Business

Johann Rupert’s South African giant worth R96 billion delivers huge payout

Luke Fraser

 ·25 Mar 2026

Remgro, the company chaired by Johann Rupert and founded by his father, Anton, has seen its interim dividend increase by over 80% for the six months ended 31 December 2025.

Remgro traces its origins back to the founding of the Rembrandt Group by Anton Rupert. Johann is the company’s chair and South Africa’s richest man, with a net worth of over $15 billion.

Rembrandt saw a major split when its international assets were spun off into Richemont in 1988, the primary source of the family’s wealth. The South African assets were kept in what would become Remgro.

The Rupert family holds all the unlisted B shares in Remgro, which gives them over 40% control of the company. The company has a market cap of roughly R96 billion.

The group’s latest interim financial results showed that the company saw a near 40% increase in headline earnings to R5.1 billion.

The group upped its interim dividend by 80% to 173 cents per share.

The interim dividend was declared out of income reserves in respect of both listed ordinary shares and unlisted B ordinary shares.

The dividend boost follows a bumper payout in full-year 2025, when the group paid a final dividend for the year ended 30 June 2025 of 248 cents per share, and a special dividend of 200 cents per share.

In the second half of 2025, the group saw positive execution against its stated strategic objectives well sustained despite global volatility.

“This is evidenced by strong operating performances across Remgro’s core portfolio as well as progress on portfolio optimisation through unlocking key corporate actions,” it said.

“Remgro is pleased with the progress that has been achieved against its strategic priorities and believes that this discipline in execution is reflected in the improved performance from period to period and strong cash generation at the centre.”

The conflict in the Middle East also directly affects Mediclinic Holdings Limited’s healthcare operations in the United Arab Emirates, whose success is linked to regional stability.

The rise also posed risks to global asset prices, especially in a portfolio such as Remgro’s, which is skewed towards emerging markets, leading to higher inflation and higher capital costs.

The group said that it will continue to navigate the situation as it unfolds, but believes that the balance sheet and strategic liquidity position give it adequate capacity to support the portfolio and pursue opportunities where they arise.

Financials

During the period, the group’s headline earnings increased by 38.8% from R3,728 million to R5,175 million, while headline earnings per share (HEPS) rose by 38.5% from 672 cents to 931 cents.

The group said that the earnings growth momentum experienced during the 2025 financial year continued, which culminated in the strong growth in headline earnings.

This included increased contributions from Mediclinic (+R485 million), Rainbow Chicken (+R280 million), Community Investment Ventures Holdings (+R264 million) and Heineken Beverages (+R166 million) due to improved operational performances.

There was also an increased contribution from TotalEnergies Marketing South Africa Proprietary, primarily due to a once-off Transnet pipeline cost refund.

There was also a lower finance cost due to the prior-year redemption of the preference shares (+R95 million).

These improvements were partly offset by a lower contribution from RCL Foods Limited (-R240 million), largely due to weaker performance from the Sugar business unit.

Total earnings amounted to R5,168 million (31 December 2024: R3,658 million), driven by the aforementioned increases.

Remgro added that it experienced strong cash flow generation, mainly due to a 34% increase in sustainable dividends received from its investee companies to R2,428 million.

This amount also excludes, inter alia, the CIVH pre-implementation dividend of R2,661 million, which was received on completion of the CIVH/Vodacom transaction, with Vodacom expanding into fibre.

Remgro’s INAV per share increased by 1.6% from R292.34 at 30 June 2025 to R297.03 at 31 December 2025.