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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) (9 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

PSG Financial Services

KFS · Namibian Stock Exchange · Incorporated in South Africa · Consolidated statements

On this page
Company details
Legal name
PSG Financial Services Limited
Incorporated in
South Africa
Listing
KFS on the Namibian Stock Exchange, active (observed 2026-10-06)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
28 February

Overview

Year ended 28 February 2026 · annual report, signed / final · source

  • Insurance revenue (IFRS 17)

    ZAR 2.71 billion

    2,713,597 ZAR thousands · p76

    +3.8% vs 2025

    IFRS 17 insurance revenue, as printed: not gross written premiums.

  • Insurance service result

    ZAR 499 million

    498,968 ZAR thousands · p76

    +48.6% vs 2025

  • Profit / (loss) for the year

    ZAR 1.90 billion

    1,904,539 ZAR thousands · p76

    +38.0% vs 2025

  • Total assets

    ZAR 158 billion

    158,396,626 ZAR thousands · p75

    +38.6% vs 2025

  • Insurance contract liabilities

    ZAR 529 million

    528,963 ZAR thousands · p75

    +12.8% vs 2025

  • Total equity

    ZAR 6.41 billion

    6,410,154 ZAR thousands · p75

    +14.7% vs 2025

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 thousands 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 28 Feb 2026 — annual report, signed / final; reported for the year · source
  • FY to 28 Feb 2025 — annual report, signed / final; comparative in the FY to 28 Feb 2026 filing · source

Income statement

Income statement, ZAR thousands. Columns: FY to 28 Feb 2026 — annual report (signed / final), as reported for the year; FY to 28 Feb 2025 — annual report (signed / final), comparative reported in the annual report for 2026.
Line (as printed) FY to 28 Feb 2026Annual reportreported for the yearFY to 28 Feb 2025Annual reportcomparative in FY to 28 Feb 2026 filing
Insurance revenue 2,713,597 2,614,052
Insurance service expense (1,980,016) (2,135,083)
Net expense from reinsurance contracts held (234,613) (143,166)
Insurance service result 498,968 335,803
Finance expense from insurance contracts issued (30,391) (27,832)
Finance income from reinsurance contracts held1 13,090 18,247
Net insurance service result2 481,667 326,218
Revenue from contracts with customers and other operating income3 7,031,085 5,829,727
Interest income on amortised cost financial instruments 172,805 176,906
Interest income on fair value through profit or loss financial instruments 245,362 221,290
Dividend income4 18,919 12,713
Net fair value gains and losses on financial instruments 276,809 88,885
Net income attributable to investment contract holders and third-party liabilities5 100,223 36,707
Total income6 8,326,870 6,692,446
Financial advice fees7 (2,486,741) (2,169,543)
Depreciation and amortisation8 (211,778) (198,529)
Employee benefit expenses (1,857,014) (1,523,230)
Marketing, administration and other expenses9 (1,116,114) (847,318)
Total expenses10 (5,671,647) (4,738,620)
Total loss from joint ventures (152) (352)
Profit before finance costs and taxation11 2,655,071 1,953,474
Finance costs (40,298) (32,808)
Profit before taxation 2,614,773 1,920,666
Taxation (710,234) (540,605)
Profit for the year 1,904,539 1,380,061
Non-controlling interest12 167,781 106,260
Other comprehensive income for the year, net of taxation (30,790) (8,114)
Total comprehensive income for the year 1,873,749 1,371,947
Owners of the parent13 1,705,968 1,265,687
Non-controlling interest14 167,781 106,260
Notes and alternative reported figures (14)
  1. “Finance income from reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Within net insurance service result.
  2. “Net insurance service result” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: insurance service result and insurance finance income/expense.
  3. “Revenue from contracts with customers and other operating income”: mapping to a shared definition is uncertain. Printed 'Revenue from contracts with customers and other operating income' (note 21): fee revenue combined with other operating income; insurance revenue is printed separately above.
  4. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Note 22; within total income.
  5. “Net income attributable to investment contract holders and third-party liabilities” is an issuer-specific line, not mapped to a shared definition: Note 24; within total income.
  6. “Total income” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of insurance and non-insurance income.
  7. “Financial advice fees” is an issuer-specific line, not mapped to a shared definition: Note 25.1; within total expenses.
  8. “Depreciation and amortisation” is an issuer-specific line, not mapped to a shared definition: Note 25.2; one line.
  9. “Marketing, administration and other expenses” is an issuer-specific line, not mapped to a shared definition: Note 25.4.
  10. “Total expenses” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of expenses.
  11. “Profit before finance costs and taxation” is an issuer-specific line, not mapped to a shared definition: Printed subtotal after the joint-venture result.
  12. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of profit for the year.
  13. “Owners of the parent” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive income.
  14. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive income.

Balance sheet

Balance sheet, ZAR thousands. Columns: FY to 28 Feb 2026 — annual report (signed / final), as reported for the year; FY to 28 Feb 2025 — annual report (signed / final), comparative reported in the annual report for 2026.
Line (as printed) FY to 28 Feb 2026Annual reportreported for the yearFY to 28 Feb 2025Annual reportcomparative in FY to 28 Feb 2026 filing
Intangible assets 1,133,848 1,168,254
Property and equipment 105,465 96,951
Right-of-use assets 288,221 171,622
Investment in joint ventures –1 152
Deferred income tax assets 293,029 173,161
Loans and advances2 326,387 329,276
Debt securities3 5,555,488 4,371,461
Unit-linked investments4 138,540,727 97,985,067
Equity securities5 5,672,608 4,659,481
Investment in investment contracts6 8,050 9,207
Insurance contract assets 9,603 13,679
Reinsurance contract assets 163,665 184,600
Derivative financial instruments 28,476 6,370
Receivables7 3,491,907 2,298,823
Current income tax assets 107,731 105,895
Assets held for sale8 –1 124,260
Cash and cash equivalents (including money market funds) 2,671,421 2,623,328
Total assets 158,396,626 114,321,587
Stated capital 578,973 875,905
Treasury shares9 (102,418) (109,476)
Other reserves (274,914) (296,333)
Retained earnings 5,450,484 4,494,120
Equity attributable to owners of the parent (unlabelled subtotal) 5,652,125 4,964,216
Non-controlling interest 758,029 625,742
Total equity 6,410,154 5,589,958
Deferred income tax liabilities 231,008 185,463
Lease liabilities10 339,184 223,361
Derivative financial instruments 47,143 11,141
Investment contracts 66,212,012 52,819,377
Insurance contract liabilities 528,963 469,019
Reinsurance contract liabilities –11 2,123
Third-party liabilities arising on consolidation of mutual funds12 80,074,250 51,839,062
Trade and other payables 4,480,906 2,969,289
Current income tax liabilities 73,006 88,534
Liabilities held for sale13 –11 124,260
Total liabilities 151,986,472 108,731,629
Total equity and liabilities 158,396,626 114,321,587
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “–”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (11)
  1. “Loans and advances” is an issuer-specific line, not mapped to a shared definition: Note 7.
  2. “Debt securities” is an issuer-specific line, not mapped to a shared definition: Note 8.1.
  3. “Unit-linked investments” is an issuer-specific line, not mapped to a shared definition: Note 8.2.
  4. “Equity securities” is an issuer-specific line, not mapped to a shared definition: Note 8.3.
  5. “Investment in investment contracts” is an issuer-specific line, not mapped to a shared definition: Note 8.4.
  6. “Receivables”: mapping to a shared definition is uncertain. Printed 'Receivables' (note 11); not split into current and non-current.
  7. “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 12; 2026 printed '–'.
  8. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 14; deducted in equity.
  9. “Lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 4; not split into current and non-current.
  10. “Third-party liabilities arising on consolidation of mutual funds” is an issuer-specific line, not mapped to a shared definition: Note 18.
  11. “Liabilities held for sale” is an issuer-specific line, not mapped to a shared definition: Note 12; 2026 printed '–'.

Cash flow

Cash flow, ZAR thousands. Columns: FY to 28 Feb 2026 — annual report (signed / final), as reported for the year; FY to 28 Feb 2025 — annual report (signed / final), comparative reported in the annual report for 2026.
Line (as printed) FY to 28 Feb 2026Annual reportreported for the yearFY to 28 Feb 2025Annual reportcomparative in FY to 28 Feb 2026 filing
Cash utilised in operations1 (2,382,251) (577,944)
Interest received2 2,859,073 2,317,391
Dividends received21 1,557,723 1,135,159
Finance costs2 (40,298) (32,808)
Taxation paid (709,661) (526,372)
Operating cash flows before policyholder cash movement3 1,284,586 2,315,426
Policyholder cash movement34 50,177 25,387
Net cash flow from operating activities 1,334,763 2,340,813
Acquisition of intangible assets (56,784) (45,459)
Proceeds from disposal of intangible assets5 8,093 1,909
Consolidation of mutual funds6 85,049 –7
Net cash outflow from disposal of assets and liabilities held for sale8 (67,338) –7
Deconsolidation of mutual funds9 –7 (105,141)
Proceeds from disposal of property and equipment 1,746 5,856
Purchases of property and equipment (59,212) (54,420)
Loans advanced to joint ventures10 (1,116) (2,026)
Net cash flow from investing activities (89,562) (199,281)
Dividends paid to equity holders of the group (686,328) (574,035)
Dividends paid to non-controlling interest11 (35,494) (49,374)
Disposal to non-controlling interest12 –13 1,704
Lease liabilities paid – principal portion (81,904) (79,328)
Treasury shares sold and share option settlement14 (198,805) (94,806)
Shares repurchased and cancelled15 (296,932) (330,269)
Net cash flow from financing activities (1,299,463) (1,126,108)
Net (decrease)/increase in cash and cash equivalents (54,262) 1,015,424
Cash and cash equivalents at the beginning of the year 2,741,666 1,738,508
Exchange losses on cash and cash equivalents (15,983) (12,266)
Cash and cash equivalents at the end of the year 2,671,421 2,741,666
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (13)
  1. “Dividends received2” is an issuer-specific line, not mapped to a shared definition: Operating activities (footnote 2).
  2. “Finance costs” is an issuer-specific line, not mapped to a shared definition: Operating activities, printed 'Finance costs'.
  3. “Operating cash flows before policyholder cash movement” is an issuer-specific line, not mapped to a shared definition: Operating activities subtotal.
  4. “Policyholder cash movement3” is an issuer-specific line, not mapped to a shared definition: Operating activities (footnote 3).
  5. “Proceeds from disposal of intangible assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  6. “Consolidation of mutual funds” is an issuer-specific line, not mapped to a shared definition: Note 33.3; investing activities; 2025 printed '–'.
  7. “Net cash outflow from disposal of assets and liabilities held for sale” is an issuer-specific line, not mapped to a shared definition: Note 12; investing activities; 2025 printed '–'.
  8. “Deconsolidation of mutual funds” is an issuer-specific line, not mapped to a shared definition: Note 33.4; investing activities; 2026 printed '–'.
  9. “Loans advanced to joint ventures” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  10. “Dividends paid to non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  11. “Disposal to non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Financing activities; 2026 printed '–'.
  12. “Treasury shares sold and share option settlement” is an issuer-specific line, not mapped to a shared definition: Note 14; financing activities.
  13. “Shares repurchased and cancelled” is an issuer-specific line, not mapped to a shared definition: Note 14; financing activities.

Per share and shares

Per share and shares. Columns: FY to 28 Feb 2026 — annual report (signed / final), as reported for the year; FY to 28 Feb 2025 — annual report (signed / final), comparative reported in the annual report for 2026.
Line (as printed) FY to 28 Feb 2026Annual reportreported for the yearFY to 28 Feb 2025Annual reportcomparative in FY to 28 Feb 2026 filing
Earnings / (loss) per share (per share)41 1.3932 1.0123
Profit / (loss) attributable to shareholders (ZAR thousands)5 1,736,758 1,273,801
  1. Printed as 139.3 cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as 101.2 cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (3)
  1. “Basic earnings per share (cents)”: mapping to a shared definition is uncertain. Basic EPS (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 “Owners of the parent”.

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
28 Feb 2026 Dividends paid (cash flow statement) Dividends paid to equity holders of the group (686,328) ZAR thousands Annual report, p77
28 Feb 2025 Dividends paid (cash flow statement) Dividends paid to equity holders of the group (574,035) ZAR thousands Annual report, p77

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.

  • PSG Financial Services Integrated report 2026

    Year ended 28 February 2026 · Annual report · signed / final

    Audit: Deloitte & Touche, unmodified opinion · signed

    Auditor's sign-off: Deloitte & Touche, Per: Llewellyn Marshall (Partner) (electronic signature block)

    Final status: Independent auditor's report (opinion PDF p72, printed p140) closes with an electronic signature block 'Signed by: Deloitte & Touche' (with a signing-certificate reference) above 'Deloitte & Touche, Registered Auditor, Per: Llewellyn Marshall, Partner, 25 May 2026' (PDF p74, right-hand page, page image). The statement of responsibility by the board says the annual financial statements were approved by the board on 25 May 2026 and signed on its behalf by W Theron (Chairman), FJ Gouws (CEO) and MIF Smith (CFO); the names are typeset with no visible signature (PDF p68, right-hand page, page image).

    Document date
    25 May 2026
    Auditor's report
    25 May 2026
    Board approval
    25 May 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 28 Feb 2026, FY to 28 Feb 2025
    Basis
    consolidated statements · ZAR thousands (printed “R000”)
    • The directory lists the NSX security as 'PSG Financial Services Ltd (Prev. PSG Konsult Limited)'; the document prints 'PSG Financial Services Limited', incorporated in South Africa and listed on the JSE, NSX and SEM (report of the board, PDF p69).
    • Basic EPS 139.3 cents (2025: 101.2) and diluted EPS 137.2 cents (2025: 99.9) are printed separately (p76); basic mapped to eps_basic_diluted as ambiguous, diluted to a native per-share concept. EPS is stored in rand with the printed figure and unit kept (minor_unit).
    • Cash and cash equivalents at the end of 2025 in the statement of cash flows (2 741 666, p77) differ from the statement of financial position at 28 February 2025 (2 623 328, p75); the statement prints no reconciliation and does not explain the difference of 118 338. 2026 figures agree. The two cash checks for 2025 fail on these printed figures.
    • The statement of financial position is presented in order of liquidity, with no current/non-current split and no non-current or current subtotals (p75).
    • The auditor's opinion refers to the financial statements 'set out on pages 136 to 137, and 147 to 294' (PDF p72); the board's statement refers to pages 147 to 296 (PDF p68). The auditor's report includes key audit matters; no emphasis of matter or going-concern paragraph is printed.
    Technical details
    File
    150 pages, with a text layer
    SHA-256
    71ef332c8c3f1095acf7f973ea25a20463183bf64ed7c6bb876db1fa610d9911
    Entity as printed
    PSG Financial Services Limited (PSG or the company) and its subsidiaries (the group)
    Issuer copy
    retrieved 2026-10-08T18:50:48Z

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) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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