Marshall Monteagle triples headline earnings in six-month period

Marshall Monteagle, the JSE-listed import and distribution group, more than tripled headline earnings a share in the six months to September 30, 2025.

The company, which holds portfolios of investments in the US, UK, Europe, Far East as well as commercial properties and interests in food processing and logistics in South Africa, said headline earnings came to $22.6 cents a share compared to earnings of $6.2 cents per share in the six months period to September 30, 2024.

An interim dividend of US 2 cents per share (33.706 cents) would be paid. Net assets per share increased by 9.4% to $2.67 from $2.44 at March 31, 2025.

"Our actively managed global equity portfolio delivered a strong performance attributable to increased equity positions, fair value gains and realised profits on trading activities," directors said.

Favourable currency movements contributed $1.52m (2022 loss - $460 000) to the results. Group taxed profit on continuing operations for the six months increased to $8.15m. Group revenue from continuing operations increased 16% to $46.5m compared to the six months period in 2024.

In constant currency terms revenue on continuing operations increased by 15% to $46.061m. Taxed profit came to $8.15m, compared to $2.49m. In constant currency terms, the profit was $8.15m. Available cash and its equivalents decreased by 25% to $22.77m compared to March 31, 2025, mainly due to cash coming off deposit and being invested in global equities.

"International trade remains affected by geopolitical tensions and weak global demand, however the sectors we trade in are less impacted by these factors and we have achieved increased physical shipment volumes during the period. We are cautiously optimistic that physical shipment volumes will continue to increase in the second half of the current financial year," directors said.

The South African commercial and light industrial property portfolio delivered a "satisfactory performance." The group prioritised relationships with tenants to ensure the vacancy rates remained low, despite a stagnant local economy.

The actively managed listed equity portfolios "performed well" and was producing steady dividends combined with significant profits earned on stocks realised.

"We remain cautious on the outlook for global equity markets moving into 2024 and therefore maintain a conservative and defensive balance between quality equities and cash on short-term fixed deposits," directors said.

A rights issue to raise $10.7m during the period was heavily oversubscribed. The funds would be invested in the group's managed share portfolios in the short to medium term and might also be reinvested in other strategic investments over time.

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