Hosken Consolidated Investments (HCI) H2 2025 earnings summary

Executive summary

• Revenue decreased 1% to R23.44bn, EBITDA down 13% to R5.24bn, and headline earnings up 3% to R1.21bn year-over-year.

• Profit before tax rose to R7.56bn, with headline earnings per share at 1,499.5 cents.

• Major acquisitions included Impact Oil & Gas and Africa Energy Corp, consolidating oil and gas interests.

• Board changes included new appointments and resignations, with a focus on diversity and governance.

Financial highlights

• Revenue: R23.44bn (down 1%); EBITDA: R5.24bn (down 13%); Headline earnings: R1.21bn (up 3%).

• Headline earnings per share: 1,499.5 cents; Net asset value per share: 30,318 cents.

• Cash generated from operations: R5.27bn; Net borrowings reduced in key subsidiaries.

• Dividend per share: 50 cents interim, 120 cents final.

Outlook and guidance

• Oil and gas segment expects Venus Field FID in early 2026 and first oil by end-2029.

• Southern Sun targets further growth with strong balance sheet and capex funded from free cash flow.

• Tsogo Sun aims to reduce net debt to R6bn by FY2027 and expand online gaming presence.

• HCI Resources anticipates improved profitability with new Eskom contract and diversification into other commodities.