Inqo Investments Limited
Press release at 3 July 2026
Audited Group Results for the year ended 28 February 2026
Company Registration Number
1998/024741/06
Share Code
INQO
ISIN Number
ZAU000014391
INVESTOR OVERVIEW: DELIVERING PROFITABILITY THROUGH IMPACT
Listed on the London Aquis Stock Exchange Growth Market, Inqo is a South African based social impact company operating on the principle that robust environmental and social impact is entirely compatible with long-term financial sustainability. The Group manages a diverse portfolio designed to deliver attractive financial returns alongside measurable outcomes across its three core pillars: Financial Growth, Environmental Sustainability and Social Transformation.
Operational & Strategic Highlights (FY 2026)
● Strong Financial Performance: The Group achieved its strongest financial results since listing, with revenue increasing by 31% to R33.8 million and Group profit expanding by 40% to R28.2 million.
● Principal Asset Growth: Kuzuko Lodge, Inqo's principal operating asset, reported a 97% increase in net profit to R5.3 million, supported by a 34% rise in revenue and sustained international guest demand.
● Strategic Expansion in Uganda: Operational milestones were reached within the CARE project ecosystem, including the first Black Soldier Fly production at Flybox Budongo and the opening of the eco-luxury Pabidi Lodge in April 2026.
● Environmental Impact: To date, the Group has restored 5,185 hectares of degraded land through the planting of 30 million spekboom plants and the successful rewilding of 33 cheetahs.
● Social Transformation: In Uganda, we deployed nearly USD 2 million through our Conservation and Rural Enterprise (CARE) project, driving employment through infrastructure development and supporting our outgrower farmer model. In Kenya, our portfolio supported 15,000 farmers and provided healthcare services to 150,000 clients. At Kuzuko, we continue to grow, train, and develop our team of 55 FTEs.
Executive Commentary
"Our financial performance this year demonstrates the viability of our model," said Dr. K.S. Tan, Executive Chairman of Inqo Investments Limited. "Inqo continues to show that financial sustainability and meaningful societal impact are mutually reinforcing. By driving a 40% increase in group net profit, we are establishing a consistent, self-sustaining framework for responsible investing in Sub-Saharan Africa. Our focus remains on disciplined capital allocation that enhances long-term shareholder value while supporting the communities in which we operate."
FINANCIAL INFORMATION
The financial information set out in this announcement does not constitute statutory financial statements. This financial information has been extracted from Inqo's audited group financial statements for the year ended 28 February 2026.
Feb-26 Feb-25 | R'000 R'000 | Revenue 33,834 25,865 | Profit for the year 28,239 20,236 | Earnings per share 1.71 1.24 | Total Assets 251,209 238,218 | Unutilised Grant Funding 14,327 29,477 | Total Liabilities excl Unutilised Grant Funding 7,837 7,935 | Net Assets 229,045 200,806 | Profit from operating activities includes the following items | Depreciation and amortisation (2,331) (2,118) | Personnel Costs (10,502) (8,319) | Listing Expenses (894) (996) | Professional Fees (40) (312) | Fair value adjustment of the buffalo herd 68 89 |
ENQUIRIES & CORPORATE INFORMATION
Inqo Investments Limited is a social impact company that provides capital to businesses across Sub-Saharan Africa to create jobs and protect the environment. For more information, please visit www.inqo.co.za.
Inqo Investments Limited
Robyn Steyn, Chief Financial Officer finance@inqo.co.za
Bowsprit Partners Limited (Corporate Adviser)
John Treacy / Luis Brime +44 (0) 203 833 4430
PERFORMANCE REVIEW & PORTFOLIO COMMENTARY
Group Financial Strength & Structural Evolution
I am pleased to report that the Group remains in a secure financial position, closing the year with total assets of R251 million, cash and cash equivalents of R38.4 million, and minimal debt. Revenue grew 31% to R33,834,341 (2025: R25,864,966) while our profit before tax advanced to R26,344,295 (2025: R19,339,420).
No new shares were issued during the financial year under review, compared to the 1,854,646 ordinary shares issued in 2025 which raised gross capital of R29,984,428. No dividend was declared or paid to shareholders this year (2025: dividend of R0.07 per share, totaling R1,146,014).
The Board continues to monitor global geopolitical developments, including conflicts in the Middle East. Although our operations are located exclusively across Sub-Saharan Africa without direct geographical exposure, indirect continent-wide economic pressures such as rising fuel costs and travel expenses are being actively monitored and managed at both the portfolio and Board level.
Principal Asset Performance: Kuzuko Lodge (South Africa)
Our principal operating asset, Kuzuko Lodge (Pty) Limited, achieved a significantly improved financial performance, increasing its net profit by 97% to report R5,318,478 (2025: R2,702,737). This progress was driven by a 34% increase in revenue and an upward trajectory in occupancy rates. These results reflect the long-term impact of our targeted marketing efforts, disciplined cost-containment measures, and sustained international guest demand.
Strategic Development of Uganda CARE Investees
Our Conservation and Rural Enterprise (CARE) project framework in Uganda made steady operational progress this year. Reflecting active project deployment, our unutilised grant funding liability decreased by 51% to R14,327,260 (2025: R29,476,525) as capital was applied to approved activities, with R17,490,825 received in cash during the year. Shareholders should note that as the CARE grant is progressively utilised, the associated grant income recognised will naturally reduce, and profitability is expected to normalise over time unless replaced by other sources of funding or new income generated from the CARE projects.
Our individual CARE ventures achieved several key operational milestones during the period:
● Flybox Budongo (BSF) Farm Limited: Partnered with Mana Biosystems (UK), this project upcycles organic waste into animal protein and organic fertiliser. Following the installation of containerised modular units and final commissioning, the site achieved its first Black Soldier Fly egg production in February 2026. Management is working with site partners to resolve local power grid reliability constraints to support the ongoing operational ramp-up.
● Pabidi Lodge Budongo Limited: Developed alongside our JV partner, Great Lakes Safaris, this eco-luxury lodge is situated within the 825 sq km Budongo Forest-home to over 600 chimpanzees. Core infrastructure including the main lodge, solar power setup, and swimming pool are complete, with six of the ten guest rooms fully operational. The lodge welcomed its first paying guests on 23 March 2026, securing approximately 122 bed nights prior to its formal marketing launch.
● Empower Clean Cooking Limited: A joint venture with East African Power Limited to manufacture sustainable biomass pellets as an alternative to wood and charcoal cooking fuel. We have established shared site infrastructure, electrified the facilities, and tested the containerised maize milling and grain drying equipment. Full operations are pending the connection of a three-phase electricity meter.
● Jakana Budongo Ventures Limited: This new joint venture with Ugandan food processor Jakana Foods Limited utilises an out-grower farmer network model to process freeze-dried and dehydrated fruits. Construction of the central factory has reached 30% completion, critical equipment is being installed, and mobile drying sites have been established to initiate processing operations while factory construction is finalised.
Accountability: Audited Three-Pillar Matrix
To ensure reporting precision, our directors have reviewed the valuation of all income-earning assets to guarantee they reflect fair value on the Statement of Financial Position. Beyond the updates provided, there have been no other material developments impacting our investee companies during the period.
Below is the verified historical log of our social and environmental metrics achieved since project commencement, which serves as the baseline against which future outcomes will be measured:
● Kuzuko Lodge: 14,414 hectares of land protected under a permanent game reserve; 70 km of specialised wildlife fencing erected; an average of 55 permanent and 120 fixed-term jobs sustained; 23 species reintroduced with dedicated conservation programs protecting 8 endangered species; 33 cheetahs successfully rewilded or translocated; and 6% of revenue paid to the Kuzuko Foundation Trust to fund regional impact work.
● South Lake Medical Centre: 150,000 clients served (a 3% increase) with a 97.1% increase in community outreach and a 39% revenue increase across rural health outposts.
● Kentegra: Disbursed nearly USD 2 million in direct cash payments to 15,000 contracted smallholder farmers while reducing field logistics costs by 63% per kilogram of flower purchases.
● Sanergy: Strengthened 15,500 jobs across the value chain; supported over 8,000 smallholder and commercial farmers with regenerative soil inputs; restored more than 3,948 hectares of agricultural land; and avoided or removed over 10,000 tons of $CO_2e$ emissions through verified waste treatment and biochar pathways.
● Spekboom Trading: Planted 30 million spekboom cuttings to restore 5,185 hectares of degraded land, creating 350 fixed-term jobs at peak operational capacity.
Expression of Thanks
On behalf of the Board, I would like to take this opportunity to thank all the operating executives, field staff, and partners across the Group for their continued contribution and commitment to our shared financial and developmental objectives during the year.
Dr K.S. Tan
Chairman
Inqo Investments Limited
(Registration Number 1998/024741/06)
Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026
Statements of Financial Position
Group Group Company Company | Figures in R 2026 2025 2026 2025 | Assets | Non-current assets | Property, plant and equipment 150,785,138 150,135,998 147,163,947 148,852,935 | Intangible assets 7 7 | Biological assets 1,133,500 1,066,000 1,133,500 1,066,000 | Investments in joint ventures 59,261 47,501 59,261 47,501 | Loans to joint ventures 45,949,445 23,152,979 45,949,445 23,152,979 | Investments in subsidiaries 4,175,418 4,175,418 | Other investments 7,013,815 7,252,632 5,346,095 5,584,912 | Loans to subsidiaries 19,635,197 18,164,287 | Total non-current assets 204,941,166 181,655,117 223,462,863 201,044,032 | Current assets | Inventories 4,325,251 4,144,227 3,601,400 3,565,400 | Trade and other receivables 3,570,595 3,402,234 1,360,589 1,463,607 | Current tax assets - 195,227 - 200,000 | Cash and cash equivalents 38,371,922 48,820,777 26,801,286 44,450,832 | Total current assets 46,267,768 56,562,465 31,763,275 49,679,839 | Total assets 251,208,934 238,217,582 255,226,138 250,723,871 |
Inqo Investments Limited
(Registration Number 1998/024741/06)
Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026
Statements of Financial Position
Group Group Company Company | Figures in R 2026 2025 2026 2025 | Equity and liabilities | Equity | Ordinary share capital 81,858,155 81,858,155 81,858,155 81,858,155 | Share premium 108,296,468 108,296,468 108,296,468 108,296,468 | Accumulated loss (48,268,619) (76,195,750) (37,800,324) (60,793,487) | Revaluation reserve 86,242,430 86,242,430 86,242,430 86,242,430 | Total equity attributable to owners of the parent 228,128,434 200,201,303 238,596,729 215,603,566 | Non-controlling interests 916,444 604,461 | Total equity 229,044,878 200,805,764 238,596,729 215,603,566 | Liabilities | Non-current liabilities | Deferred tax liabilities 650,183 2,947,137 650,183 2,947,137 | Lease liabilities 1,218,534 - | Total non-current liabilities 1,868,717 2,947,137 650,183 2,947,137 | Current liabilities | Trade and other payables 4,423,140 2,949,902 436,529 658,389 | Current tax liabilities 53,998 - | Loans from related parties 1,203,429 1,667,162 1,203,429 1,667,162 | Lease liabilities 275,504 - | Dividend payable 12,008 371,092 12,008 371,092 | Unutilised grant funding (CARE Projects) 14,327,260 29,476,525 14,327,260 29,476,525 | Total current liabilities 20,295,339 34,464,681 15,979,226 32,173,168 | Total liabilities 22,164,056 37,411,818 16,629,409 35,120,305 | Total equity and liabilities 251,208,934 238,217,582 255,226,138 250,723,871 |
Inqo Investments Limited
(Registration Number 1998/024741/06)
Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026
Statements of Profit or Loss and Other Comprehensive Income
Group Group Company Company | Figures in R 2026 2025 2026 2025 | Revenue 33,834,341 25,864,966 3,482,428 3,387,242 | Cost of sales (3,536,965) (2,834,838) - - | Gross profit 30,297,376 23,030,128 3,482,428 3,387,242 | Other income 27,132,086 20,260,338 26,909,619 19,822,854 | Personnel expenses (10,501,793) (8,319,350) (1,992,099) (1,396,273) | Depreciation and amortisation (2,330,989) (2,118,447) (1,688,988) (1,927,194) | Listing expenses (893,982) (996,071) (893,982) (996,071) | Professional fees (40,000) (311,900) (40,000) (311,900) | Bad debt - (7,189) - (7,189) | Expected credit loss allowance (311,970) (314,261) (311,970) (314,261) | Impairment 834,194 (460,880) 834,194 69,406 | Other expenses (20,876,945) (12,922,423) (10,094,617) (4,178,725) | Profit from operating activities 23,307,977 17,839,945 16,204,585 14,147,889 | Inventory write (down)/up - (137,182) - (137,182) | Fair value adjustment 67,500 89,000 67,500 89,000 | Finance income 3,146,846 1,580,697 4,424,230 2,877,218 | Finance costs (178,028) (33,040) (106) (19,942) | Profit before tax 26,344,295 19,339,420 20,696,209 16,956,983 | Income tax credit 1,894,819 896,130 2,296,954 1,150,903 | Profit for the year 28,239,114 20,235,550 22,993,163 18,107,886 |
Inqo Investments Limited
(Registration Number 1998/024741/06)
Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026
Statements of Profit or Loss and Other Comprehensive Income
Group Group Company Company | Figures in R 2026 2025 2026 2025 | Profit for the year attributable to: | Owners of Parent Company 27,927,131 20,031,946 22,993,163 18,107,886 | Non-controlling interest 311,983 203,604 - - | 28,239,114 20,235,550 22,993,163 18,107,886 | Earnings per share from continuing operations attributable to owners of the parent during the year | Basic earnings per share | Basic earnings per share 1.71 1.24 1.40 1.12 | Diluted earnings per share | Diluted earnings per share 1.71 1.24 1.40 1.12 | Other comprehensive income net of tax | Components of other comprehensive income that will not be reclassified to profit or loss | Revaluation of land and buildings - (161,994) - (161,994) | Deferred taxation - (288,923) - (288,923) | Total other comprehensive income that will not be reclassified to profit or loss (450,917) (450,917) | Total comprehensive income 28,239,114 19,784,633 22,993,163 17,656,969 | Comprehensive income attributable to: | Owners of Parent Company 27,927,131 19,581,029 22,993,163 17,656,969 | Non-controlling interests 311,983 203,604 - - | 28,239,114 19,784,633 22,993,163 17,656,969 |
Inqo Investments Limited
(Registration Number 1998/024741/06)
Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026
Statements of Changes in Equity - Group
Figures in R Ordinary share capital Share premium Revaluation Reserve Accumulated loss Attributable to owners of the parent Non-controlling interests Total | Balance at 1 March 2024 72,584,925 87,585,270 86,693,347 (95,364,654) 151,498,888 119,507 151,618,395 | Changes in equity | Profit for the year 20,031,946 20,031,946 203,604 20,235,550 | Total comprehensive income for the year 20,031,946 20,031,946 203,604 20,235,550 | Dividend recognised as distributions to shareholders (1,146,014) (1,146,014) (1,146,014) | Revaluation (450,917) (450,917) (450,917) | Issue of equity 9,273,230 20,711,198 29,984,428 29,984,428 | Transfer from NCI due to change in control from subsidiary to joint venture 282,972 282,972 281,350 564,322 | Balance at 28 February 2025 81,858,155 108,296,468 86,242,430 (76,195,750) 200,201,303 604,461 200,805,764 | Changes in equity | Profit for the year 27,927,131 27,927,131 311,983 28,239,114 | Total comprehensive income for the year 27,927,131 27,927,131 311,983 28,239,114 | Balance at 28 February 2026 81,858,155 108,296,468 86,242,430 (48,268,619) 228,128,434 916,444 229,044,878 |
Revaluation reserve is made up as follows: | Cumulative revaluation reserve 111,545,532 | Cumulative deferred taxation (25,303,102) | 86,242,430 |
Inqo Investments Limited
(Registration Number 1998/024741/06)
Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026
Statements of Changes in Equity - Company
Figures in R Ordinary share capital Share premium Revaluation surplus Accumulated loss Total | Balance at 1 March 2024 72,584,925 87,585,270 86,693,347 (77,755,359) 169,108,183 | Changes in equity | Profit for the year 18,107,886 18,107,886 | Total comprehensive income 18,107,886 18,107,886 | Revaluation (450,917) (450,917) | Dividend recognised as distributions to shareholders (1,146,014) (1,146,014) | Issue of equity 9,273,230 20,711,198 29,984,428 | Balance at 28 February 2025 81,858,155 108,296,468 86,242,430 (60,793,487) 215,603,566 | Changes in equity | Profit for the year 22,993,163 22,993,163 | Total comprehensive income 22,993,163 22,993,163 | Balance at 28 February 2026 81,858,155 108,296,468 86,242,430 (37,800,324) 238,596,729 |
Revaluation reserve is made up as follows: | Cumulative revaluation reserve 111,545,532 | Cumulative deferred taxation (25,303,102) | 86,242,430 |
Inqo Investments Limited
(Registration Number 1998/024741/06)
Consolidated and Separate Annual Financial Statements for the year ended 28 February 2026
Statements of Cash Flows
Group Group Company Company | Figures in R 2026 2025 2026 2025 | Net cash flows from operations 3,925,803 1,022,095 (5,112,865) (3,131,557) | Dividend paid (359,084) (774,922) (359,084) (774,922) | Interest paid (108) (11,873) (106) (633) | Interest received 1,535,905 2,088,511 1,232,193 1,897,679 | Income taxes (paid)/refunded (152,910) (450,000) 200,000 (200,000) | Net cash flows from/(used in) operating activities 4,949,606 1,873,811 (4,039,862) (2,209,433) | Cash flows used in investing activities | Cash flows from loss of control of subsidiary - (2,668) - - | Cash payments to acquire interests in joint ventures (26,833,134) (21,471,197) (26,833,134) (21,470,696) | Proceeds from sales of property, plant and equipment 30,435 91,435 30,435 69,563 | Purchase of property, plant and equipment (1,292,946) (1,424,849) - (104,934) | Loans (extended to)/repaid by subsidiary - - 110,186 392,248 | Loans (extended to)/repaid by other investments - 50,063 - 50,063 | Cash flows used in investing activities (28,095,645) (22,757,216) (26,692,513) (21,063,756) | Cash flows from financing activities | Proceeds from issuing shares - 10,197,528 - 10,197,528 | Loans (paid)/received related parties (284,977) 227,105 (284,977) - | Repayments of lease (371,066) (80,680) - - | Grant funding received 17,490,825 17,728,014 17,490,825 17,728,014 | Cash flows from financing activities 16,834,782 28,071,967 17,205,848 27,925,542 | Net (decrease)/increase in cash and cash equivalents before effect of exchange rate changes (6,311,257) 7,188,562 (13,526,527) 4,652,353 | Effect of exchange rate changes on cash and cash equivalents (4,137,598) (2,072,247) (4,123,019) (2,075,286) | Net (decrease)/increase in cash and cash equivalents (10,448,855) 5,116,315 (17,649,546) 2,577,067 | Cash and cash equivalents at beginning of the year 48,820,777 43,704,462 44,450,832 41,873,765 | Cash and cash equivalents at end of the year 38,371,922 48,820,777 26,801,286 44,450,832 |
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