Chamwe Kaira
The Remgro Group says its share of IFRS 3 amortisation and depreciation charges related to the Distell/Heineken transaction amounted to N$140 million for the year, down from N$257 million in 2024.
“These charges stem from additional assets identified when Heineken Beverages obtained control over Distell Group Holdings Limited and Namibia Breweries Limited,” the group reported in results for the year ended 30 June.
Heineken Beverages contributed a loss of N$50 million to Remgro’s headline earnings, compared to a loss of N$573 million in 2024.
Excluding amortisation and depreciation, Heineken Beverages posted a profit of N$90 million, compared to a loss of N$316 million in the prior year.
For the six months ended 31 December 2024, Heineken Beverages reported high-single-digit volume and revenue growth excluding Namibia Breweries, while Namibia Breweries achieved mid-teens growth.
Beer volumes rose in the low teens, driven by Heineken, Windhoek, and Amstel. For the six months ended 30 June 2025, revenue grew in the mid-single digits, while consolidated volumes declined slightly.
Beer volumes rose in the low single digits, stabilising in South Africa, where Heineken and Amstel supported market share recovery.
The ready-to-drink brand Bernini grew by more than 30%, offsetting declines in cider and other RTD products.
Wine and spirits volumes dropped in the teens due to portfolio changes. In Namibia, volumes increased by high-single digits, with Windhoek Lager and Savanna gaining share.
Strong growth was also recorded in Kenya, led by spirits, and in Tanzania, led by Heineken.
Remgro also recorded N$22 million in amortisation and depreciation charges in the comparative year, compared to none in the current period after certain assets were impaired or amortised.
For the year, headline earnings rose by 38.6% from N$5.64 billion to N$7.82 billion, while headline earnings per share increased by 38.4% from N$10.18 to N$14.09.
Remgro is listed on the Johannesburg Stock Exchange with a secondary listing on A2X. Its portfolio spans nine sectors, including healthcare, consumer products, financial services, infrastructure, and industrials.
Major investments include Mediclinic (50%), OUTsurance (30.5%), CIVH (57%), Discovery (7.7%), RCL Foods (79.6%), Heineken Beverages (18.8%), Siqalo Foods (100%), Air Products (50%), FirstRand (1.6%), TotalEnergies Marketing South Africa (24.9%), Kagiso Tiso Holdings (43.5%), and Rainbow Chicken (80%). These holdings account for about 88% of Remgro’s intrinsic net asset value.
Caption
Namibia Breweries is now owned by Heineken Beverages.
- Photo: Heineken Beverages
