period Percentage
Range (Restated #) change range
Continuing operations:
Basic (loss) / earnings per share (2c) to (4c) 3c -
Diluted (loss) /earnings per share (2c) to (4c) 3c -
Headline (loss) /earnings per share (2c) to (4c) 3c -
Discontinued operations:
Basic earnings / (loss)per share 3c to 7c (47c) -
Diluted earnings / (loss) per share 3c to 7c (47c) -
HEPS 7c to 12c 44c (73%) to (84%)
# The Prior Period has been restated due to the classification of enX's Lubricant segment ("AG
Lubricants") and enX's Chemical segment ("WAG") as disposal groups held for sale and discontinued
operations as at 1 December 2024 and 30 June 2025, respectively. The Prior Period Basic loss per share,
Diluted loss per share 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. See details regarding discontinued
operations below.
Trading update
The anticipated results reflect the continued execution of the Group's strategy to realise value from
its asset base, with total operations earnings in the Current Period predominantly driven by
discontinued operations.
Continuing operations reflect a reduced operational base following the disposal and/or
classification of major businesses as held for sale and discontinued operations.
The decline in HEPS primarily reflects the absence in the Current Period of the stronger
contribution from both Lubricants and Chemicals included in the Prior Period, together with IFRS
5 measurement adjustments. This is compounded by lower net interest income, reflecting reduced
average cash balances following capital distributions to shareholders.
Continuing operations
Following the classification of the Chemical segment as held for sale, the Group's continuing
operations comprise the Power segment and the Service Centre.
Revenue is expected to decrease by approximately 37%, primarily due to lower activity on large,
project-based data centre contracts, which are inherently lumpy and dependent on project timing.
Excluding these contracts, the decline in underlying activity was more moderate, with reduced
generator sales and rental activity reflecting softer demand in traditional markets.
Interest income is also expected to decline due to lower average cash balances following the return
of capital to Shareholders.
Discontinued operations for the Current Period
Chemical Segment (WAG)
Shareholders are referred to the announcement released on the Stock Exchange News Service
("SENS") on 31 March 2025, whereby Shareholders were advised that enX, through its subsidiary
enX Trading Proprietary Limited ("enX Trading''), entered into a Subscription and Options
Agreement ("the Agreement'') with Trichem South Africa Proprietary Limited (''Trichem SA''), enX
Leasing Investments Proprietary Limited ("enX Leasing") and West African International
Proprietary Limited ("WAI"), pursuant to which, inter alia:
(i) Trichem SA would subscribe for 66 667 ordinary no par value shares in the share capital of
WAI ("First Subscription Shares"), equal to 25% of the entire issued ordinary share capital of
WAI post issue; and
(ii) Trichem SA would have the option to put the First Subscription Shares to enX Trading ("Put
Option"); or
(iii) Trichem SA would have the option exercisable on written notice at any time during the period
from 1 May 2025 until 30 October 2026 ("Full Ownership Option Period") to acquire the
remaining 75% interest in WAI held by enX Trading ("Full Ownership Option").
WAG was classified as a disposal group held for sale and a discontinued operation in terms of
IFRS 5 with effect from 30 June 2025.
Shareholders are further referred to the Firm Intention Announcement released on SENS on 20
February 2026 relating to, inter alia, the notice delivered by Trichem SA of its intention to exercise
the Full Ownership Option ("Transaction''). The Transaction constitutes a disposal by enX (and
its subsidiary enX Trading) of the greater part of the Group's assets or undertaking as contemplated
in section 112 (read with section 115) of the Companies Act and, accordingly, required shareholder
approval, which was obtained at the general meeting held on 7 April 2026.
Subsequent to period-end, all conditions precedent were fulfilled and the Transaction closed on 30
April 2026. Proceeds of R294.7 million were received and arrangements have been implemented
for the release of the related escrow security, subject to customary post-closing adjustments and
audit review.
The Chemical segment remained classified as a disposal group held for sale and a discontinued
operation as at 28 February 2026. In accordance with IFRS 5, depreciation and amortisation of
R3 million (after tax: R2 million) was not recognised, and a further R10 million impairment was
recorded relative to the Transaction value.
Discontinued operations for the Prior Period
Lubricants Segment (AG Lubricants)
Shareholders are referred to the announcement released on SENS on 13 December 2024,
announcing the disposal of the Lubricants segment as a single, indivisible transaction to Abakhulu
Investments Proprietary Limited.
As a result, AG Lubricants was classified as a disposal group held for sale and discontinued
operation in terms of IFRS 5 with effect from 1 December 2024, the date on which the conditions
for classification were met. The transaction was assessed for loss of control in terms of IFRS 10,
where management concluded that enX lost control with effect from 1 March 2025.
In terms of IFRS 5, AG Lubricants was required to cease depreciation and amortisation from 1
December 2024 and assess the carrying value of the disposal group held for sale relative to the
transaction value. Consequently, depreciation and amortisation from 1 December 2024 to 28
February 2025 of R4 million (after-tax: R3 million) was not recorded and the disposal group held
for sale was impaired by R165 million relative to the transaction value.
The financial information on which this trading statement is based has not been reviewed or
reported on by the Company's auditors.
Johannesburg
11 May 2026
Sponsor
Valeo Capital Proprietary Limited
Date: 11-05-2026 12:00:00
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