JSE-listed Ethos Capital obtains 12th successive quarter NAVPS hike since its first listing in 2016
However, the group said the increase during the year was muted mainly as a result of the macroeconomic headwinds in South Africa.
Total assets increased to R1.9 billion at year-end.
Chief executive Peter Hayward-Butt said Ethos had invested in five and added to two portfolio companies across its managed funds totalling R2.6bn during the period.
“Ethos had a very active year on the investment front, acquiring or investing in seven assets. The belief is that investing patiently behind businesses with a sustainable right to win and strong management teams will deliver long-term value creation for investors,” Hayward-Butt said.
The investments broadened the sector and geographic exposure of its portfolio.
Some of the investments of the past 12 months include an investment in Chibuku, a brewer and distributor of traditional African beverage based in Malawi and previously owned by Anheuser-Busch InBev, an investment in Gammatek, the largest importer/distributor of cellphone accessories and low-technology consumer products, primarily in South Africa.
Other investments include an investment in TymeBank, a leading low-cost, digital transactional bank to the South African mass market segment and sector, and The Beverage Company, a beverage producer of carbonated soft drinks, mixers, energy drinks and water to South African retailers.
The group said its share of these investments amounted to R684m.
“As a result, Ethos Capital's invested capital increased from 37 percent at the end of June 2018 to 74 percent of the group's total assets across 19 portfolio companies,” Hayward-Butt said.
At the end of June, its invested capital increased to R1.4bn, or 74percent of total assets. The group said this would increase to R1.6bn and 82percent, respectively, post the completion of a further transaction.
Looking ahead, the group said it believed it was unlikely there would be a material improvement in the macroeconomic outlook for South Africa in the next 12 months.
“However, it is likely the number of investment opportunities will continue to remain robust and economic growth in other sub-Saharan African countries will also provide exciting investment opportunities for the various funds,” Hayward-Butt said.
Ethos Capital shares closed 1.93 percent lower at R7.11 on the JSE on Thursday.