Wrap Text
Unaudited condensed consolidated interim financial results for the six months ended 30 September 2024
Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Company registration number: 2005/003306/06)
JSE share code: SEP
ISIN: ZAE000138459
("SepHold" or the "Company")
Unaudited condensed consolidated interim financial results for the six months ended 30 September 2024
SepHold is pleased to report on the Group's unaudited condensed consolidated interim financial results for the
six months ended 30 September 2024. SepHold, Métier Mixed Concrete (Pty) Ltd ("Métier" or "the Subsidiary")
and Dangote Cement SA (Pty) Ltd ("SepCem" or "the Associate") are collectively referred to as the Group.
Salient points
Group¹
- Group consolidated revenue: R613,8 million [H1 2024: R626,6 million]
- Net profit after tax: R32,6 million [H1 2024 net profit after tax: R19,7 million]
- Basic earnings per share: 13.91 cents [H1 2024 basic earnings per share: 7.74 cents]
- Headline earnings per share: 13.78 cents [H1 2024 headline earnings per share: 7.54 cents]
- Net asset value per share: 538.66 cents [H1 2024: 467.56 cents]
Métier¹
- EBITDA margin: 11.2% at R69,0 million [H1 2024: 11.2% at R70,3 million]*
- EBIT margin: 8.0% at R48,8 million [H1 2024: 8.4% at R52,3 million]
- Profit after tax: R36,6 million [H1 2024 profit after tax: R37,8 million]
SepCem²
- Sales revenue: R1,3 billion [H1 2023: R1,24 billion]
- EBITDA margin: 11.3% at R146,7 million [H1 2023: 8.6% at R106,9 million]
- EBIT margin: 4.8% at R60,9 million [H1 2023: 1.1% at R14,2 million]
- Net profit after tax: R5,0 million [H1 2023 net loss after tax: R38,9 million]
- SepCem 36% equity accounted profit: R1,5 million [H1 2023 equity accounted loss: R14,0 million]
No dividends were declared or paid during the six months ended 30 September 2024.
¹ Figures refer to the interim period ended 30 September 2024 for the financial year ending 31 March 2025, and H1 2024 refers to the six
months ended 30 September 2023 for the financial year ended 31 March 2024.
² SepCem has a December year-end as a subsidiary of Dangote Cement PLC. Therefore, the figures refer to the six months ended 30 June
2024, and H1 2023 refers to the figures for the interim ended 30 June 2023.
* Métier EBITDA margin for H1 2024 was previously reported as 10.0% at R62,8 million due to the IFRS 16 depreciation of R7,5 million
being incorrectly included.
Message from the Chief Executive Officer, Kenneth Capes
The South African economy remained subdued during the first six months of the financial year, contracting marginally
during the first quarter of calendar 2024 and growing by only 0.4% during the second quarter. Positive trends emerged
during the period as inflation declined, the Rand strengthened against the US Dollar, electricity supply stabilised and
the first of the anticipated interest rate reductions was announced in September.
However, low levels of infrastructure investment continued to weigh heavily on the construction sector and the related
building and construction materials markets. While the reduction in fuel prices provided relief to businesses and
consumers, cost inflation did not moderate for other essential goods and services, such as electricity and food.
Against this background, SepHold's businesses, Métier and SepCem, experienced low sales volumes and continued to
mitigate the effects of difficult market conditions with cost efficiencies and targeted sales strategies. Both businesses
capitalised on available opportunities in their markets.
Métier experienced a significant decline in overall sales volumes but countered the impact on revenue with strong cost
controls. Price increases implemented in January 2024 contributed to EBITDA growth. However, an unforeseen
maintenance cost adversely impacted net profit after tax. Métier continued to invest in growth opportunities,
expanding its operations to accommodate new contracts to supply concrete to two large infrastructure development
projects in KwaZulu-Natal (KZN) and growing its presence in the Western Cape.
SepCem delivered a sound financial performance, achieving modest growth in sales volumes and supporting revenue
growth with nominal price increases. EBITDA normalised following the anomalous performance during the prior year
when coal and fly ash supply constraints and an extended kiln stoppage depleted inventories. As a result, SepCem's
36% equity-accounted profit in the Group's interim profit and loss statement turned around from a R14 million loss to
a R1.5 million profit for the period under review.
Investor presentation webcast and conference call
The results webcast and conference call for investors will be at 11:00 SAST on 11 November 2024.
Pre-registration is required and can be done using the following links to obtain the dial-in details:
SepHold FY2025 Interim Results conference call pre-registration
SepHold FY2025 Interim Results Webcast link
The results presentation will be available on the Company website from 07:45hs on 11 November 2024 at the
following link: https://sephakuholdings.com/investor-centre/presentations/
Replay dial-in details
South Africa 010 500 4108
International +27 10 500 4108
Access code 43307#
Directors' statement
The contents of this short-form announcement are the responsibility of the SepHold board of directors and have
not been reviewed or reported on by the Company's external auditors.
Shareholders are advised that this short-form announcement represents a summary of the information
contained in the full announcement, published on the Stock Exchange News Service (SENS) at
https://senspdf.jse.co.za/documents/2024/jse/isse/SEP/Int2024.pdf and on SepHold's website:
www.sephakuholdings.com on 8 November 2024.
The full announcement is available for inspection at no charge during normal business hours at SepHold's
registered office. Copies of the full announcement may also be requested by email at info@sephold.co.za. Any
investment decisions by investors and/or shareholders should be based on consideration of the full
announcement, and shareholders are encouraged to review the full announcement, which is available for
viewing on SENS and on the Company's, website set out above.
Centurion
8 November 2024
__________________________________________________________________________________
Enquiries contact:
Neil Crafford-Lazarus
Financial Director
info@sephold.co.za
012 648 6300
Sponsor to Sephaku Holdings: Questco Corporate Advisory (Pty) Ltd
About Sephaku Holdings Limited
Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the cement
sector in South Africa. The company's core investments are a 36% stake in Dangote Cement SA (Pty) Ltd and 100% in Métier
Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate growth and realise value for shareholders through the production
of cement and ready mixed concrete in Southern Africa.
www.sephakuholdings.com
Date: 08-11-2024 02:00:00
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