Johann Rupert’s R136 billion ‘stepchild’ gets big boost

Billionaire Johann Rupert’s investment vehicle, Reinet, has reported that its net asset value (NAV) stood at R136 billion on 31 March 2025.

The company’s NAV was boosted by significant dividends from the Pension Insurance Corporation and the sale of its British American Tobacco shares.

Reinet, chaired by Rupert, released its results for the year through March 2025 on Tuesday, 27 May 2025.

These results showed a significant jump in NAV, which amounted to €6.9 billion at the end of the reporting period.

This represents an increase of €731 million or 11.8% from 31 March 2024. In rand terms, the company’s NAV grew by R10.92 billion from R126.96 billion to R136.98 billion.

Reinet explained that this growth reflects the rise in value of the Pension Insurance Corporation, the gain it made on the sale of its British American Tobacco shares, and the receipt of significant dividends from both companies.

Earlier this year, Reinet sold its 48.3 million British American Tobacco shares for gross proceeds of €1.63 billion (around R33.13 billion).

In addition, the investment company’s dividends from British American Tobacco during the year amounted to €98 million (around R1.99 billion)

Reinet’s ordinary and special dividends from Pension Insurance Corporation during the year amounted to €235 million (around R4.78 billion).

These factors were largely responsible for Reinet reporting a R15.56 billion profit for the year.

The company said its profit for the year reflects the increase in its NAV in euro terms, which was offset by the impact of the strengthening of the rand against the euro during the year.

Reinet’s biggest holding is the Pension Insurance Corporation, which comprises 53.7% of its portfolio.

Prior to Reinet’s sale of its stake in the tobacco giant, British American Tobacco comprised 22% of the company’s portfolio.

Reinet’s board proposed a dividend of €0.37 (around R7.52) per share for its 2025 financial year.