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Investment holding company Zeder Investments Ltd back ‘in the black’

Investment holding company Zeder Investments Ltd - which holds stakes in fruit company Capespan, the agriculture trade group Kaap Agri, as well as other agribusinesses - is back in the black for the six months to end-August. The company is still considering "third-party approaches" to buy some of its assets, still being engaged in investing in agribusiness industry with a focus on the food and beverage sectors.

After a headline loss of 14.3 cents per share in the same period in the previous year, the group reported earnings of 31.4 cents this year. Zeder's net asset value per share increased by 19% from R3.73 per share at 31 August 2020 to R4.45 cents per share at 31 August 2021. On Wednesday, its share price was up almost 4% to R3.28.

As reported on news24.com, Zeder's underlying investment portfolio was valued at R6.1 billion on 31 August 2021, an increase of 7% from 28 February 2021. This was mainly as a result of increased valuations of The Logistics Group and Kaap Agri.

Zeder gave the unaudited results for the six months ended 31 August 2021, as reproduced on moneyweb.co.za.

The net asset value per share increased by 19.3%, from 373 cents per share at 31 August 2020 to 445 cents per share at 31 August 2021, mainly as a result of the increased valuations of TLG, Capespan and Kaap Agri, countered by the special dividend paid to shareholders during the reporting period.

  • Headline earnings per share increased from a loss of 14.3 cents per share to a gain of 31.4 cents per share mainly as a result of the increased valuations of TLG, Capespan and Kaap Agri since the prior comparative reporting period.
  • Attributable earnings per share decreased by 67.1% from 95.3 cents per share to 31.4 cents per share, mainly as a result of the significant non-headline gain on deemed disposal and         reacquisition of investments, as a result of the change in investment entity status from 1 March 2020 and the non-headline gain on disposals of Pioneer and Quantum, both included in the prior comparative reporting period.
  • Profit before finance costs and taxation from continued operations per Zeder’s consolidated income statement increased by 66.2% from R296m in the prior comparative period to R492m.

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