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Salient Features extracted from the Summarised AFS for year ended 31 December 2025 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 ANNUAL FINANCIAL
STATEMENTS for the year ended 31 December 2025 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
42,6% through its holding in the listed ordinary shares. During
2025, the Company repurchased and cancelled 770 000 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 37 600 000 ordinary shares (31 Dec 2024:
38 370 000 ordinary shares net of treasury shares).
Sabcap has long-term interests in eleven unlisted investments and
one listed investment, and short-term interests in two investments
currently held-for-sale, 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 2025 2024
Net asset value per share – cents 21,9 16 105 13 213
Dividends per share – cents 23,8 130 105
Earnings and headline earnings
per share – cents 27,7 2 967,3 2 324,3
Shareholders' funds – R'm 19,4 6 055,6 5 069,7
Gross assets – R'm 19,2 6 529,8 5 476,3
Net interest-bearing debt – R'm 44,7 156,6 108,2
Total comprehensive income – R'm 24,9 1 123,2 899,3
GROWTH METRICS
Sabcap's primary financial metric is growth in NAV per share. The
20-year compound annual growth rate (CAGR) in NAV per share to the
2025 year-end was 19,2%, calculated without reinvesting dividends.
The CAGR after reinvesting dividends was 20,2% (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 33,7% and
the CAGR over 20 years was 20,0%.
Percentage Compound Growth
1 year 3 years 5 years
Cents % % %
NAV per share 16 105 21,9 13,5 16,7
Market price per share * 12 299 33,7 13,7 32,8
Percentage Compound Growth
10 years 15 years 20 years
% % %
NAV per share 15,8 18,7 19,2
Market price per share * 14,7 22,2 20,2
* 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 investees, Apex in particular, performed well during the
period, resulting in a material fair value gain. ITL performed
well but the valuation was impacted by the strong Rand. Amicus,
Halewood and Valemount results were affected by weak trading
conditions. In the listed portfolio, Corero's share price reduced
materially following the release of a weak trading statement
advising of a shift in customer decisions away from upfront capex
license sales to service solutions sales which are recognised over
the life of the contract.
NAV per share increased to 16 105 cents, being a 21,9% increase
from NAV per share of 13 213 at the 2024 year-end reporting date.
Net interest-bearing debt increased to R156,6m (2024: R91,7m).
However long term receivables increased to R131,4m (2024: R36,5m)
and short term receivables increased to R114,1m (2024; R14,2) of
which a net R63,8m was received in cash in the first week of
January on the conclusion of the Metrofile transactions.
Utilisation under transactional guarantees for investees given by
a subsidiary was R194,9m (2024: R228m). R114,9m was released in
January 2026.
Total DPS increased by 23,8% to 130 cents. Share buybacks were
R73,1m during the period (2024: R59,9m).
INVESTMENT HOLDINGS
as at 31 December 2025
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 *3
Apex Partners Holdings
(Pty) Ltd U IS
SA Bias Industries (Pty) Ltd U IS
DNI-4PL Contracts (Pty) Ltd U FT
ITL Holdings Group U IS
Masimong Group Holdings
(Pty) Ltd U MCA
ARB Holdings (Pty) Ltd U IS
Corero Network Security Plc L FT 57 500 000
Sunspray Solutions (Pty) Ltd U IS
EWA Global Limited U FT
Halewood International
South Africa (Pty) Ltd U IS
Valemount Trading (Pty) Ltd U IS
Amicus U IS
INVESTMENT HOLDINGS (continued)
Economic Fair
Interest *2 value
% R'000
INVESTMENTS *3
Apex Partners Holdings (Pty) Ltd 40,6 1 809 156
SA Bias Industries (Pty) Ltd 86,5 1 306 468
DNI-4PL Contracts (Pty) Ltd 19,4 917 558
ITL Holdings Group 34,4 706 452
Masimong Group Holdings (Pty) Ltd 9,0 600 528
ARB Holdings (Pty) Ltd 18,5 409 811
Corero Network Security Plc 10,6 122 558
Sunspray Solutions (Pty) Ltd 11,1 102 016
EWA Global Limited 11,3 100 151
Halewood International South Africa
(Pty) Ltd 19,0 72 123
Valemount Trading (Pty) Ltd 39,3 56 534
Amicus 20,2 55 836
Interest-bearing borrowings (176 242)
Deferred tax liability (224 198)
Cash on hand 19 652
Other net assets 179 697
6 058 100
*1 IS – Industrial and Services; MCA – Mining, Chemicals and
Agriculture ; FT – Specialised Financial and Technology.
*2 Represents the economic interest at 31 December 2025.
*3 Included under investments is the 10,1% (2024: 10,1%) and 3,8%
(2024: 3,8%) equity interests in Altify (UK) and Versofy
respectively, both of which are stated at zero value after
full impairment provisions and are classified under current
assets held-for-sale.
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 2026. It is also looking at new investment
prospects at Sabvest level and in its investees.
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 90 cents (2024: 70
cents) per ordinary share for the year ended 31 December 2025 has
been declared out of income reserves making a total of 130 cents
for the year (2024: 105 cents).
The issued share capital of the Company at the declaration date is
37 600 000 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 72 cents per ordinary share to non-exempt
shareholders.
Last date to trade "CUM" dividend Tuesday, 7 April 2026
Trading "EX" dividend commences Wednesday, 8 April 2026
Record date Friday, 10 April 2026
Dividend payment date Monday, 13 April 2026
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 8 April 2026 to
Friday, 10 April 2026, both days inclusive.
Sandton
18 March 2026
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 has been prepared in
compliance with the JSE Listings Requirements.
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/2026/JSE/ISSE/SBPE/YEres25.pdf
and published on the Company's website on
https://www.sabvestcapital.com/pdf/2025/YE-results-Dec25.pdf
and https://www.sabvestcapital.com/pdf/2025/AFS-Dec25.pdf
on 18 March 2026.
SABVEST CAPITAL LIMITED
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 #, A Khumalo #, 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: 18-03-2026 04:00:00
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