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Salient features of the unaudited results for the six months ended 30 June 2026 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 OF THE UNAUDITED RESULTS for the six months ended
30 June 2026 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. At the
end of the reporting period Sabcap had 37 600 000 shares in issue
net of treasury shares (31 Dec 2025: 37 600 000).
Sabcap has long-term interests in ten unlisted investments and one
listed investment, and short-term interests in three 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
% %
increase increase
30 June 30 June
2026 2026
compared compared
to to
31 December 30 June Unaudited Unaudited
2025 2025 30 Jun 30 Jun
- 6 months - 12 months 2026 2025
Net asset value
per share - cents 5,2 22,0 16 940 13 882
Shareholders'
funds - R'm 5,2 21,9 6 369,4 5 224,5
Dividends per
share - cents - 40 40
Total comprehensive
income - R'm 38,5 347,6 250,9
Earnings and headline
earnings per share
- cents*1 39,5 924,5 662,7
Number of shares in issue less held
in treasury - 000's 37 600 37 635
Weighted average number of shares
in issue - 000's 37 600 37 863
RESULTS (continued)
Audited
31 Dec
2025
Net asset value per share - cents 16 105
Shareholders' funds - R'm 6 055,6
Dividends per share - cents 130
Total comprehensive income - R'm 1 123,2
Earnings and headline earnings per share - cents*1 2 967,3
Number of shares in issue less held in
treasury - 000's 37 600
Weighted average number of shares in issue - 000's 37 851
*1 There are no diluting instruments.
GROWTH METRICS
Sabcap's primary financial metric is growth in NAV per share. This
is measured annually and growth rates over different periods are
included in the year-end results. The 20-year compounded annual
growth rate in NAV per share to the 2025 year-end was 19,2%,
calculated without re-investing dividends. The compounded annual
growth rate in NAV per share over 20 years with dividends
reinvested was 20,2%*. The 20-year compound annual growth rate in
the share price was 20,0%^.
* Calculated with dividends notionally not paid and the amounts
notionally retained by the Company growing at 10% per annum.
^ Calculated with reference to the weighted average share prices
of the Sabvest ordinary and 'N' ordinary shares.
RESULTS SUMMARY
Most investees continued to perform satisfactorily during the
period. ITL and SA Bias Flowmax performed well but the valuations
were impacted by the strong Rand. Halewood s results were again
affected by weak trading conditions.
NAV per share increased to 16 940 cents, being a 5,2% increase
from NAV per share of 16 105 cents at the 2025 year-end reporting
date and a 22,0% increase from the NAV per share of 13 882 cents
in the comparable period. Net interest-bearing debt decreased to
R122,2m (31 Dec 2025: R156,6m) (30 Jun 2025: R241,7m). Long-term
receivables increased to R135,5m (31 Dec 2025: R131,4m) (30 Jun
2025: R102,4m), while short-term receivables decreased to R78,5m
(31 Dec 2025: R114,1m) (30 Jun 2025: R32,9m). Utilisation under
transactional guarantees for investees given by a subsidiary was
R126,0m (31 Dec 2025: R194,9m) (30 Jun 2025: R539,0m).
An interim dividend of 40 cents per share has been declared,
unchanged from the 2025 interim dividend.
INVESTMENT HOLDINGS
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 as at 30 June 2026:
Year first Listed/
invested Unlisted Sector*2
INVESTMENTS*1
Apex Partners Holdings
(Pty) Ltd 2017 U IS
SA Bias Industries
(Pty) Ltd 1988 U IS
DNI-4PL Contracts
(Pty) Ltd 2018 U FT
ITL Holdings Group 1989 U IS
Masimong Group Holdings
(Pty) Ltd 2019 U MCA
ARB Holdings (Pty) Ltd 2022 U IS
Corero Network
Security Plc*4 2013 L FT
EWA Global Limited 2024 U FT
Valemount Trading
(Pty) Ltd 2022 U IS
Amicus (Pty) Ltd 2016 U IS
Halewood International
South Africa (Pty) Ltd 2022 U IS
Sunspray Solutions
(Pty) Ltd*5 1989 U IS
Metrofile Holdings Limited 2003 L IS
INVESTMENT HOLDINGS (continued)
Unaudited
Economic 30 Jun
interest*3 2026
% R'000
INVESTMENTS*1 6 490 680
Apex Partners Holdings (Pty) Ltd 40,6 1 824 940
SA Bias Industries (Pty) Ltd 87,4 1 413 442
DNI-4PL Contracts (Pty) Ltd 19,4 980 227
ITL Holdings Group 34,0 773 718
Masimong Group Holdings (Pty) Ltd 9,1 652 128
ARB Holdings (Pty) Ltd 18,5 433 987
Corero Network Security Plc*4 11,2 134 291
EWA Global Limited 11,3 111 066
Valemount Trading (Pty) Ltd 39,3 64 845
Amicus (Pty) Ltd 20,2 52 917
Halewood International South
Africa (Pty) Ltd 19,0 49 119
Sunspray Solutions (Pty) Ltd*5 11,1 -
Metrofile Holdings Limited - -
Interest-bearing borrowings (126 357)
Deferred tax liability (245 456)
Cash on hand 4 092
Investments held-for-sale*5 91 455
Other net assets 157 446
6 371 860
INVESTMENT HOLDINGS (continued)
Unaudited Audited
30 Jun 31 Dec
2025 2025
R'000 R'000
INVESTMENTS*1 5 471 917 6 259 191
Apex Partners Holdings (Pty) Ltd 834 064 1 809 156
SA Bias Industries (Pty) Ltd 1 289 611 1 306 468
DNI-4PL Contracts (Pty) Ltd 974 112 917 558
ITL Holdings Group 744 762 706 452
Masimong Group Holdings (Pty) Ltd 555 310 600 528
ARB Holdings (Pty) Ltd 379 668 409 811
Corero Network Security Plc*4 199 634 122 558
EWA Global Limited 78 486 100 151
Valemount Trading (Pty) Ltd 76 220 56 534
Amicus (Pty) Ltd 83 608 55 836
Halewood International South
Africa (Pty) Ltd 88 813 72 123
Sunspray Solutions (Pty) Ltd*5 104 419 102 016
Metrofile Holdings Limited 63 210 -
Interest-bearing borrowings (249 411) (176 242)
Deferred tax liability (101 703) (224 198)
Cash on hand 7 646 19 652
Investments held-for-sale*5 - -
Other net assets 97 731 179 697
5 226 180 6 058 100
*1 Included under investments is the 10,1% and 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.
*2 IS - Industrial and Services; MCA - Mining, Chemicals and
Agriculture; FT - Specialised Financial and Technology.
*3 Represents the economic interest at 30 June 2026.
*4 The number of ordinary shares held in Corero is 57,5m.
*5 Classified as held-for-sale during the period.
PROSPECTS
Sabcap expects continued satisfactory performances from most of
its investees for the remainder of the year and therefore projects
further growth in its NAV per share to the end of 2026. It is also
looking at new investment prospects at the Sabcap level and in its
investees. In this regard, shareholders are referred to the SENS
announcement on 12/08/26 providing details of the acquisition of
the Rudholm Group by the ITL Group. This transaction is expected
to be value accretive to Sabcap.
References to future financial information in this announcement
have not been reviewed or reported on by the Group's auditors.
CASH DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 40 cents (2025:
40 cents) per ordinary share for the six months ended 30 June 2026
has been declared out of income reserves.
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 net cash
dividend of 32 cents per ordinary share to non-exempt
shareholders.
Last date to trade "CUM" dividend Tuesday, 8 September 2026
Trading "EX" dividend commences Wednesday, 9 September 2026
Record date Friday, 11 September 2026
Dividend payment date Monday, 14 September 2026
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 9 September 2026 to
Friday, 11 September 2026, both days inclusive.
Sandton
21 August 2026
The above announcement is a summary of information in the
unaudited results for the six months ended 30 June 2026 ('interim
results') and does not contain full or complete details and is the
responsibility of the directors. Any investment decisions by
investors and/or shareholders should be based on the interim
results which is available on
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/SBPE/Int26.pdf
and published on the Company's website on
https://www.sabvestcapital.com/pdf/2026/IntRes26.pdf on 21 August
2026. This announcement has been prepared in compliance with the
JSE Listings Requirements.
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), A Khumalo #, 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: 21/08/2026 10:03:00
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
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