Wrap Text
Unaudited condensed consolidated interim financial results for the six months ended 30 September 2025
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 2025
SepHold is pleased to report on the Group's unaudited condensed consolidated interim financial results for the
six months ended 30 September 2025. 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: R665,1 million [H1 2025: R613,8 million]
- Net profit after tax: R36,7 million [H1 2025 net profit after tax: R32,6 million]
- Basic earnings per share: 15.93 cents [H1 2025 basic earnings per share: 13.91 cents]
- Headline earnings per share: 14.45 cents [H1 2025 headline earnings per share: 13.78 cents]
- Net asset value per share: 574.36 cents [H1 2025: 538.66 cents]
Métier¹
- EBITDA margin: 14.8% at R98,1 million [H1 2025: 11.2% at R69,0 million]
- EBIT margin: 11.1% at R73,8 million [H1 2025: 8.0% at R48,8 million]
- Profit after tax: R55,5 million [H1 2025: profit after tax: R36,6 million]
SepCem²
- Sales revenue: R1,1 billion [H1 2024: R1,3 billion]
- EBITDA margin: 9.8% at R110,3 million [H1 2024: 11.3% at R146,7 million]
- EBIT margin: 0.4% at R4,5 million [H1 2024: 4.8% at R60,9 million]
- Net loss after tax: R31,3 million [H1 2024 net profit after tax: R5,0 million]
- SepCem 36% equity accounted loss: R11,3 million [H1 2024 equity accounted profit: R1,5 million]
No dividends were declared or paid during the six months ended 30 September 2025.
¹ Figures refer to the interim period ended 30 September 2025 for the financial year ending 31 March 2026, and H1 2025 refers to the six
months ended 30 September 2024 for the financial year ended 31 March 2025.
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
2025, and H1 2024 refers to the figures for the interim ended 30 June 2024.
Message from the Chief Executive Officer, Kenneth Capes
The South African economy remained fragile during the first half of calendar 2025, with GDP growth stagnating at
0.3% in Q1 and improving marginally to 0.6% in Q2. While macroeconomic indicators showed tentative signs of
recovery—such as a modest strengthening of the Rand and a further reduction in the prime overdraft rate—business
sentiment remained cautious amid political uncertainty and subdued infrastructure investment.
Encouragingly, South Africa's real gross domestic product expanded by 0.8% quarter-on-quarter in Q2 2025 and there
was a growth in both the value and volume of building materials produced. However, this recovery was largely off a
low base, and civil construction activity remained below long-term averages. The Civil Confidence Index, compiled by
FNB and the Bureau for Economic Research, hovered at 43 in Q3, indicating that more than half of respondents
remained dissatisfied with prevailing business conditions.
Despite these mixed economic signals, SepHold's subsidiaries, Métier and SepCem, demonstrated resilience and
strategic agility in navigating an evolving market landscape.
Métier continued to outperform market trends by maintaining sales volumes in an intensely competitive environment
where pricing pressure remained high. Through disciplined cost management, the prior renewal of ageing assets, and
price adjustments implemented in January 2025, Métier achieved EBITDA growth and delivered a healthy 14.8%
EBITDA margin. The sale of assets that had been replaced impacted net profit after tax by R4.2 million. Operationally,
the business expanded its footprint in KwaZulu-Natal with the addition of a new batch plant to its network, enhancing
regional capacity and service reach.
SepCem, by contrast, faced significant regional market pressure, with lower sales volumes and only nominal price
adjustments. Although cost-saving initiatives were successfully implemented in line with Group benchmarks, EBITDA
was adversely affected by the reduced volumes and price increases that lagged inflation. As a result, SepCem's 36%
equity-accounted profit in the Group's interim profit and loss statement turned around from a R1.5 million profit to a
R11.3 million loss for the period under review.
Both businesses continued to prioritise margin protection and pursued selective investment in growth opportunities
aligned with regional demand dynamics. While the broader construction sector remains constrained by policy
uncertainty and underinvestment, SepHold remains focused on operational excellence, disciplined capital allocation,
and strategic positioning to capture emerging opportunities in infrastructure and urban development.
Investor presentation webcast and conference call
The results webcast and conference call for investors will be at 11:00 SAST on 11 November 2025.
Pre-registration is required and can be done using the following links to obtain the dial-in details:
Sephaku Holdings FY 2026 Interim Results conference call pre-registration
Sephaku Holdings FY 2026 Interim Results Webcast link
The results presentation will be available on the Company website from 07:45hs on 11 November 2025 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/2025/jse/isse/SEP/Int2025.pdf and on SepHold's website:
www.sephakuholdings.com on 7 November 2025.
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
7 November 2025
__________________________________________________________________________________
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: 07-11-2025 09:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
