Income Statement Alexander Forbes Group Holdings Limited

Stocks

AFH

ZAE000191516

Investment Management & Fund Operators

End-of-day quote Johannesburg S.E. 11/09/2026			5-day change	1st Jan Change
6.850 ^ZAR	+0.74%		-1.58%	-12.18%

06-11	Alexander Forbes Group Holdings Limited Declares Final Cash Dividend for the Period Ended 31 March 2026, Payable on 20 July 2026	CI
06-10	Alexander Forbes Group Holdings Limited Reports Earnings Results for the Full Year Ended March 31, 2026	CI

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Published financial data: ALEXANDER FORBES GROUP HOLDINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Revenues	4.2B	4.49B	5.06B	5.65B	6.28B
Insurance Division Revenues	-	-	-	-	-
Total Revenues	4.2B	4.49B	5.06B	5.65B	6.28B
Cost of Goods Sold, Total	977M	1.01B	1.15B	1.25B	1.43B
Insurance Division Operating Expenses, Total	4M	1M	1M	-	-1M
Gross Profit	3.22B	3.48B	3.9B	4.4B	4.85B
Selling General & Admin Expenses, Total	2.46B	2.68B	3.12B	3.46B	3.78B
Stock-Based Compensation (IS)	-	-	-	-	-
Other Operating Expenses	90M	78M	12M	45M	78M
Other Operating Expenses, Total	2.55B	2.76B	3.13B	3.5B	3.86B
Operating Income	669M	714M	772M	893M	991M
Interest Expense, Total	-61M	-58M	-74M	-88M	-84M
Interest And Investment Income	123M	162M	263M	256M	211M
Net Interest Expenses	62M	104M	189M	168M	127M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-2M	-	-	-	-
EBT, Excl. Unusual Items	729M	818M	961M	1.06B	1.12B
Restructuring Charges	-14M	-10M	-8M	-21M	-11M
Impairment of Goodwill	-	-	-33M	-	-
Asset Writedown	-2M	-18M	-57M	-	-
Other Unusual Items	-	-	12M	-	-
EBT, Incl. Unusual Items	713M	790M	875M	1.04B	1.11B
Income Tax Expense	235M	237M	295M	295M	342M
Earnings From Continuing Operations	478M	553M	580M	745M	765M
Earnings Of Discontinued Operations	29M	161M	112M	161M	95M
Net Income to Company	507M	714M	692M	906M	860M
Minority Interest	-12M	-10M	-20M	-23M	-19M
Net Income - (IS)	495M	704M	672M	883M	841M
Net Income to Common Incl Extra Items	495M	704M	672M	883M	841M
Net Income to Common Excl. Extra Items	466M	543M	560M	722M	746M
Per Share Items
Net EPS - Basic	0.39	0.57	0.55	0.71	0.66
Basic EPS - Continuing Operations	0.37	0.44	0.46	0.58	0.59
Basic Weighted Average Shares Outstanding	1.26B	1.23B	1.23B	1.25B	1.27B
Net EPS - Diluted	0.36	0.53	0.52	0.7	0.64
Diluted EPS - Continuing Operations	0.34	0.41	0.44	0.57	0.56
Diluted Weighted Average Shares Outstanding	1.36B	1.32B	1.28B	1.27B	1.32B
Normalized Basic EPS	0.35	0.41	0.47	0.51	0.54
Normalized Diluted EPS	0.33	0.38	0.45	0.51	0.51
Dividend Per Share	0.32	0.42	0.5	0.55	0.57
Payout Ratio	55.56	63.78	89.73	163.08	103.57
Supplemental Items
EBITDA	782M	806M	871M	997M	1.1B
EBITA	732M	755M	812M	932M	1.03B
EBIT	669M	714M	772M	893M	991M
EBITDAR	783M	-	-	-	-
Effective Tax Rate - (Ratio)	32.96	30	33.71	28.37	30.89
Total Current Taxes	228M	223M	242M	297M	348M
Total Deferred Taxes	7M	14M	53M	-2M	-6M
Normalized Net Income	444M	501M	581M	640M	680M
Interest on Long-Term Debt	55M	51M	66M	25M	20M
Non-Cash Pension Expense	14M	10M	8M	21M	11M
Supplemental Operating Expense Items
Marketing Expenses	75M	63M	69M	69M	66M
Selling and Marketing Expenses	75M	63M	69M	69M	66M
Research And Development Expense From Footnotes	2M	18M	-	-	-
Net Rental Expense, Total	1M	-	-	-	-
Imputed Operating Lease Interest Expense	736K	-	-	-	-
Imputed Operating Lease Depreciation	264K	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	90M	130M	132M	128M	92M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	90M	130M	132M	128M	92M

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Assets
Cash And Equivalents	2.73B	2.82B	2.79B	1.65B	1.98B
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	475M	666M	729M	1.32B	1.46B
Total Cash And Short Term Investments	3.21B	3.48B	3.52B	2.98B	3.44B
Accounts Receivable, Total	160M	231M	228M	231M	230M
Other Receivables	783M	280M	119M	253M	20M
Total Receivables	943M	511M	347M	484M	250M
Prepaid Expenses	89M	81M	63M	85M	66M
Other Current Assets, Total	37M	-	49M	-	-
Total Current Assets	4.28B	4.08B	3.98B	3.54B	3.75B
Gross Property Plant And Equipment	1.71B	1.36B	1.41B	1.34B	1.35B
Accumulated Depreciation	-1.24B	-969M	-866M	-861M	-949M
Net Property Plant And Equipment	472M	387M	543M	481M	398M
Long-term Investments	47M	30M	29M	26M	97M
Goodwill	1.39B	1.42B	1.44B	1.44B	1.44B
Other Intangibles, Total	294M	474M	567M	600M	652M
Finance Division Other Long-Term Assets, Total	-	-	-	-	-
Deferred Tax Assets Long-Term	187M	159M	119M	118M	118M
Other Long-Term Assets, Total	364B	380B	417B	463B	561B
Total Assets	370B	386B	424B	470B	568B
Liabilities
Accounts Payable, Total	206M	203M	196M	169M	183M
Accrued Expenses, Total	376M	434M	495M	531M	626M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	3M	3M	5M	270M	177M
Current Portion of Leases	188M	179M	112M	50M	53M
Current Income Taxes Payable	21M	20M	28M	38M	23M
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	136M	374M	323M	271M	331M
Total Current Liabilities	930M	1.21B	1.16B	1.33B	1.39B
Long-Term Debt	23M	224M	367M	360M	653M
Long-Term Leases	393M	157M	227M	189M	146M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	89M	90M	86M	82M	81M
Deferred Tax Liability Non Current	79M	87M	120M	119M	112M
Other Non Current Liabilities	365B	380B	417B	463B	561B
Total Liabilities	366B	382B	419B	466B	564B
Common Stock, Total	6.1B	5.98B	5.98B	5.98B	6.07B
Retained Earnings	-1.83B	-1.54B	-1.46B	-2.01B	-2.03B
Treasury Stock	-427M	-322M	-268M	-187M	-159M
Comprehensive Income and Other	232M	337M	291M	172M	-22M
Total Common Equity	4.07B	4.46B	4.54B	3.96B	3.86B
Minority Interest	33M	24M	48M	52M	60M
Total Equity	4.11B	4.48B	4.59B	4.01B	3.92B
Total Liabilities And Equity	370B	386B	424B	470B	568B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.23B	1.22B	1.24B	1.25B	1.27B
ECS Total Common Shares Outstanding	1.23B	1.22B	1.24B	1.25B	1.27B
Book Value / Share	3.32	3.64	3.68	3.16	3.03
Tangible Book Value	2.39B	2.56B	2.54B	1.92B	1.77B
Tangible Book Value Per Share	1.94	2.09	2.06	1.53	1.39
Total Debt	607M	563M	711M	869M	1.03B
Net Debt	-2.6B	-2.92B	-2.81B	-2.11B	-2.41B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-71M	-	-	-	-
Debt Equivalent Oper. Leases	8M	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	33M	24M	48M	52M	60M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	271M	247M	281M	266M	270M
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	31.5M	24M	12M	13.4M	19M

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Net Income	495M	704M	672M	883M	841M
Depreciation & Amortization - CF	160M	167M	123M	141M	144M
Amortization of Goodwill and Intangible Assets - (CF)	63M	41M	40M	39M	41M
Depreciation & Amortization, Total	223M	208M	163M	180M	185M
Amortization of Deferred Charges, Total - (CF)	32M	44M	46M	65M	88M
Minority Interest in Earnings - (CF)	-9M	-9M	-15M	-19M	-18M
(Gain) Loss on Sale of Investments - (CF)	4M	1M	1M	-	-1M
Asset Writedown & Restructuring Costs	2M	18M	90M	-	8M
Stock-Based Compensation (CF)	90M	130M	128M	128M	-57M
Net Cash From Discontinued Operations	44M	-68M	50M	6M	4M
Other Operating Activities, Total	890M	-350M	668M	-121M	5.65B
Change In Accounts Receivable	-35M	-54M	64M	-5M	104M
Change In Accounts Payable	91M	105M	-54M	37M	124M
Cash from Operations	1.83B	729M	1.81B	1.15B	6.93B
Capital Expenditure	-115M	-142M	-221M	-167M	-215M
Cash Acquisitions	-	-94M	-84M	-9M	-3M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-98M	-45M	-9M	-6M
Investment in Marketable and Equity Securities, Total	537M	-168M	1M	-46M	-146M
Other Investing Activities, Total	-207M	130M	31M	40M	-
Cash from Investing	215M	-372M	-318M	-191M	-370M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	202M	146M	411M	47M
Total Debt Issued	-	202M	146M	411M	47M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-160M	-181M	-163M	-262M	-148M
Total Debt Repaid	-160M	-181M	-163M	-262M	-148M
Issuance of Common Stock	14M	9M	2M	-	2M
Repurchase of Common Stock	-229M	-83M	-108M	-168M	-
Issuance of Preferred Stock	-	-	-	-	249M
Common Dividends Paid	-275M	-449M	-603M	-1.44B	-871M
Common & Preferred Stock Dividends Paid	-275M	-449M	-603M	-1.44B	-871M
Other Financing Activities, Total	-	-	-	-	7M
Cash from Financing	-650M	-502M	-726M	-1.46B	-714M
Foreign Exchange Rate Adjustments	-18M	50M	35M	-2M	-8M
Net Change in Cash	1.37B	-95M	804M	-498M	5.84B
Supplemental Items
Cash Interest Paid	63M	56M	72M	86M	82M
Cash Income Tax Paid (Refund)	235M	209M	238M	290M	367M
Levered Free Cash Flow	658M	1.2B	655M	557M	1.12B
Unlevered Free Cash Flow	696M	1.24B	702M	612M	1.17B
Change In Net Working Capital	-48M	-650M	-144M	143M	-407M
Net Debt Issued / Repaid	-160M	21M	-17M	149M	-101M

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Profitability
Return on Assets	0.12	0.12	0.12	0.12	0.12
Return on Total Capital	8.84	9.15	9.33	10.97	12.6
Return On Equity %	11.75	12.88	12.79	17.33	19.29
Return on Common Equity	11.56	12.73	12.45	16.99	19.08
Margin Analysis
Gross Profit Margin %	76.63	77.49	77.17	77.81	77.25
SG&A Margin	58.55	59.84	61.67	61.21	60.22
EBITDA Margin %	18.63	17.96	17.22	17.64	17.52
EBITA Margin %	17.44	16.83	16.05	16.49	16.44
EBIT Margin %	15.94	15.91	15.26	15.8	15.79
Income From Continuing Operations Margin %	11.39	12.32	11.46	13.18	12.19
Net Income Margin %	11.79	15.69	13.28	15.63	13.4
Net Avail. For Common Margin %	11.1	12.1	11.07	12.78	11.88
Normalized Net Income Margin	10.57	11.17	11.48	11.33	10.83
Levered Free Cash Flow Margin	15.67	26.79	12.95	9.86	17.81
Unlevered Free Cash Flow Margin	16.58	27.6	13.87	10.83	18.65
Asset Turnover
Asset Turnover	0.01	0.01	0.01	0.01	0.01
Fixed Assets Turnover	8.26	10.45	10.88	11.04	14.28
Receivables Turnover (Average Receivables)	24.34	22.95	22.04	24.62	27.23
Short Term Liquidity
Current Ratio	4.6	3.36	3.43	2.67	2.69
Quick Ratio	4.46	3.29	3.34	2.6	2.65
Operating Cash Flow to Current Liabilities	1.96	0.6	1.56	0.87	4.97
Days Sales Outstanding (Average Receivables)	15	15.9	16.6	14.82	13.4
Average Days Payable Outstanding	65.94	73.98	63.27	53.12	44.95
Long Term Solvency
Total Debt/Equity	14.78	12.57	15.49	21.67	26.24
Total Debt / Total Capital	12.88	11.17	13.41	17.81	20.79
LT Debt/Equity	10.13	8.51	12.94	13.69	20.38
Long-Term Debt / Total Capital	8.83	7.56	11.21	11.25	16.14
Total Liabilities / Total Assets	98.89	98.84	98.92	99.15	99.31
EBIT / Interest Expense	10.97	12.31	10.43	10.15	11.8
EBITDA / Interest Expense	14.62	15.9	12.64	12.19	14
(EBITDA - Capex) / Interest Expense	12.74	13.45	9.65	10.3	11.44
Total Debt / EBITDA	0.68	0.61	0.76	0.81	0.88
Net Debt / EBITDA	-2.91	-3.17	-3	-1.96	-2.05
Total Debt / (EBITDA - Capex)	0.78	0.72	1	0.96	1.07
Net Debt / (EBITDA - Capex)	-3.35	-3.74	-3.93	-2.32	-2.51
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.78	6.88	12.75	11.7	11.08
Gross Profit, 1 Yr. Growth %	6.31	8.08	12.28	12.63	10.28
EBITDA, 1 Yr. Growth %	5.96	3.07	19.97	12.91	10.33
EBITA, 1 Yr. Growth %	6.09	3.14	20.3	13.11	10.73
EBIT, 1 Yr. Growth %	6.02	6.73	21.77	13.9	10.97
Earnings From Cont. Operations, 1 Yr. Growth %	14.9	15.69	4.88	28.45	2.68
Net Income, 1 Yr. Growth %	167.57	42.22	-4.55	31.4	-4.76
Normalized Net Income, 1 Yr. Growth %	7.35	12.99	28.67	8.84	6.19
Diluted EPS Before Extra, 1 Yr. Growth %	16.5	20.12	5.83	30.73	-0.88
Accounts Receivable, 1 Yr. Growth %	-13.51	44.38	-1.3	1.32	-0.43
Net Property, Plant and Equip., 1 Yr. Growth %	-13.24	-18.01	40.31	-11.42	-17.26
Total Assets, 1 Yr. Growth %	8.67	4.26	9.68	10.79	20.92
Tangible Book Value, 1 Yr. Growth %	4.6	7.08	-0.63	-24.29	-7.75
Common Equity, 1 Yr. Growth %	2.05	9.38	1.95	-12.86	-2.45
Cash From Operations, 1 Yr. Growth %	-1.72K	-60.1	148.7	-36.35	500.26
Capital Expenditures, 1 Yr. Growth %	7.48	23.48	55.63	-24.43	28.74
Levered Free Cash Flow, 1 Yr. Growth %	155.41	54.7	-43.12	-15.94	100.65
Unlevered Free Cash Flow, 1 Yr. Growth %	130.98	51.91	-40.96	-13.66	91.2
Dividend Per Share, 1 Yr. Growth %	45.45	31.25	19.05	10	3.64
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.16	7.33	9.78	12.22	11.39
Gross Profit, 2 Yr. CAGR %	1.01	7.19	10.16	12.45	11.45
EBITDA, 2 Yr. CAGR %	-2.46	4.51	5.54	17.19	11.61
EBITA, 2 Yr. CAGR %	-2.63	4.6	5.32	17.5	11.91
EBIT, 2 Yr. CAGR %	-2.66	6.37	7.42	18.68	12.43
Earnings From Cont. Operations, 2 Yr. CAGR %	-20.9	15.3	10.15	16.07	14.85
Net Income, 2 Yr. CAGR %	84.76	95.07	16.52	11.99	11.87
Normalized Net Income, 2 Yr. CAGR %	31.19	10.13	14.4	19.1	7.51
Diluted EPS Before Extra, 2 Yr. CAGR %	-33.75	18.29	12.74	17.62	13.84
Accounts Receivable, 2 Yr. CAGR %	-11.22	11.74	19.37	0	0.44
Net Property, Plant and Equip., 2 Yr. CAGR %	-13.03	-15.66	7.26	11.49	-14.39
Total Assets, 2 Yr. CAGR %	14.61	6.44	6.94	10.26	15.74
Tangible Book Value, 2 Yr. CAGR %	-11.72	5.83	3.16	-13.26	-16.43
Common Equity, 2 Yr. CAGR %	-7.94	5.65	5.6	-5.74	-7.8
Cash From Operations, 2 Yr. CAGR %	19.89	153.99	-0.38	25.82	95.47
Capital Expenditures, 2 Yr. CAGR %	50.16	15.2	38.63	8.45	-1.37
Levered Free Cash Flow, 2 Yr. CAGR %	-28.32	116	-8.17	-30.46	29.87
Unlevered Free Cash Flow, 2 Yr. CAGR %	-28.7	102.7	-7.23	-28.23	28.48
Dividend Per Share, 2 Yr. CAGR %	3.28	38.17	25	14.43	6.77
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.14	3.71	9.11	10.41	11.84
Gross Profit, 3 Yr. CAGR %	0.77	3.31	8.86	10.98	11.72
EBITDA, 3 Yr. CAGR %	-3.71	-0.65	5.68	8.43	14.86
EBITA, 3 Yr. CAGR %	-4.02	-0.74	5.58	8.38	15.2
EBIT, 3 Yr. CAGR %	-4.2	0.38	6.95	10.11	16.05
Earnings From Cont. Operations, 3 Yr. CAGR %	14.08	-10.21	11.72	15.94	11.42
Net Income, 3 Yr. CAGR %	13.79	69.33	53.72	21.28	6.11
Normalized Net Income, 3 Yr. CAGR %	-0.78	24.82	12	13	14.63
Diluted EPS Before Extra, 3 Yr. CAGR %	16.91	-19.22	13.98	18.45	11.1
Accounts Receivable, 3 Yr. CAGR %	-5.4	4.4	7.21	13.02	-0.14
Net Property, Plant and Equip., 3 Yr. CAGR %	-13.57	-14.72	-0.06	0.63	0.94
Total Assets, 3 Yr. CAGR %	5.83	11.05	7.51	8.22	13.7
Tangible Book Value, 3 Yr. CAGR %	-3.23	-5.85	3.63	-6.95	-11.46
Common Equity, 3 Yr. CAGR %	-10.31	-2.5	4.41	-0.95	-4.66
Cash From Operations, 3 Yr. CAGR %	9.2	-16.91	152.22	-14.2	111.81
Capital Expenditures, 3 Yr. CAGR %	0.59	40.68	27.35	13.24	14.83
Levered Free Cash Flow, 3 Yr. CAGR %	60.01	-2.09	36.5	-10.5	-1
Unlevered Free Cash Flow, 3 Yr. CAGR %	121.13	-3.3	32.53	-9.11	-0.5
Dividend Per Share, 3 Yr. CAGR %	2.17	11.87	31.48	19.79	10.72
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-3.14	2.42	4.51	7.04	10.01
Gross Profit, 5 Yr. CAGR %	-1.49	3.09	4.43	6.88	9.89
EBITDA, 5 Yr. CAGR %	-5.29	-0.39	-0.11	3.94	8.31
EBITA, 5 Yr. CAGR %	-5.2	-0.21	-0.39	3.84	8.38
EBIT, 5 Yr. CAGR %	-4.81	0.74	0.29	4.81	9.45
Earnings From Cont. Operations, 5 Yr. CAGR %	-5.07	1.95	12.49	-0.5	12.96
Net Income, 5 Yr. CAGR %	-19.51	24.01	14.87	43.52	35.37
Normalized Net Income, 5 Yr. CAGR %	-1.63	3.95	5.04	19.95	10.47
Diluted EPS Before Extra, 5 Yr. CAGR %	-2.87	4.84	15.23	-6.12	13.92
Accounts Receivable, 5 Yr. CAGR %	-1.21	4.1	3.82	2.62	4.45
Net Property, Plant and Equip., 5 Yr. CAGR %	18.5	17.34	-5.77	-5.07	-6.06
Total Assets, 5 Yr. CAGR %	4.7	4.55	6.27	10.73	10.74
Tangible Book Value, 5 Yr. CAGR %	-3.96	3.21	-0.72	-8.89	-4.91
Common Equity, 5 Yr. CAGR %	-10.01	-5.81	-4.25	-3.81	-0.66
Cash From Operations, 5 Yr. CAGR %	47.69	-1.87	5.26	-1.91	127.77
Capital Expenditures, 5 Yr. CAGR %	-1.65	-14.84	14.36	26.77	14.98
Levered Free Cash Flow, 5 Yr. CAGR %	19.91	25.4	32.47	-15.33	34.12
Unlevered Free Cash Flow, 5 Yr. CAGR %	16.74	23.16	61.24	-14.87	31.17
Dividend Per Share, 5 Yr. CAGR %	-4.36	0	10.76	12.89	20.97