Bidvest lifts interim earnings, raises dividend

Bidvest reported a 5.1% increase in interim headline earnings per share (Heps) from continuing operations to 989.4 cents for the six months to 31 December 2025.

The group declared an interim dividend of 495 cents per share, up 5.3% year on year.

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Revenue rose 4% to R66.7 billion, while trading profit increased 6.9% to R6.7 billion, supported by margin expansion and disciplined cost control in a competitive environment.

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Growth was mainly driven by services businesses, with hygiene, hospitality and testing, inspection and compliance activities performing strongly across both local and international operations.

Bidvest said the proposed sale of Bidvest Bank to Nigeria-based Access Bank has been terminated after the buyer failed to secure the required regulatory approvals by the contractual long-stop date.

The proposed deal was originally announced in December 2024. The group has relaunched the disposal process and reiterated its intention to exit the banking business.

The planned disposal of Bidvest Life remains subject to customary regulatory approvals and is still progressing. Bidvest Life remains classified as a discontinued operation, with its disposal still subject to regulatory approvals.

“[We] remain confident in our ability to successfully execute this disposal and will accelerate transaction timeframes,” the group notes.

During the period, the group raised a new $500 million (R8.1 billion) seven-year bond to refinance upcoming maturities and extend its debt profile at tighter spreads.

Bidvest also completed bolt-on acquisitions of Aquatico, an environmental monitoring laboratory, and Cleanbio, a Singapore-based hygiene services operator, as it continues to expand its niche services portfolio while focusing on deleveraging.

Outlook

Bidvest notes that it is focused on rebuilding Bidvest’s return profile. “[We] recognise that ROIC (return on invested capital) has moderated in recent years as we expanded our geographic footprint and niche services offering.”

No mergers and acquisitions are planned while the group is busy “deleveraging”. Growth capex will be concentrated in Freight.

The group believes engagement regarding private-sector participation in South African ports is progressing well, with the finalisation of key contracts on the horizon.

In addition, there is reason for optimism in South Africa, with low interest rates, declining inflation, and even modest economic growth forecasts.

“Structurally, there is also no doubt that progress continues to be made in electricity and rail reforms, while the removal of South Africa from the FATF grey list opens the door for investment flows,” it notes.

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