Audited Group Results for FY2026
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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