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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Hudaco

HDC · A2X Markets · Incorporated in South Africa · Consolidated statements

On this page
Company details
Legal name
Hudaco Industries Limited
Incorporated in
South Africa
Listing
HDC on the A2X Markets, active · ISIN ZAE000003273 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
30 November

Overview

Year ended 30 November 2025 · summary financial statements, final status not established · source

Read with these figures

  • Summary financial statements not confirmed as final. The published copy is not confirmed as the final version. The FY to 30 Nov 2025 figures come from it.
Full wording and sources

  • Summary financial statements for 2025: final status not established

    Published by the issuer as its condensed results booklet. No auditor's report expressing an audit opinion is printed: PDF p12 prints Deloitte & Touche's 'Independent auditor's review report on the group condensed financial statements' (ISRE 2410, limited assurance; 'Accordingly, we do not express an audit opinion on these condensed financial statements'), with an electronic 'Signed by: Deloitte & Touche' signature, Per PWM van Zijl, Partner, Registered Auditor, dated 5 February 2026 (page image). The commentary (p4) carries handwritten signatures of SJ Connelly (Chairman) and GR Dunford (Chief executive), dated 5 February 2026 (page image); no board approval date of the statements is printed. The 2024 comparatives are marked '* Audited'; the booklet does not say that the full 2025 annual financial statements have been audited.

    Source: Hudaco Condensed results 2025 (year ended 30 November 2025) (dated 2026-02-05)

  • 2025, 2024: figures from a published summary

    These columns come from the issuer's summary financial statements, not its full financial statements; the summary does not state that its source statements were audited. 'The condensed consolidated financial statements contained in this report are prepared in accordance with the requirements of the JSE Requirements for condensed reports, and the requirements of the Companies Act of South Africa ... The accounting policies applied ... are consistent with those applied in the preparation of the group annual financial statements for the year ended 30 November 2024.' (p9). The summary does not state the full 2025 statements it is drawn from. No auditor's report expressing an audit opinion is printed. An independent auditor's review report (ISRE 2410, limited assurance) by Deloitte & Touche (Per PWM van Zijl, Partner, Registered Auditor), electronically signed and dated 5 February 2026, is printed on p12; it states 'Accordingly, we do not express an audit opinion on these condensed financial statements' and concludes: 'Based on our review, nothing has come to our attention that causes us to believe that the group condensed financial statements of Hudaco Industries Limited for the year ended 30 November 2025 are not prepared, in all material respects, in accordance with the requirements of the JSE Limited Listings Requirements for condensed financial statements, as set out in the Basis of Preparation to the financial statements, and the requirements of the Companies Act of South Africa.' The commentary (p4) says: 'The group condensed financial statements for the year ended 30 November 2025 have been reviewed by Deloitte & Touche, who have expressed an unmodified review conclusion which appears on page 12.' Columns are marked '# Reviewed' (2025) and '* Audited' (2024). Group condensed statement of financial position (p5), statement of comprehensive income with additional metrics (p6), statement of cash flows (p7), statement of changes in equity (p8), supplementary information and revenue disaggregation (p9), fair value and acquisitions (p10), segment information (p11). Condensed lines; no total liabilities line; no accounting policies or full notes.

    Source: Hudaco Condensed results 2025 (year ended 30 November 2025) (dated 2026-02-05)

  • Revenue

    ZAR 8.75 billion

    8,748 ZAR millions · p6

    +4.4% vs 2024

  • Operating profit / (loss)

    ZAR 1.02 billion

    1,022 ZAR millions · p6

    +11.3% vs 2024

  • Profit / (loss) for the year

    ZAR 640 million

    640 ZAR millions · p6

    +17.2% vs 2024

  • Total assets

    ZAR 6.73 billion

    6,727 ZAR millions · p5

    +8.0% vs 2024

  • Total equity

    ZAR 3.90 billion

    3,900 ZAR millions · p5

    +8.0% vs 2024

  • Cash from operations

    ZAR 1.12 billion

    1,120 ZAR millions · p7

    −16.0% vs 2024

Large amounts are rounded for reading (ZAR million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in ZAR millions unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 30 Nov 2025 — summary financial statements (summary), final status not established; reported for the year · source
  • FY to 30 Nov 2024 — summary financial statements (summary), final status not established; comparative in the FY to 30 Nov 2025 filing · source
    • 2025, 2024: figures from a published summary. These columns come from the issuer's summary financial statements, not its full financial statements; the summary does not state that its source statements were audited. 'The condensed consolidated financial statements contained in this report are prepared in accordance with the requirements of the JSE Requirements for condensed reports, and the requirements of the Companies Act of South Africa ... The accounting policies applied ... are consistent with those applied in the preparation of the group annual financial statements for the year ended 30 November 2024.' (p9). The summary does not state the full 2025 statements it is drawn from. No auditor's report expressing an audit opinion is printed. An independent auditor's review report (ISRE 2410, limited assurance) by Deloitte & Touche (Per PWM van Zijl, Partner, Registered Auditor), electronically signed and dated 5 February 2026, is printed on p12; it states 'Accordingly, we do not express an audit opinion on these condensed financial statements' and concludes: 'Based on our review, nothing has come to our attention that causes us to believe that the group condensed financial statements of Hudaco Industries Limited for the year ended 30 November 2025 are not prepared, in all material respects, in accordance with the requirements of the JSE Limited Listings Requirements for condensed financial statements, as set out in the Basis of Preparation to the financial statements, and the requirements of the Companies Act of South Africa.' The commentary (p4) says: 'The group condensed financial statements for the year ended 30 November 2025 have been reviewed by Deloitte & Touche, who have expressed an unmodified review conclusion which appears on page 12.' Columns are marked '# Reviewed' (2025) and '* Audited' (2024). Group condensed statement of financial position (p5), statement of comprehensive income with additional metrics (p6), statement of cash flows (p7), statement of changes in equity (p8), supplementary information and revenue disaggregation (p9), fair value and acquisitions (p10), segment information (p11). Condensed lines; no total liabilities line; no accounting policies or full notes.

Income statement

Income statement, ZAR millions. Columns: FY to 30 Nov 2025 — summary financial statements (final status not established), as reported for the year; FY to 30 Nov 2024 — summary financial statements (final status not established), comparative reported in the summary financial statements for 2025.
Line (as printed) FY to 30 Nov 2025Summary financial statements (summary)reported for the yearFY to 30 Nov 2024Summary financial statements (summary)comparative in FY to 30 Nov 2025 filingsource limitations
Turnover 8,748 8,379
Cost of sales (5,468) (5,216)
Gross profit 3,280 3,163
Increase in expected credit losses (4) (8)
Operating expenses (2,179) (2,148)
Operating profit before fair value adjustments1 1,097 1,007
Impairment of goodwill2 (104) (77)
Fair value adjustments3 29 (12)
Profit before interest4 1,022 918
Interest on lease liabilities5 (42) (38)
Finance costs (86) (115)
Profit before taxation 894 765
Taxation (254) (219)
Profit for the year 640 546
be reclassified to profit or loss 22 9
Profit on fair value of cash flow hedges6 19 15
Tax effect of the above7 1 1
Exchange gain (loss) on translation of foreign operations8 2 (7)
Total comprehensive income for the year 662 555
– Non-controlling shareholders9 65 40
Headline earnings10 661 571
Comparable earnings^11 626 571
Notes and alternative reported figures (11)
  1. “Operating profit before fair value adjustments” is an issuer-specific line, not mapped to a shared definition: Gross profit less expected credit losses and operating expenses, before goodwill impairment and fair value adjustments.
  2. “Impairment of goodwill” is an issuer-specific line, not mapped to a shared definition: Between operating profit before fair value adjustments and profit before interest.
  3. “Fair value adjustments” is an issuer-specific line, not mapped to a shared definition: Between operating profit before fair value adjustments and profit before interest.
  4. “Profit before interest”: mapping to a shared definition is uncertain. Printed 'Profit before interest' (after goodwill impairment and fair value adjustments); no line titled operating profit is printed besides 'Operating profit before fair value adjustments' (native).
  5. “Interest on lease liabilities” is an issuer-specific line, not mapped to a shared definition: Printed apart from finance costs.
  6. “Profit on fair value of cash flow hedges” is an issuer-specific line, not mapped to a shared definition: OCI, items that will subsequently be reclassified.
  7. “Tax effect of the above” is an issuer-specific line, not mapped to a shared definition: OCI, tax on the cash flow hedge line.
  8. “Exchange gain (loss) on translation of foreign operations” is an issuer-specific line, not mapped to a shared definition: OCI, items that will subsequently be reclassified.
  9. “– Non-controlling shareholders” is an issuer-specific line, not mapped to a shared definition: Profit attribution.
  10. “Headline earnings” is an issuer-specific line, not mapped to a shared definition: JSE headline earnings (additional metrics).
  11. “Comparable earnings^” is an issuer-specific line, not mapped to a shared definition: Non-IFRS measure defined by the issuer (additional metrics).

Balance sheet

Balance sheet, ZAR millions. Columns: FY to 30 Nov 2025 — summary financial statements (final status not established), as reported for the year; FY to 30 Nov 2024 — summary financial statements (final status not established), comparative reported in the summary financial statements for 2025.
Line (as printed) FY to 30 Nov 2025Summary financial statements (summary)reported for the yearFY to 30 Nov 2024Summary financial statements (summary)comparative in FY to 30 Nov 2025 filingsource limitations
Non-current assets 2,288 2,169
Right-of-use assets 407 361
Property, plant and equipment 419 377
Goodwill1 1,180 1,226
Intangible assets 264 146
Deferred taxation 18 59
Current assets 4,439 4,059
Inventories 2,638 2,461
Trade and other receivables 1,449 1,329
Bank deposits and balances 352 269
Total assets 6,727 6,228
Equity 3,900 3,611
Equity holders of the parent 3,661 3,409
Non-controlling interest 239 202
Non-current liabilities 1,132 1,108
Amounts due to bankers2 650 750
Amounts due to vendors of businesses acquired3 76 Not reported in this filing4
Lease liabilities 358 307
Deferred taxation 48 51
Current liabilities 1,695 1,509
Trade and other payables 1,311 1,175
Bank overdraft 210 108
Amounts due to vendors of businesses acquired5 31 86
Lease liabilities 119 121
Taxation 24 19
Total equity and liabilities 6,727 6,228
Notes and alternative reported figures (5)
  1. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Non-current assets.
  2. “Amounts due to bankers”: mapping to a shared definition is uncertain. Printed 'Amounts due to bankers' under non-current liabilities (bank borrowings).
  3. “Amounts due to vendors of businesses acquired” is an issuer-specific line, not mapped to a shared definition: Non-current liabilities: contingent consideration.
  4. Not reported in this filing: Not printed for 2024: the line 'Amounts due to vendors of businesses acquired' carries a 2025 amount (76) only; the 2024 column is left blank (p5, checked on the page image).
  5. “Amounts due to vendors of businesses acquired” is an issuer-specific line, not mapped to a shared definition: Current liabilities: contingent consideration.

Cash flow

Cash flow, ZAR millions. Columns: FY to 30 Nov 2025 — summary financial statements (final status not established), as reported for the year; FY to 30 Nov 2024 — summary financial statements (final status not established), comparative reported in the summary financial statements for 2025.
Line (as printed) FY to 30 Nov 2025Summary financial statements (summary)reported for the yearFY to 30 Nov 2024Summary financial statements (summary)comparative in FY to 30 Nov 2025 filingsource limitations
Operating profit before fair value adjustments1 1,097 1,007
– Equity-settled share-based payments2 35 45
– Depreciation and profit on disposal of plant and equipment3 56 57
– Depreciation and profit on remeasurement of right-of-use assets4 125 115
– Amortisation and loss on scrapping of intangible assets5 23 17
Decrease in working capital6 33 298
Cash generated from operations 1,369 1,539
Taxation paid (249) (205)
Net cash from operating activities 1,120 1,334
Additions to property, plant and equipment (86) (79)
Additions to intangible assets (5) (4)
Proceeds from disposal of property, plant and equipment 11 7
Acquisition of businesses7 (284) (42)
Payments to vendors of businesses acquired8 (41) (70)
Net cash utilised in investing activities (405) (188)
Advances from non-current amounts due to bankers 250 Not reported in this filing9
Repayment of non-current amounts due to bankers (350) (400)
Share-based payments settled10 (58) (125)
Repayment of lease liabilities (rent paid)11 (163) (150)
– Capital (121) (112)
– Interest (42) (38)
Finance costs paid12 (86) (115)
Dividends paid13 (328) (324)
Net cash utilised in financing activities (735) (1,114)
(Decrease) increase in net bank balances (20) 32
Foreign exchange translation gain (loss) 1 (8)
Net bank balances at beginning of the year14 161 137
Net bank balances at end of the year15 142 161
Notes and alternative reported figures (15)
  1. “Operating profit before fair value adjustments” is an issuer-specific line, not mapped to a shared definition: Starting point of the operating section.
  2. “– Equity-settled share-based payments” is an issuer-specific line, not mapped to a shared definition: Operating activities: non-cash item.
  3. “– Depreciation and profit on disposal of plant and equipment” is an issuer-specific line, not mapped to a shared definition: Operating activities: non-cash item.
  4. “– Depreciation and profit on remeasurement of right-of-use assets” is an issuer-specific line, not mapped to a shared definition: Operating activities: non-cash item.
  5. “– Amortisation and loss on scrapping of intangible assets” is an issuer-specific line, not mapped to a shared definition: Operating activities: non-cash item.
  6. “Decrease in working capital” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  7. “Acquisition of businesses” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Payments to vendors of businesses acquired” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  9. Not reported in this filing: Not printed for 2024: the line 'Advances from non-current amounts due to bankers' carries a 2025 amount (250) only; the 2024 column is left blank (p7, checked on the page image).
  10. “Share-based payments settled” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  11. “Repayment of lease liabilities (rent paid)” is an issuer-specific line, not mapped to a shared definition: Financing activities; printed above its capital and interest components.
  12. “Finance costs paid” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  13. “Dividends paid”: mapping to a shared definition is uncertain. Printed 'Dividends paid' (328; 2024: 324): the changes in equity (p8) show 298 to shareholders and 30 to non-controlling interests.
  14. “Net bank balances at beginning of the year”: mapping to a shared definition is uncertain. Net bank balances: bank deposits and balances less bank overdraft (352 - 210 = 142 at 30 November 2025, p5).
  15. “Net bank balances at end of the year”: mapping to a shared definition is uncertain. Net bank balances: bank deposits and balances less bank overdraft (352 - 210 = 142 at 30 November 2025, p5).

Per share and shares

Per share and shares. Columns: FY to 30 Nov 2025 — summary financial statements (final status not established), as reported for the year; FY to 30 Nov 2024 — summary financial statements (final status not established), comparative reported in the summary financial statements for 2025.
Line (as printed) FY to 30 Nov 2025Summary financial statements (summary)reported for the yearFY to 30 Nov 2024Summary financial statements (summary)comparative in FY to 30 Nov 2025 filingsource limitations
Earnings / (loss) per share (per share)41 20.232 17.823
Profit / (loss) attributable to shareholders (ZAR millions)5 575 506
Weighted average shares (shares)6 28,388 thousand 28,388 thousand
  1. Printed as 2 023 cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as 1 782 cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (4)
  1. “Basic earnings per share (cents)”: mapping to a shared definition is uncertain. Printed 'Basic earnings per share (cents)'; diluted EPS is printed separately and differs (native eps_diluted).
  2. Earnings / (loss) per share: printed as “Basic earnings per share (cents)”.
  3. Profit / (loss) attributable to shareholders: printed as “– Equity holders of the parent”.
  4. Weighted average shares: printed as “– Total (000)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
30 Nov 2025 Dividend declared per share, as printed in a statement – Per share (cents)Total dividends per share for the year (interim plus final no 77 of 770 cents, p4), printed under 'Dividends' in the additional metrics. 11.20 ZAR per share Summary financial statements, p6
30 Nov 2025 Dividends paid (cash flow statement) Dividends paid (328) ZAR millions Summary financial statements, p7
30 Nov 2024 Dividend declared per share, as printed in a statement – Per share (cents)Total dividends per share for the year (interim plus final no 77 of 770 cents, p4), printed under 'Dividends' in the additional metrics. 10.25 ZAR per share Summary financial statements, p6
30 Nov 2024 Dividends paid (cash flow statement) Dividends paid (324) ZAR millions Summary financial statements, p7

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Hudaco Condensed results 2025 (year ended 30 November 2025)

    Year ended 30 November 2025 · Summary financial statements (summary) · final status not established

    Audit: Deloitte & Touche (named); no auditor's opinion on the full statements in this document

    Final status: Published by the issuer as its condensed results booklet. No auditor's report expressing an audit opinion is printed: PDF p12 prints Deloitte & Touche's 'Independent auditor's review report on the group condensed financial statements' (ISRE 2410, limited assurance; 'Accordingly, we do not express an audit opinion on these condensed financial statements'), with an electronic 'Signed by: Deloitte & Touche' signature, Per PWM van Zijl, Partner, Registered Auditor, dated 5 February 2026 (page image). The commentary (p4) carries handwritten signatures of SJ Connelly (Chairman) and GR Dunford (Chief executive), dated 5 February 2026 (page image); no board approval date of the statements is printed. The 2024 comparatives are marked '* Audited'; the booklet does not say that the full 2025 annual financial statements have been audited.

    Document date
    5 Feb 2026
    Auditor's report
    date not recorded
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 30 Nov 2025, FY to 30 Nov 2024
    Basis
    consolidated statements · ZAR millions (printed “R million”)
    • Basic EPS 2025 is printed as 2 023 cents (p6), while profit attributable to equity holders of the parent (575) divided by the printed 2025 weighted average shares in issue (28 388 thousand, the same figure as printed for 2024) gives 2 025.5 cents; the 2024 figures agree (506 / 28 388 = 1 782). Kept as printed; checked on the p6 render.
    • Basic EPS (2 023 cents; 2024: 1 782) and diluted basic EPS (1 980; 2024: 1 744) are printed separately and differ: basic mapped to eps_basic_diluted as ambiguous, diluted to a native per-share concept. Headline and comparable EPS, headline and comparable earnings, dividends per share and weighted average shares come from the 'Additional metrics' block on p6 ('$ Not part of group condensed statement of comprehensive income'); comparable earnings is a non-IFRS measure. Per-share figures in SA cents (minor_unit). Weighted average shares printed in thousands ('(000)'), recorded with scale 1000.
    • Cash in the cash flow statement is 'net bank balances' (bank deposits and balances less bank overdraft); cash_and_bank holds 'Bank deposits and balances' (p5). Interest on lease liabilities is printed apart from finance costs in the income statement and inside 'Repayment of lease liabilities (rent paid)' in the cash flow statement (p7).
    • No auditor's report expressing an audit opinion is printed. An independent auditor's review report (ISRE 2410, limited assurance) by Deloitte & Touche (Per PWM van Zijl, Partner, Registered Auditor), electronically signed and dated 5 February 2026, is printed on p12; it states 'Accordingly, we do not express an audit opinion on these condensed financial statements' and concludes: 'Based on our review, nothing has come to our attention that causes us to believe that the group condensed financial statements of Hudaco Industries Limited for the year ended 30 November 2025 are not prepared, in all material respects, in accordance with the requirements of the JSE Limited Listings Requirements for condensed financial statements, as set out in the Basis of Preparation to the financial statements, and the requirements of the Companies Act of South Africa.' The commentary (p4) says: 'The group condensed financial statements for the year ended 30 November 2025 have been reviewed by Deloitte & Touche, who have expressed an unmodified review conclusion which appears on page 12.' Columns are marked '# Reviewed' (2025) and '* Audited' (2024).
    • Group condensed statement of financial position (p5), statement of comprehensive income with additional metrics (p6), statement of cash flows (p7), statement of changes in equity (p8), supplementary information and revenue disaggregation (p9), fair value and acquisitions (p10), segment information (p11). Condensed lines; no total liabilities line; no accounting policies or full notes.
    Technical details
    File
    16 pages, with a text layer
    SHA-256
    ad0966f293d0fa64d1405696c6fe02285731a575eb1ddde769f40359cd42da25
    Entity as printed
    Hudaco Industries Limited (Incorporated in the Republic of South Africa) (Registration number 1985/004617/06) JSE share code: HDC A2X share code: HDC ISIN code: ZAE000003273 (PDF p15)
    Issuer copy
    retrieved 2026-10-08T18:52:55Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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