Earnings of R67.0 million, for the 6 month period ending 31 August 2025, represent a decline in earnings compared to the same period of the previous year.

Headline earnings per share increased from 415 cents per share to 553.60 cents per share.

The lower Group results are mainly attributable to SA Dorper (hides and skins), the Meat and Trade Divisions. The processing of hides at SA Dorper performed below expectations due to the foot-and-mouth disease outbreak at Karan Beef and the lower demand for Dorper leather. BADER SA terminated the hide processing contract with SA Dorper from 1 October 2025, resulting in an impairment charge on the assets of SA Dorper of R55.6m.

The Meat Division’s lower performance is due to lower slaughter numbers at Upington Abattoir due to challenges with the issuance of import permits at the Department of Agriculture’s Division of Veterinary Services, despite Carnarvon Abattoir performing better than last year. The Trade Division’s performance weakened due to more subdued consumer spending, particularly on animal feeds. Despite an increase in the contribution of Carpe Diem Raisins due to favourable realised and unrealised currency hedging and an improvement in the financial performance of the fuel division due to higher volumes, the trading climate for raisins for the period under review remained good, thanks to a better balance between supply and demand due to a smaller Turkish harvest.