Rex Trueform Group’s headline earnings per share decreased by a sharp 48.7% to 66.1 cents for the year to June 30 and the company held sufficient cash resources, the results showed on Thursday.
African and Overseas Enterprises holds a 55.70% voting interest and a 44.50% economic interest in the company.
Revenue for the JSE-listed company, which invests in fashion retail, property, water infrastructure, media logistics and technology, increased by 9.3% to R954.5 million. The gross profit margin decreased to 53.7% from 54.9% last year. Operating profit was 23.5% lower at R57.6m.
Earnings per share decreased by 53.4% to 59.2 cents. Net asset value per share increased by 14.7% to R23.39. No dividend was paid.
Chairman Patrick Naylor and CEO Marcel Golding said in the results that current liabilities exceeded current assets by R88.2m(2025: R3.7m). Borrowings of R88.3m mature within the next 12 months, and the company is engaging with lenders about refinancing these facilities. These talks were progressing in line with management's expectations.
The company has an unutilised bank facility of R17.2m, secured by a property. The group’s cash and cash equivalents as at June 30, 2026, amounted to R104.9m, up from R66.2m at the same time last year.
The retail segment consists of ladies’ and men’s clothing, shoes, costume jewellery, related fashion accessories and cosmetics through Queenspark-branded outlets in South Africa.
There is a property portfolio of developed and undeveloped properties, mainly in Wynberg, Salt River and Epping in Cape Town. The water infrastructure investments are held through the group’s investments in Ombrecorp Trading (RF) and SA Water Works Holding Company.
These operations consist of two water concession businesses operating in Mpumalanga and KwaZulu-Natal. They provide water and water services to residential, industrial and commercial consumers pursuant to concession agreements executed with municipalities.
The media logistics segment comprises Telemedia is a broad-based media broadcast facility, manufacturer and supplier. Services include the installation of satellite transmission and radio and television signal distribution, as well as the supply of microwave and satellite news-gathering services, including broadcasting, studio recording and ancillary services.
AI Sport Africa is an automated sports coverage company that uses and distributes products, software and hardware technologies underpinned by artificial intelligence for sports broadcasts and streaming services.
The group’s technology segment comprises Byte Orbit, which designs, builds and launches digital innovation products through a full product lifecycle approach.
edward.west@nationalmg.co.za
THE NATIONAL