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Short form announcement of the audited annual financial statements for the year ended 28 February 2026
RH BOPHELO LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2016/533398/06)
JSE & RSE Share Code: RHB
ISIN: ZAE000244737
("RHB" or "the Company")
SHORT FORM ANNOUNCEMENT OF THE AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2026
STEADY PORTFOLIO EXECUTION AND STRATEGIC POSITIONING TO SUPPORT LONG-TERM VALUE
CREATION
RHB's Net Asset Value ("NAV") has remained above R1 billion, supported by continued investment activity and
the underlying value of the Company's portfolio NAV and tangible net asset value per ordinary share increased
by 2% to R16.96 per share, reflecting the resilience of the Group's balance sheet and the continued execution
of its long-term investment strategy.
In line with the Company's strategy to transition from an 'asset- heavy owner and operator' to an 'asset- light
owner and manager of high- value healthcare assets', as well as the expansion and diversification of our
investment portfolio to capitalise on emerging opportunities, the Company made the following investments
through its subsidiary, RH Bophelo Operating Company ("RHBO"):
• In March 2025, RHBO advanced a R5.5 million loan to MMed Distribution Services Proprietary Limited
("MMed") for working capital purposes. MMed is a pharmaceutical distributor with import and export
distribution licences across South Africa.
• During the current year, RHBO deployed capital to the value of R2.0 million to RazoHealth Radiology
Proprietary Limited ("Razohealth"). Razohealth has four practices that were operational at year- end.
Razohealth is a management company for radiology practices.
• Shareholder loans of R0.4 million were advanced to Wesmart Financial and Administration Solutions
Proprietary Limited ("Wesmart") to fund various operational requirements.
These strategic initiatives, coupled with projected growth in the existing business, contributed to the current
financial performance.
FINANCIAL OVERVIEW
The key financial indicators reflected in these financial results are as follows:
• Dividend income increased significantly from R26.1 million to R83.7 million, reflecting improved
distributions from underlying investments;
• Investment income decreased from R106.2 million in the prior year to R53.2 million, primarily due to
fair value losses recognised during the current year compared to fair value gains recognised in the prior
year;
• Total income after tax decreased when compared to the prior period from a profit of R43.9 million to a
profit of R18.6 million;
• Basic earnings per share and headline earnings per share decreased when compared to the prior period
from earnings of 67.9 cents per share to earnings of 28.7 cents per share;
• Net asset value increased by 2% when compared to the prior period from R1 078 million to R1 097
million;
• Net asset value per share and tangible net asset value per share increased by 2% when compared to
the prior period from R16.67 to R16.96 per share;
• The Company and its investments remain liquid and solvent, with sufficient resources to continue
operating into the foreseeable future; and
• No dividends per "A" ordinary share were declared in the current year. Similarly, no dividends were
declared in the prior year.
Feb-26 Feb-25
Audited Audited
R R
(Losses)/Gain from financial assets at fair
value through profit or loss (36 157 387) 72 051 963
Interest income 5 706 704 8 040 942
Dividend income 83 689 000 26 142 000
Other income 181 159 5 650 704
Total expenses (38 223 832) (52 172 234)
Total income before tax 15 195 644 59 713 375
Income tax 3 374 489 (15 785 002)
Total income after tax 18 570 133 43 928 373
Earnings per share
Basic and diluted earnings per share
28,7 67,9
(cents)
Diluted and headline earnings per share
28,7 67,9
(cents)
"A" Ordinary dividend per share (cents) - -
Weighted average number of shares 64 691 298 64 691 298
Net asset value (R) 1 096 831 961 1 078 261 828
Number of shares in issue 64 691 298 64 691 298
Net asset value per share and tangible net 16,96 16,67
asset value per share (R)
AVAILABILITY OF THE AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
The Company's audited financial statements for the year ended 28 February 2026 are available through the
JSE cloud link at:
https://senspdf.jse.co.za/documents/2026/jse/isse/rhbe/FY2026.pdf
and on the Company's website:
https://www.rhbophelo.co.za/investment/for-our-investors/
Forvis Mazars, the Company's independent auditor, has audited the annual financial statements of the Company
and has expressed an unmodified audit opinion thereon. The audit opinion is available, along with the annual
financial statements, on the Company's website above.
The audited financial statements have been internally prepared under the supervision of Ms Yondie Metu CA(SA)
in terms of section 29 and 30 of the Companies Act.
Copies of the audited annual financial statements and audit opinion may also be requested by using the email
address below.
The contents of this short form results announcement are the responsibility of the Directors of the Company.
It is a summary of the information in the audited annual financial statements and does not contain full or
complete information. This announcement itself has not been audited or reviewed by the Company's external
auditors, but is an extract from audited results.
Any investment decision by investors and/or shareholders should be based on consideration of the audited
annual financial statements as a whole and investors and/or shareholders are encouraged to review the audited
annual financial statements in full.
Any forward-looking statement has not been reviewed or reported on by the Company's external auditors.
On behalf of the Board
Mr Quinton Zunga
CEO
Ms Yondie Metu
CFO
Johannesburg
29 May 2026
Registered Office Transfer Secretaries
Unit 12 Computershare Investor Services
1 Melrose Boulevard Proprietary Limited
Melrose Arch (Registration number 2004/003647/07)
Melrose North Rosebank Towers
Johannesburg 15 Biermann Ave
2076 Rosebank
South Africa Johannesburg
Tel: 010 007 2171 2196
Email: invest@rhbophelo.co.za South Africa
Directors Sponsor South Africa
Q Zunga (Chief Executive Officer) BSM Proprietary Limited
AY Metu (Chief Financial Officer) (Registration number 2022/577721/07)
CW Clarke (Executive Director) Jindal Africa Building
S Moraba (Independent Non-Executive Chairman) 22 Kildoon Street
Dr PD Sekete (Non-Executive Director) Bryanston
N Ndhlazi (Independent Non-Executive Director) Johannesburg
F Makwetla (Non-Executive Director) Gauteng
R Makhubela (Independent Non-Executive Director) 2191
C Mpelwane (Independent Non-Executive Director) South Africa
T Mashau (Independent Non-Executive Director)
Sponsor Rwanda
Company Secretary Faida Securities Rwanda Limited
Statucor Consulting Proprietary Limited (Registration number 101856301)
(Registration number 1989/005394/07) Centenary House
Building 5 4th-Floor
Summit Place 124
221 Garsfontein Road Kigali
Menlyn Rwanda
Pretoria
0181
South Africa
Auditors
Forvis Mazars
54 Glenhove Road
Melrose Estate
Johannesburg
Gauteng
2196
South Africa
Date: 29-05-2026 03:30:00
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