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Unaudited Interim Results And Dividend Declaration For The Six Months Ended 31 August 2025
PSG FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 1993/003941/06
JSE Share Code: KST
NSX Share Code: KFS
SEM Share code: PSGK.N0000
ISIN Code: ZAE000191417
LEI Code: 378900ECF3D86FD28194
("PSG Financial Services" or "PSG" or "the company" or "the group")
UNAUDITED INTERIM RESULTS AND DIVIDEND DECLARATION FOR THE SIX MONTHS
ENDED 31 AUGUST 2025
1. FINANCIAL RESULTS
• Recurring headline earnings per share increased by 21% to 58.1 cents per share
• Dividend per share increased by 18% to 20.0 cents per share
• Total assets under management increased by 19% to R517.6bn
• Gross written premium increased by 6% to R4.0bn
Note: All amounts contained in this short-form announcement are presented in ZAR.
PSG delivered a 21% increase in recurring headline earnings per share and a return on
equity of 28.6%.
While operating conditions remained challenging, more favourable securities market
conditions impacted positively on the group's results during the period. Our key financial
metrics under these conditions highlight the competitive advantage of our advice-led
business model. Total assets under management increased by 19% to R517.6 billion,
comprising assets managed by PSG Wealth of R448.9 billion (18% increase) and PSG
Asset Management of R68.7 billion (21% increase), while PSG Insure's gross written
premium amounted to R4.0 billion (6% increase). Performance fees constituted 7.3%
(2024: 6.0%) of headline earnings.
The firm remains confident about its long-term growth prospects, and we therefore
continued to invest in both technology and people. Compared to the prior comparable
period, our technology and infrastructure spend increased by 15% (these costs continue
to be fully expensed), while our fixed remuneration cost grew by 5%. We are proud of the
progress made in growing our own talent, with 73 newly qualified graduates having joined
during the period.
PSG's key financial performance indicators for the six months ended 31 August 2025 are
shown below.
31 Aug 25 Change 31 Aug 24
R'000 % R'000
Core income 3 947 497 18 3 344 570
Headline and recurring headline earnings 726 261 19 609 500
Non-headline items 51 811^ 1 469
Earnings attributable to ordinary shareholders 778 072 27 610 969
Divisional recurring headline earnings
PSG Wealth 406 960 15 354 684
PSG Asset Management 197 221 25 157 565
PSG Insure 122 080 26 97 251
726 261 19 609 500
Weighted average number of shares in issue
(net of treasury shares) (millions) 1 249.7 (1) 1 265.2
Earnings per share (basic) (cents)
– Headline and recurring headline 58.1 21 48.2
– Recurring headline (excluding intangible asset 61.1 20 51.2
amortisation cost)
– Recurring headline (excluding performance fees) 53.9 19 45.3
– Attributable 62.3 29 48.3
Dividend per share (cents) 20.0 18 17.0
Return on equity (ROE) (%) 28.6 26.2
^ Includes a R51.0 million profit on sale of the Western National Insurance Namibia business to Santam Namibia.
The sale was concluded on 3 March 2025, after the fulfilment of suspensive conditions. The assets and liabilities
relating to this business were previously recognised as held-for-sale.
Capital management
PSG's capital cover ratio remains strong at 299% (2024: 286%) based on the latest
insurance group return. This comfortably exceeds the minimum regulatory requirement of
100%. During July 2025, Global Credit Rating Company upgraded the group's long-term
and short-term credit ratings to AA-(ZA) from A+(ZA) and to A1+(ZA) from A1(ZA)
respectively, with a Stable Outlook. This being the fifth rating upgrade which the group
has received over the last ten years. The increase in the group's capital cover ratio and
the credit rating affirmation is testament to the group's strong financial position and
excellent liquidity.
PSG continues to generate strong cash flows, which gives us various options to optimise
our capital structure and risk-adjusted returns to the benefit of shareholders:
• The group repurchased and cancelled 6.7 million shares at a cost of R147.3 million
during the period as part of shareholder capital optimisation.
• Our shareholder investable asset's exposure to equity marginally increased to
10% (9% in the comparable period). We continue to monitor investment markets
and will gradually increase our value at risk exposure to align with our long-term
target.
2. INTERIM DIVIDEND DECLARATION
Considering the strong cash position, the board declared an interim gross dividend of 20.0
ZAR cents per share from income reserves for the period ended 31 August 2025 (2024:
17.0 ZAR cents per share). The group's dividend pay-out ratio remains between 40% to
60% of full year recurring headline earnings excluding intangible asset amortisation.
The dividend is subject to a South African dividend withholding tax ("DWT") rate of 20%,
unless the shareholder is exempt from paying dividend tax or is entitled to a reduced rate
in terms of the applicable double-tax agreement. Including DWT at 20% results in a net
dividend of 16.0 ZAR cents (2024: 13.6 ZAR cents) per share. The number of issued
ordinary shares is 1 253 500 834 at the date of this declaration. PSG Financial Services'
income tax reference number is 9550/644/07/5.
The salient dates of the dividend declaration are:
Declaration date Thursday, 16 October 2025
Last day to trade cum dividend Tuesday, 4 November 2025
Trading ex-dividend commences Wednesday, 5 November 2025
Record date Friday, 7 November 2025
Date of payment Monday, 10 November 2025
As the dividend has been declared and denominated in ZAR, it will be paid (in ZAR) into
the bank accounts of shareholders appearing on the Mauritian register.
Share certificates may not be dematerialised or rematerialised between Wednesday,
5 November 2025 and Friday, 7 November 2025, both days inclusive.
3. LOOKING FORWARD
PSG is a proudly South African company, and we believe in the people and potential of
our country. We also firmly believe that well-functioning capital markets remain a critical
success factor for economic growth. As a responsible corporate citizen, we are committed
to playing an active role in driving progress. Through the Think Big competition, run in
collaboration with Economic Research South Africa, PSG aims to stimulate debate among
thought leaders which will unearth actionable solutions to drive sustainable economic
growth.
Following a decade of subdued growth, the South African economy has begun to show
signs of cautious optimism. However, the country stands at a crossroads, where reform-
driven momentum is balanced against persistent structural challenges. Energy
constraints, logistics bottlenecks and high unemployment remain critical hurdles, further
compounded by global uncertainties. While the Government of National Unity and private-
sector collaboration offer hope, sustainable economic progress will depend on bold
reforms and professional management of both internal and external environments.
We remain aware that it will take time to resolve the country's economic and societal
challenges. PSG however continues to be confident in our long-term prospects and
strategy and will therefore sustain investment in our businesses. We will monitor local and
global developments and adjust our approach where necessary to ensure sustainable
growth and value creation for clients and other stakeholders.
4. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the company. It
contains only a summary of the information in the full announcement
("Full Announcement") and does not contain full or complete details. The Full
Announcement can be found at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/KST/PSGH12026.pdf
A copy of the Full Announcement is also available for viewing on the company's website at
https://www.psg.co.za/files/investor-relations/financial-information/PSGH12026.pdf.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
Tyger Valley
16 October 2025
JSE Sponsor: PSG Capital Proprietary Limited ("PSG Capital")
NSX Sponsor: PSG Wealth Management (Namibia) Proprietary Limited, member of the
Namibian Stock Exchange
SEM Authorised Representative and SEM Sponsor: Perigeum Capital Ltd
This notice is issued pursuant to the JSE Limited Listings Requirements and the SEM Listing
Rules. The board of directors of PSG Financial Services accepts full responsibility for the
accuracy of the information contained in this communiqué.
Date: 16-10-2025 11:00:00
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