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Short-Form Announcement: Unaudited Interim Results For The Six Months Ended 31 August 2020 And Dividend Declaration
PSG KONSULT 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 Konsult” or “the Company”)
SHORT-FORM ANNOUNCEMENT: UNAUDITED INTERIM RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2020 AND DIVIDEND DECLARATION
1. FINANCIAL RESULTS
• Recurring headline earnings per share increased by 7% to 24.8 cents per share
• Dividend per share increased by 7% to 8.0 cents per share
• Total assets under management increased by 7% to R245bn
• Gross written premium remained at R2.7bn
PSG Konsult achieved a solid 7% growth in recurring headline earnings per share and
generated a return on equity of 19.6%, despite poor operating conditions. We continued
to further automate and streamline our platforms and processes, aligned with our goal of
enhancing our digital capabilities and overall client experience. Our results were
adversely impacted by the sharp decline in interest rates, which reduced our net
investment income, and the support we provided clients through premium relief, interim
business interruption relief payments and other measures.
PSG Konsult’s key financial performance indicators for the six months ended 31 August
2020 are shown below.
31 Aug 20 Change 31 Aug 19
R’000 % R’000
Core income 2 558 329 1 2 525 143
Recurring headline earnings 331 655 7 310 634
Non-recurring item^ (7 200) -
Headline earnings 324 455 4 310 634
Non-headline items 624 (57)
Earnings attributable to ordinary shareholders 325 079 5 310 577
Divisional recurring headline earnings
PSG Wealth 218 972 25 175 476
PSG Asset Management 49 542 (39) 81 064
PSG Insure 63 141 17 54 094
331 655 7 310 634
Weighted average number of shares in issue
(net of treasury shares) (millions) 1 338.5 - 1 339.4
Earnings per share (basic) (cents)
– Recurring headline 24.8 7 23.2
– Headline 24.2 5 23.2
– Attributable 24.3 5 23.2
– Headline - excluding intangible asset amortisation cost 27.0 7 25.2
Dividend per share (cents) 8.0 7 7.5
Return on equity (ROE) (%) 19.6 20.2
^ Non- recurring item relates to a R10.0 million (R7.2 million net of tax) donation to the South African Solidarity
Fund in April 2020.
Capital management
PSG Konsult remains strongly capitalised, notwithstanding current market conditions, and
complies with the Prudential Authority’s Financial Soundness Standards, with a capital
cover ratio of 208% (2019: 182%) based on the latest insurance group return. Our prudent
approach to investing shareholder assets, that support our regulatory capital
requirements, continues to ensure that the group has a strong balance sheet and
excellent liquidity. Shareholder assets invested in cash, money market and related
instruments continue to comprise circa 90% of total investable shareholder assets.
2. DIVIDEND DECLARATION
The board decided to approve and declare an interim gross dividend of 8.0 ZAR cents per
share from income reserves for the six months ended 31 August 2020 (2019: 7.5 ZAR
cents per share) given the group’s strong financial position and confidence in the group’s
prospects. The group’s dividend payout ratio remains consistent with the dividend policy
communicated at the time of listing. The dividend amount, net of South African dividend
tax of 20%, is 6.4 ZAR cents (2019: 6.0 ZAR cents) per share for those shareholders who
are not exempt from dividend tax or are not entitled to a reduced rate in terms of the
applicable double-tax agreement. The number of ordinary shares in issue at the
declaration date is 1 352 797 270 and the income tax number of the Company in South
Africa is 9550/644/07/5.
The salient dates of the dividend declaration are:
Declaration date Thursday, 8 October 2020
Last day to trade cum dividend Tuesday, 27 October 2020
Trading ex-dividend commences Wednesday, 28 October 2020
Record date Friday, 30 October 2020
Date of payment Monday, 2 November 2020
As the dividend has been declared and denominated in Rand, it will be paid (in Rand) into
the bank accounts of shareholders appearing on the Mauritian register.
Share certificates may not be dematerialised or rematerialised between Wednesday, 28
October 2020 and Friday, 30 October 2020, both days inclusive.
3. 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/2020/JSE/ISSE/KST/PSGKH12021.pdf
Copies 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/PSGKH12021.pdf
In addition, electronic copies of the Full Announcement may be requested and obtained,
at no charge, from the Company at company.secretary@psg.co.za and from PSG
Capital.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
Tyger Valley
8 October 2020
JSE Sponsor: PSG Capital Proprietary Limited
Independent Joint JSE Sponsor: UBS South Africa Proprietary Limited
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, the SEM Listing
Rules and the Mauritian Securities Act 2005. The board of directors of PSG Konsult accepts
full responsibility for the accuracy of the information contained in this communiqué.
Date: 08-10-2020 11:45:00
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