Johann Rupert-chaired investment group Reinet has grown its net asset value by 11.8% despite heightened market volatility.
The group said on Tuesday that its NAV increased by €731m to €6.9bn for the year ended March. The increase reflects the rise in value of Pension Corporation, the gain on the sale of British American Tobacco shares, and the dividends received from both these companies.
NAV per share rose to €38.04 (R773.07) from €34.02 (R691.37), it said. The board has proposed a dividend of €0.37 (R7.52) per share — a 5.7% increase over last year’s dividend.
During the year commitments of €39m were made in respect of new and existing investments, with a total of €144m funded.
In a historic move marking the end of a nearly 80-year relationship with the tobacco industry, Reinet completely exited BAT in January. Its remaining 48.3-million BAT shares were sold for €1.627bn, while dividends from BAT during the year amounted to €98m.
Its ordinary and special dividends from Pension Insurance Corporation Group during the year amounted to €235m.
After disposing of the remaining interests in BAT, Reinet consequently had significant liquid funds, ensuring the ability to meet both existing and future investment commitments, the group said.
“During 2024, markets were relatively stable as compared to 2022 and 2023; interest rates and inflation generally declined despite the continued crises in Ukraine and the Middle East. In contrast, 2025 to date has seen much higher market volatility with the potential for changes in global trade tariffs,” said Rupert.
“Such uncertainty is not good for capital markets and makes investing more challenging,” he added.
Liquid funds are held in several currencies and placed with highly rated banks and short-term money market funds. Capital invested during the year amounted to about €144m, mostly in respect of funds managed by TruArc Partners and Coatue.
“Recognising the potential for continued market volatility and global instability, we will maintain a measured approach to capital deployment, prioritising support for our current portfolio investments while selectively exploring new opportunities and partnerships that promise long-term capital growth, said Rupert.
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