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AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2025
RH BOPHELO LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2016/533398/06)
JSE & RSE Share Code: RHB, ISIN: ZAE000244737
("RHB" or "the Company")
SHORT FORM ANNOUNCEMENT OF THE AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2025
SUSTAINABLE INVESTMENTS GROWTH DRIVEN BY THE IMPLEMENTATION OF ASSET-LIGHT STRATEGY
RHB has produced compelling results in the current year, with a growth of four percent (4%) in Net Asset
Value (NAV) and tangible net asset value per ordinary share. The NAV of the Company remained above
R1 billion, owing to an increase in portfolio investments measured at fair value.
In line with the Company's strategy to transition from an 'asset heavy owner and operator of assets' to an
'asset light owner and manager of high value healthcare assets' as well as the expansion and diversification
of our investment portfolio to capitalize on emerging opportunities, the Company made the following
investments through its subsidiary, RH Bophelo Operating Company ("RHBO"):
- In March 2024, advanced a R8 million loan to MMed Distribution Services Proprietary Limited
("MMed") for working capital purposes. This was repaid by the end of the current financial year. MMed
is a pharmaceutical distributor with import, and export distribution licenses across South Africa.
- In May 2024, the Company through its subsidiary RHBO founded Renal Healthcare Africa Proprietary
Limited ("Renal Healthcare Africa") in conjunction with Renocare South Africa Proprietary Limited
("Renocare SA"). RHBO owns 51% of the joint venture. During the current period, RHBO's equity
contribution amounted to R8,3 million. Renal Healthcare Africa provides dialysis services.
- In the current year, RHBO deployed capital to the value of R6,6m to RazoHealth Radiology Proprietary
Limited ("Razohealth") for three practices that were operational at year end. Razohealth is a
management company for radiology practices.
These strategic initiatives, coupled with projected growth in the existing business contributed to a
sustainable financial performance.
FINANCIAL OVERVIEW
The key financial indicators reflected in these financial results are as follows:
- Investment income decreased when compared to the prior period from an investment income of
R280.4 million to a net investment income of R106.2 million due to the stabilization of assets;
- Total income after tax decreased when compared to the prior period from a profit of R182.6 million to
a profit of R43.9 million;
- Basic earnings per share and headline earnings per share decreased when compared to the prior
period from earnings of 282.3 cents per share to earnings of 67.9 cents per share;
- Net asset value increased by 4% when compared to the prior period from R1 034 million to R1 078 million;
- Net asset value per share and tangible net asset value per share increased by 4% when compared to
the prior period from R15.99 to R16.67 per share;
- The Company and its investments remain liquid and solvent, with sufficient resources to continue
operating into the foreseeable future; and
- No dividends per "A" ordinary share were declared in the current year. In the prior year the Company
declared and paid a dividend of R0.31 per "A" share.
Feb-25 Feb-24
Audited Audited
R R
Gains/(Losses) from financial assets at fair value through profit or loss 72 051 963 243 593 458
Interest income 8 040 942 14 678 053
Dividend income 26 142 000 22 144 498
Other income 5 650 704 4 440 429
Total expenses (52 172 234) (52 644 250)
Total income before tax 59 713 375 232 212 188
Income tax (15 785 002) (49 568 135)
Total income after tax 43 928 373 182 644 053
Earnings per share
Basic and diluted earnings per share (cents) 67,9 282,3
Diluted and headline earnings per share (cents) 67,9 282,3
"A" Ordinary dividend per share (cents) - 31
Weighted average number of shares 64 691 298 64 691 298
Net asset value (R) 1 078 261 828 1 034 333 455
Number of shares in issue 64 691 298 64 691 298
Net asset value per share and tangible net asset value per share (R) 16,67 15,99
AVAILABILITY OF THE AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
The Company's audited financial statements for the year ended 28 February 2025 are available through the
JSE cloud link at:
https://senspdf.jse.co.za/documents/2025/jse/isse/RHBE/FY25.pdf
and on the Company's website:
https://www.rhbophelo.co.za/investment/for-our-investors/
Forvis Mazars, the Company's independent auditor has audited the annual financial statements of the
Company and has expressed an unmodified audit opinion thereon. The audit opinion is available, along with
the annual financial statements, on the Company's website above.
Copies of the audited annual financial statements and audit opinion may also be requested by using the email
address below.
The contents of this short form results announcement are the responsibility of the Directors of the Company.
It is a summary of the information in the audited annual financial statements and does not contain full or
complete information. This announcement itself has not been audited nor reviewed by the Company's
external auditors, but is an extract from audited results.
Any investment decision by investors and/or shareholders should be based on consideration of the audited
annual financial statements as a whole and investors and/or shareholders are encouraged to review the
audited annual financial statements in full.
Any forward-looking statement has not been reviewed or reported on by the Company's external auditors.
On behalf of the Board
Mr Quinton Zunga
CEO
Ms Yondie Metu
CFO
Johannesburg
30 May 2025
Registered Office Transfer Secretaries
Unit 12 Computershare Investor Services
1 Melrose Boulevard Proprietary Limited
Melrose Arch (Registration number 2004/003647/07)
Melrose North Rosebank Towers
Johannesburg 15 Biermann Ave
2076 Rosebank
South Africa Johannesburg
Tel: 010 007 2171 2196
Email: invest@rhbophelo.co.za South Africa
Directors Sponsor South Africa
Q Zunga (Chief Executive Officer) Deloitte & Touche Sponsor Services
AY Metu (Chief Financial Officer) Proprietary Limited
CW Clarke (Executive Director) (Registration number 1996/000034/07)
S Moraba (Independent Non-Executive Chairman) Deloitte & Touche
Dr PD Sekete (Non-Executive Director) 5 Magwa Crescent
B Segooa (Independent Non-Executive Director) Waterfall City
F Makwetla (Non-Executive Director) Johannesburg
R Makhubela (Independent Non-Executive Director) Gauteng
C Mpelwane (Independent Non-Executive Director) 2090
T Mashau (Independent Non-Executive Director) South Africa
Company Secretary Sponsor Rwanda
Statucor Consulting Proprietary Limited Faida Securities Rwanda Limited
(Registration number 1989/005394/07) (Registration number 101856301)
Building 5 Centenary House
Summit Place 4th-Floor
221 Garsfontein Road 124
Menlyn Kigali
Pretoria Rwanda
0181
South Africa
Auditors
Forvis Mazars
54 Glenhove Road
Melrose Estate
Johannesburg
Gauteng
2196
South Africa
Date: 30-05-2025 05:15:00
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