Remgro Expects Strong Earnings Growth, Boosting Johann Rupert’s South African Empire

Remgro, the investment giant founded by South Africa’s richest man, Johann Rupert, is set for a significant earnings boost. The company announced in a trading update that its headline earnings per share (HEPS) for the six months ending 31 December 2024 are expected to rise between 33% and 43%, reaching between 645 cents and 694 cents per share.

This marks a sharp increase from the restated 485 cents per share for the same period in the previous year. The company attributes this growth to strong operational performances across its portfolio, lower finance costs, and the absence of negative corporate actions that impacted the prior period.

Remgro’s Expanding South African Investment Portfolio

Remgro is a major player in South Africa’s investment landscape, with stakes in key businesses such as:

• OUTsurance (insurance)
• FirstRand (banking)
• Heineken Beverages (beverages)
• CIVH (telecommunications and infrastructure)
• The Blue Bulls (rugby)

Despite being far smaller than Richemont, Rupert’s luxury goods empire, Remgro continues to play a vital role in the South African economy.

Johann Rupert’s Control Over Remgro

Rupert and his family hold 2.8% of Remgro’s A shares but exert significant influence due to his exclusive ownership of 39 million B shares, giving him approximately 45% of the company’s voting rights.

Restatement of Prior Earnings Due to TotalEnergies Error

The company also disclosed an accounting error in TotalEnergies Marketing South Africa’s financials, which initially led to an incorrect write-down of its investment in Natref. This error impacted Remgro’s prior period results, causing the restatement of HEPS from 381 cents to 485 cents per share for the six months ended 31 December 2023.

When Will Remgro’s Full Results Be Released?

Investors and analysts can expect detailed financial results when Remgro publishes its official earnings report on SENS around 25 March 2025.

With Remgro’s diverse investment portfolio and improved earnings outlook, the company continues to strengthen its position in the South African economy, reinforcing Johann Rupert’s influence in both local and global markets.

Follow Joburg ETC on Facebook, Twitter , TikTok and Instagram

For more News in Johannesburg, visit joburgetc.com