Remgro, the company founded by South Africa’s richest man Johann Rupert, is expecting a massive increase in headline earnings. <\/p>\n\n\n\n
Remgro is an asset manager with shareholdings in several important South African companies, such as OUTsurance, CIVH, Heineken Beverages, FirstRand and the Blue Bulls.<\/p>\n\n\n\n
Rupert and his family own roughly 2.8% of the company’s A shares. However, he is also the only shareholder of the 39,056,987 B shares, giving him about 45% of the company’s voting rights. <\/p>\n\n\n\n
Rupert is the chairman and founder of Remgro, which dates back to the origins of his father’s company Rembrandt. <\/p>\n\n\n\n
While Remgro focuses on South African assets, Rupert-founded Richement holds international assets and owns luxury goods like Cartier and Mont Blanc.<\/p>\n\n\n\n
Despite being far smaller than Richemont (market caps of R17 trillion to R89 billion), Remgro expects a large increase in earnings. <\/p>\n\n\n\n
In a trading statement for the six months ended 31 December 2024, the group expects its headline earnings per share to increase by between 33% and 43%.<\/p>\n\n\n\n
This would see headline earnings increase to between 645 cents and 694 cents compared to a restated HEPS of 485 cents for the comparative six months. <\/p>\n\n\n\n
The group said that the increase in headline earnings is driven by improved operational performances from most of Remgro’s investee companies. <\/p>\n\n\n\n
The improvement is also due to lower finance costs and the negative impact of significant corporate actions in the prior period. <\/p>\n\n\n\n
More details will be in Remgro’s results, due to be released on SENS on or about 25 March 2025.<\/p>\n\n\n\n
The jump in headline earnings also comes after the group’s headline earnings for the prior period were restated upwards. <\/p>\n\n\n\n
The group said there was an error while finalising TotalEnergies Marketing South Africa Proprietary Limited\u2019s annual financial results for the year ended 31 December 2023. <\/p>\n\n\n\n
It was determined that the fair value of its disposal group, mainly its investment in Natref, was initially incorrectly accounted for. <\/p>\n\n\n\n
This led to a higher write-down of TotalEnergies’s affected net assets relating to its portion of Natref’s stock for the six months ended 31 December 2023 and, consequently, Remgro’s results. <\/p>\n\n\n\n
TotalEnergies’ contribution to Remgro’s earnings for the comparative period was thus understated by Remgro\u2019s portion of the incorrect write-down.<\/p>\n\n\n\n
The adjustment has thus seen Remgro’s HEPS for the comparative period increase from the reported 381 cents per share to a restated 485 cents per share. <\/p>\n\n\n\n
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