Strong governance, internal controls and financial discipline is foundational to our ability to operate responsibly and sustainably across diverse markets.
The group delivered a resilient financial performance for the year under review, underpinned by disciplined execution of our strategy and a continued focus on operational efficiency. The operating environment remained constrained, characterised by inflationary pressures and subdued consumer spend. Against this backdrop, the group's results reflect the resilience of our business model and the benefits of ongoing cost optimisation initiatives. They further demonstrate the group's ability to generate sustainable cash flows and maintain a robust balance sheet, notwithstanding ongoing economic volatility.
As group Chief Financial Officer, my focus remains on ensuring that the group's financial strength enables strategic flexibility, supports responsible growth and underpins sustainable returns to shareholders, while maintaining a strong control environment across an increasingly complex, multi-jurisdictional footprint.
The group's audited consolidated financial statements are on the company's website at www.cas.group.
Financial performance
| 31 Dec 2025 R'000 | 31 Dec 2024 R'000 | Variance % | ||
|---|---|---|---|---|
| Revenue | 12 808 113 | 12 519 327 | 2.3 | |
| Gross profit | 2 059 490 | 1 921 114 | 7.2 | |
| Gross margin | 16.1% | 15.3% | ||
| Other operating expenses | 1 274 303 | 1 214 004 | 5.0 | |
| Share of profit of associates | 31 824 | 28 333 | 12.3 | |
| Operating profit | 860 884 | 782 572 | 10.0 | |
| Operating margin | 6.7% | 6.3% | ||
| Profit after tax for the year | 714 846 | 620 858 | 15.1 | |
| Profit margin | 5.6% | 5.0% | ||
| Headline earnings | 690 253 | 585 305 | 17.9 | |
| Earnings per share (cents) | 143.95 | 126.89 | 13.4 | |
| Headline earnings per share (cents) | 143.72 | 122.71 | 17.1 | |
| Dividend per share declared (cents) | 28.69 | 24.44 | 17.4 |
Revenue increased by 2.3% to R12.8 billion. In an environment characterised by constrained consumer activity, the group's ability to achieve topline growth reflects the successful onboarding of new clients through a continued focus on expanding its client portfolio. New clients contributed 1.8% to the revenue growth with price increases contributing 4.2%. This was however negatively impacted by a 4% decline in sales volume.
| Segmental revenue | 31 Dec 2025 R'000 | 31 Dec 2024 R'000 | Variance % | |
|---|---|---|---|---|
| Botswana | 5 993 774 | 6 231 786 | (3.8) | |
| Eswatini | 1 986 082 | 1 866 209 | 6.4 | |
| Namibia | 2 361 404 | 2 261 889 | 4.4 | |
| South Africa | 2 001 595 | 1 817 003 | 10.2 | |
| Other countries | 468 066 | 343 090 | 36.4 |
The revenue growth per country in the above table reflects stable trading conditions across most operating geographies and continued momentum in service-based offerings.
Botswana's operating environment in 2025 remained challenging, shaped by prolonged weakness in global diamond demand, which continued to weigh on national economic activity and consumer spend. The depreciation of the pula had a further adverse impact on the translation into rand.
Revenue growth in South Africa reflected the strength of the diversified client portfolio and the scalability of the group's service model.
While the operating environment in Lesotho was reshaped by reduced international aid flows, higher liquor levies and evolving labour and localisation regulations, the group successfully mitigated these pressures through disciplined execution and the onboarding of a diversified portfolio of multi-national FMCG clients. The strong revenue growth enabled the business to achieve profitability within three years of market entry.
While topline revenue growth of the group was modest compared to the prior year, the quality of earnings improved meaningfully.
Operational efficiencies resulted in a gross profit increase of 7.2% to R2.1 billion. Operating profit increased by 10.0% to R860.9 million, with margin expansion reflecting effective cost management and the benefits of scale in our core operations.
Our 35% share of the profit from the newly acquired associate, Tradco Group, contributed R16.6 million to the group's operating profit.
Profit after tax increased by 15.1% to R714.8 million, while headline earnings increased by 17.9%, resulting in headline earnings per share of 143.7 cents. As in prior years, earnings growth was achieved without reliance on material once-off items, reinforcing the sustainability and repeatability of the group's financial performance.
Despite a challenging macroeconomic environment, revenue growth and margin expansion reflect the strength of our diversified portfolio.
Financial position
| 31 Dec 2025 R'000 | 31 Dec 2024 R'000 | Variance % | ||
|---|---|---|---|---|
| Non-current assets | 1 757 425 | 1 573 920 | 11.7 | |
| Current assets | 4 553 064 | 4 074 932 | 11.7 | |
| Total assets | 6 310 489 | 5 648 852 | 11.7 | |
| Non-current liabilities | 283 700 | 367 028 | (22.7) | |
| Current liabilities | 2 286 837 | 2 045 092 | 11.8 | |
| Total liabilities | 2 570 537 | 2 412 120 | 6.6 | |
| Total equity | 3 739 952 | 3 236 732 | 15.5 | |
| Net cash | 560 607 | 424 570 | 32.0 | |
| Net asset value per share (cents) | 768 | 668 | 15.0 | |
| Return on equity (%) | 20.5 | 20.8 | - |
The group remains well capitalised, with a strong balance sheet and sufficient liquidity to navigate current uncertainties while pursuing identified growth opportunities. This financial resilience positions us to continue investing in strategic initiatives while maintaining an appropriate level of returns to shareholders.
Total assets increased by 11.7% to R6.3 billion mainly due to the increased investment in associates and increased cash resources from R1.2 billion to R1.5 billion on 31 December 2025, derived from operating activities.
In line with the group's geographical expansion strategy, the group acquired 35% of the share capital of the Tradco Group for R108.4 million on 17 February 2025. The Tradco Group is a trade marketing and branding services and distribution business based in Kenya with further operations in Uganda and Tanzania.
The group approved capital expenditure of R300 million during the year under review for the acquisition and development of land and buildings in Eswatini. As at the reporting date, 49% of the approved capital expenditure has been deployed in line with the planned project timeline. This investment is expected to significantly expand operational capacity in Eswatini and improve efficiencies. In addition, strong emphasis has been placed on incorporating sustainable and environmentally responsible building practices into the development.
Goodwill impairment assessments were performed across all cash generating units, with no impairments identified, reflecting both the underlying performance of the businesses and the application of prudent assumptions in a volatile macroeconomic environment.
The group maintained conservative leverage levels throughout the year, complied with all banking covenants and continued to strengthen oversight of key financial risks, including liquidity, credit risk and foreign exchange exposure.
Our disciplined capital allocation framework and strong liquidity position continue to support both organic growth and shareholder returns.
Working capital
| 31 Dec 2025 R'000 | 31 Dec 2024 R'000 | Variance % | ||
|---|---|---|---|---|
| Inventories | 979 779 | 1 009 104 | (2.9) | |
| Trade and other receivables | 1 931 238 | 1 887 557 | 2.3 | |
| Trade and other payables | 1 447 701 | 1 418 266 | 2.1 | |
| Net working capital | 1 463 316 | 1 478 395 | (1.0) | |
| Inventory days | 34 | 35 | ||
| Receivables days | 55 | 53 | ||
| Payables days | 51 | 49 |
The group continues to actively manage working capital, delivering a 1.0% reduction in net working capital year-on-year. Inventory efficiency improved as a result of enhanced demand planning. Payables were strategically extended to 51 days, supporting cash flow. This was partially offset by a slight increase in receivables due to the 55 days. The group is not concerned about the collectability of trade debtors. Included in other receivables are overdue VAT refunds which are being actively pursued.
Cash flow
| 31 Dec 2025 R'000 | 31 Dec 2024 R'000 | ||
|---|---|---|---|
| Cash generated from operations | 922 956 | 772 149 | |
| Additions to property, plant and equipment | (184 376) | (92,363) | |
| Acquisition of associated companies | (108 372) | (70 000) | |
| Dividends paid | (117 033) | (92 963) | |
| Net increase in cash and cash equivalents | 323 144 | 119 691 | |
| Cash and cash equivalents at end of the year | 1 453 788 | 1 167 943 |
The group continued to generate strong cash flows during the period, enabling the board to declare a dividend of 28.69 cents per share while retaining flexibility to invest in future growth. Our focus remains on delivering sustainable returns through disciplined financial management.
Cash generated from operations increased to R923.0 million, supported by improved profitability and disciplined working capital management across the group.
Despite continued investment in capital expenditure and strategic acquisitions, the group ended the year in a net cash position of R560.6 million, with cash and cash equivalents of R1.45 billion at year end. This position reflects a deliberate balance between reinvesting in the business and preserving liquidity to manage risk and fund future growth opportunities.
Strategic acquisitions
Subsequent to year-end, the group entered into an agreement to acquire a controlling interest in Sunpac, further strengthening our route-to-market capabilities and service offering. Sunpac is a leading distributor and turnkey route-to-market partner to a portfolio of prominent international brand owners and retailers in the personal care category. Sunpac adds a strategic capability for CA&S in the fast-growing private and confined label category. This transaction remains subject to regulatory approvals and reflects our disciplined, step-by-step approach to growth.
The group has the option to acquire up to an additional 46% of the shares of Roots Sales. The group has 30 days after the March 2026 audited annual results of Roots have been finalised, to exercise the option.
In addition, the group has the option to acquire an additional 20% of the shares of the Tradco Group. This will increase the group's shareholding to 55%. The group has 30 days after the December 2025 audited annual results of Tradco have been finalised, to exercise the option.
Dividend
A final dividend of 28.69 cents per share in respect of the year ended 31 December 2025 was declared by the board on 26 March 2026, for payment to shareholders on 20 April 2026. This represents a 17.4% increase on the prior year dividend declared of 24.44 cents. In line with the company's dividend policy, the dividend was maintained at 20% of the headline earnings. The dividend has been declared from income reserves.
Outlook
As we enter 2026, the operating environment remains uncertain, with continued pressure on costs, currencies and consumer demand across the region. However, the group's strong balance sheet, diversified earnings base and disciplined capital allocation provide a solid platform for sustainable growth.
Our financial strategy will continue to support:
- Investment in people, systems and operational resilience
- Responsible growth in existing and new markets
- Strong governance and risk management
- Sustainable returns to shareholders
In doing so, we remain committed to creating long term value for all stakeholders.
Frans Reichert
Chief Financial Officer