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Salient Features extracted from the Summarised AFS for year ended 31 December 2024 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 EXTRACTED FROM THE SUMMARISED AFS for the year
ended 31 December 2024 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
41,7% through its holding in the listed ordinary shares. During
2024, the Company repurchased and cancelled 850 000 ordinary
shares previously held by its subsidiary, Sabvest Finance and
Guarantee Corporation (Pty) Ltd. Accordingly, the number of shares
in issue at year-end was 38 370 000 ordinary shares (31 Dec 2023:
39 220 000 ordinary shares net of treasury shares).
Sabcap has long-term interests in thirteen unlisted and three
listed investments, 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
%
change 2024 2023
Net asset value per share – cents 20,8 13 213 10 936
Shareholders' funds – R'm 18,2 5 069,7 4 289,3
Net interest-bearing debt – R'm (81,1) 108,2 571,6
Dividends per share – cents 16,7 105 90
Total comprehensive income/(loss)
– R'm > 100 899,3 (4,3)
Earnings/(loss) and headline
earnings/(loss) per share – cents > 100 2 324,3 (11,0)
GROWTH METRICS
Sabcap's primary financial metric is growth in NAV per share. The
15-year compound annual growth rate (CAGR) in NAV per share to the
2024 year-end was 18,1%, calculated without reinvesting dividends.
The CAGR after reinvesting dividends was 19,3% (calculated with
dividends notionally not paid and the amounts notionally retained
by the Company, growing at 10% per annum).
The growth in share price itself over different periods is set out
in the table below. The growth rate over one year was 19,5% and
the CAGR over 15 years was 20,9%.
Percentage Compound Growth
1 year 3 years 5 years
Cents % % %
NAV per share 13 213 20,8 12,1 14,6
Market price per share * 9 200 19,5 14,7 20,0
Percentage Compound Growth
10 years 15 years
% %
NAV per share 17,3 18,1
Market price per share * 12,6 20,9
* The one-year CAGR is calculated using the Sabcap share price,
with the remaining CAGRs calculated with reference to the
weighted average share prices of the Sabvest ordinary and 'N'
ordinary shares.
RESULTS SUMMARY
Most of the investees, ITL in particular, performed well during
the period, resulting in a material fair value gain. In the listed
portfolio, Corero's share price more than doubled after a strong
trading performance.
NAV per share increased to 13 213 cents, being a 20,8% increase
from NAV per share of 10 936 at the 2023 year-end reporting date.
Net interest-bearing debt reduced materially through realisations
of Rolfes and WeBuyCars, and receipts from partial sales of Apex,
Metrofile and Sunspray.
Total DPS increased by 16,7% to 105 cents. Share buybacks were
R59,9m during the period (2023: R11,8m).
INVESTMENT HOLDINGS
as at 31 December 2024
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:
Number
of
Listed/ ordinary
Unlisted Sector *1 shares/units
INVESTMENTS
Altify (previously Revix UK) U FT
Amicus (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
SA Bias Industries (Pty) Ltd U IS
Sunspray Solutions (Pty) Ltd U IS
Transaction Capital Limited L FT 6 000 000
Valemount Trading (Pty) Ltd U IS
Versofy (Pty) Ltd U IS
INVESTMENT HOLDINGS (continued)
Economic Fair
Interest *2 value
% R'000
Altify (previously Revix UK) 10,1 –
Amicus (previously Flexo) 20,2 112 472
Apex Partners Holdings (Pty) Ltd 40,6 607 197
ARB Holdings (Pty) Ltd 18,5 385 138
Corero Network Security Plc 10,6 266 674
DNI-4PL Contracts (Pty) Ltd 19,4 984 281
EWA Global Limited 13,2 73 887
Halewood International South Africa
(Pty) Ltd 19,0 136 507
ITL Holdings Group 34,4 722 084
Masimong Group Holdings (Pty) Ltd 9,0 527 801
Metrofile Holdings Limited 5,0 63 210
SA Bias Industries (Pty) Ltd 85,8 1 278 572
Sunspray Solutions (Pty) Ltd 11,1 109 606
Transaction Capital Limited 0,8 14 640
Valemount Trading (Pty) Ltd 39,3 83 698
Versofy (Pty) Ltd 3,8 –
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 31 December 2024.
PROSPECTS
Sabcap expects satisfactory performances from most of its
investees in the coming year and therefore projects further growth
in its NAV per share in 2025.
References to future financial information in this announcement
have not been reviewed or reported on by the Group's auditor.
CASH DIVIDEND DECLARATION
Notice is hereby given that a final dividend of 70 cents (2023: 60
cents) per ordinary share for the year ended 31 December 2024 has
been declared out of income reserves making a total of 105 cents
for the year (2023: 90 cents).
The issued share capital of the Company at the declaration date is
38 370 000 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 final net cash
dividend of 56 cents per ordinary share to non-exempt
shareholders.
Last date to trade "CUM" dividend Tuesday, 8 April 2025
Trading "EX" dividend commences Wednesday, 9 April 2025
Record date Friday, 11 April 2025
Dividend payment date Monday, 14 April 2025
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 9 April 2025 to
Friday, 11 April 2025, both days inclusive.
Sandton
19 March 2025
This announcement, prepared by the directors, has itself not been
audited, however, the financial information included herein has
been correctly extracted from the audited annual financial
statements (the "results") which have been audited by
PricewaterhouseCoopers Inc.
This announcement is a summary of information in the results and
does not contain full or complete details. Any investment
decisions by investors and/or shareholders should be based on the
results. The results and summarised results, including the audit
opinion of the external auditor, PricewaterhouseCoopers Inc.,
which sets out the key audit matters and the basis for its
unmodified opinion, are available on the JSE's cloudlink at
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/SBPE/YEres24.pdf
and published on the Company's website on
https://www.sabvestcapital.com/pdf/2024/YE-results-Dec24.pdf
and https://www.sabvestcapital.com/pdf/2024/AFS-Dec24.pdf
on 19 March 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: 19-03-2025 03:30:00
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