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# Remgro's results carry the first real scorecard for the Vodacom fibre deal, and Vumatel's profit is up 57%
- URL: https://www.businessbagel.com/remgro-results-maziv-vumatel-vodacom-fibre/
- Published: 2026-09-21T08:00:00.000Z
- Updated: 2026-09-21T07:59:59.000Z
- Description: Four outlets each took a different number out of Friday's annual result, and the one nobody joined up is a fibre table.
- Author: Christian Maidman
- Tags: Companies, Business Bagel News

Remgro published its year to 30 June late on Friday, and folded inside was the first substantial look at what Vodacom's fibre network is worth to Maziv. Vumatel lifted operating profit 57%, to R2.16 billion. Revenue grew more modestly, reaching R4.43 billion.

The comparison is not clean, and TechCentral, which pulled the figures out, says so. Maziv and its parent, Community Investment Ventures Holdings, close their books on 31 March rather than 30 June, and the Vodacom assets sit in the numbers for only four of those months. How much of the profit jump arrived with the Vodacom network and how much Vumatel grew on its own is not disclosed.

The deal behind it took four years to clear. Vodacom subscribed for 30% of Maziv on 1 December 2025, contributing R4.9 billion of assets and at least R6.1 billion in cash, after Icasa signed off in November.

It has not exercised its option on a further 4.95%, which would take it to the 34.95% ceiling the competition authorities set. Maziv's other half, Dark Fibre Africa, grew revenue 8.9% to R3 billion over the same twelve months, with operating profit up a tenth.

## What it is worth on Remgro's own books

For all that, Remgro has barely moved its own valuation. It carries CIVH at an intrinsic value of R16.16 billion, against a restated R15.8 billion a year earlier, a rise of about 2% in a year when the business took on a strategic shareholder and consolidated Herotel.

The earnings line moved further. CIVH swung from a R93 million loss to a R319 million contribution to Remgro's headline earnings, an improvement of R412 million and one of the larger single items behind the group result.

## Earnings, cash and Rupert's share

Group headline earnings rose 42.3%, to R11.14 billion. About R1.02 billion of that came from once-off items, Swiss profits at Mediclinic among them, and Remgro puts the underlying growth closer to 29% without them.

Cash did better than earnings. Free cash flow at the centre more than doubled, to R8.31 billion, lifted by R3.06 billion of dividends taken out of CIVH ahead of the transactions. Cash at the centre closed the year at R20.37 billion.

The board declared a 595 cent ordinary dividend, up 73%, and a 550 cent special on top.

Johann Rupert takes no salary from Remgro. He does not especially need one: on BusinessTech's arithmetic off the company's disclosed shareholdings, the combined payout is worth about R534 million gross to him, through Rupert Beleggings and an associate interest, or roughly R427 million after dividend withholding tax. Remgro did not publish that number. BusinessTech worked it out.

Chief executive Jannie Durand says the foundational work of the past six years is substantially complete, and that acquisitions, disposals, buybacks and returns of capital will now be weighed against one another. Over the year the discount between Remgro's share price and its intrinsic value narrowed from 45.9% to 35.6%, which is the market agreeing with him a little.