2025/11/13 – 17:00:00 – 1086691043023257872
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https://senspdf.jse.co.za/documents/2025/nsx/isse/tadn/TADSep2025.pdf
Abridged unaudited financial statements for the 9 months ended 30 September 2025
Tadvest Limited
(Incorporated in the Republic of Mauritius)
(Registration number: 126446)
Having its registered office address at
C/O SAFYR UTILIS LTD, 7th Floor, Tower 1, NeXTeracom,
Cybercity, Ebene 72201, Republic of Mauritius
SEM share code: TAD.N0000
NSX share code: TAD
ISIN: MU0510N00001
(“Tadvest” or “the Company”)
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED 30 SEPTEMBER 2025
9 months ended 30 9 months ended 30
September 2025 September 2024
(Unaudited) (Unaudited)
Operating profit/(loss) (USD) 6,027,491 6,102,323
Total comprehensive income/(loss) for the period (USD) 6,128,061 6,186,055
Earnings/(Loss) per share (USD) 0.14 0.14
Net Asset Value per share (USD) 1.98 1.80
Dividend
No dividend has been declared nor recommended by the Board of Directors for the year under review.
Commentary
The Company’s NAV increased by USD 6.1m for the nine months ended 30 September 2025 (September 2024:
increase of USD 6.19m). The increase was primarily driven by foreign exchange gains on investments of USD
5.5m, resulting from the appreciation of the Tadvest basket of currencies relative to the USD. These gains were
partially offset by the unrealised fair value loss on investments of USD 1.0m. In addition, a profit of USD 1.3m
was realised from the sale of shares in Alphamin Resources. Dividends of USD 0.3m were received from
Alphamin and Nuvo Energy during the nine months period ended 30 September 2025.
The Company’s liquidity position remained stable at 30 September 2025, with USD 9.7m in cash and cash
equivalents. This comprises of USD 8.8m invested in the BlackRock Liquidity Fund and USD 0.9m held in various
Company bank accounts.
The Company did not revalue any of its unlisted or property investments during the nine months period ended,
in line with the Company’s valuation policy.
Subsequent Events
During October 2025, the Company completed the sale of its investment in Trakka Group and the sale of the
last tranche of its equity interest in Alphamin, and received total proceeds of USD 21.3m.
Short form announcement
This short form announcement is the responsibility of the directors. It is only a summary of the information
contained in the full announcement and does not contain full or complete details.
Any investment decision should be based on the full announcement.
The NSX link is as follows: https://senspdf.jse.co.za/documents/2025/nsx/isse/tadn/TADSep2025.pdf
Registered address: c/o SAFYR UTI LI S LTD, 7th Floor, Tower 1, NeXTeracom, Cybercity, Ebene 72201, Republic
of Mauritius
By order of the Board
13 November 2025
Sponsor
PSG Wealth Management (Namibia) (Pty) Ltd
Member of the Namibia Securities Exchange
Date: 13-11-2025 05:00:00
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