EnX Group announces special dividend, shares surge over 5%

EnX Group’s share price shot up over 5% on Wednesday morning after it announced a special dividend following the completion of a number of divestments.

The industrial holdings group said it had accumulated an unrestricted cash surplus to the operational requirements of enX, and the plan was to distribute this to shareholders.

A special dividend of R1.30 per share was declared. This followed the declaration of another R1.55 special distribution, amounting to R283 million, on March 12, 2025. In July 2025, it declared a special dividend of R5 per share.

EnX’s share price surged 5.75% to R4.78 on the JSE Wednesday morning, within the R3.51 and R6 range that the share has traded at in the past year.

In the six months to February 28, enX’s revenue from continuing operations fell 10% to R1.13 billion, while headline earnings per share from continuing operations fell 29% to 22 cents per share. Net asset value per share came to R8.65 versus R9.06 at the end of August 2024.

At the interim stage, the continuing operations comprised its Power division, which designs, manufactures, installs, rents, and maintains diesel generators and distributes a range of industrial engines, and enX Chemicals, which deals in polyolefins, styrenics, rubber, and speciality chemicals to the Southern African market.

Its discontinued operations included enX Group Lubricants, which previously made up the Lubricants segment and produces and markets oil lubricants and greases in South Africa and sub-Saharan Africa. It is also a distributor of ExxonMobil lubricants and Quaker Houghton International advanced fluids solutions and services.

AG Lubricants was classified as held for sale, and its sale was effective March 11, 2025. Eqstra Fleet Management, which previously made up the Fleet segment and provides commercial and passenger vehicle leasing services, was disposed of effective June 13, 2024.

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