Santova (SNV) H2 2025 earnings summary

Executive summary

• Revenue and net interest income decreased by 1.2% to R630.4 million for the year ended February 2025, while net profit after tax increased by 0.5% to R148.1 million, reflecting resilience amid challenging global conditions.

• Offshore revenue accounted for 69.9% of total revenue, with tangible NAV per share rising 15.4% to R7.05.

• The group maintained a strong financial position, supporting future acquisitions and continued investment in technology and new markets.

Financial highlights

• Billings increased by 7.8% to R5.97 billion, but revenue declined 1.4% to R609.2 million due to lower logistics revenue in the UK, partially offset by growth in Africa, Asia Pacific, and the USA.

• HEPS decreased by 6.9% to 115.26 cents per share.

• Operating margin improved to 30.6% (up 1.8%), while billings/revenue margin declined to 10.6% (down 0.9%).

• Cash and cash equivalents increased to R486.2 million, with 93.4% held offshore.

• Net debt to equity ratio improved to -28.5%.

Outlook and guidance

• The business expects continued instability and unpredictability in global trade, with rising protectionism and tariff changes likely to reshape trade flows.

• Diversified geographic presence and focus on supply chain services position the group to benefit from shifts in trade lanes and increased demand for resilient supply chains.

• Acquisitions, technology investment, and expansion in e-commerce and fulfilment services remain strategic priorities.