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TWK Investments
On this page
Company details
- Legal name
- TWK Investments Limited
- Incorporated in
- South Africa
- Primary listing
- 4ATWK on the A2X Markets, active · ISIN ZAE400000119 (observed 2026-10-08)
- Also listed
- 4ATWK on the Cape Town Stock Exchange (incl. former 4AX), active · ISIN ZAE400000119 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 August
Overview
Year ended 31 August 2024 · annual report, signed / final · source
Read with these figures
- Auditor's emphasis of matter. No emphasis-of-matter or material-uncertainty paragraph is printed; key audit matter: valuation of biological assets (planted wattle, eucalyptus and pine trees; R1,3 billion non-current and R445 million current) (p83).
Full wording and sources
Auditor's emphasis of matter
No emphasis-of-matter or material-uncertainty paragraph is printed; key audit matter: valuation of biological assets (planted wattle, eucalyptus and pine trees; R1,3 billion non-current and R445 million current) (p83). PKF Pretoria Incorporated reports it has been the auditor for 14 years (p86).
Source: TWK Investments Ltd — Integrated Report 2024 (for the year ended 31 August 2024) (dated 2024-11-15)
-
Revenue
ZAR 8.41 billion
8,413,356,554 ZAR units · p89
+7.2% vs 2023
-
Operating profit / (loss)
ZAR 499 million
498,562,147 ZAR units · p89
+7.8% vs 2023
-
Profit / (loss) for the year
ZAR 140 million
140,016,192 ZAR units · p89
+58.7% vs 2023
-
Total assets
ZAR 6.47 billion
6,471,915,068 ZAR units · p87
−1.6% vs 2023
-
Total equity
ZAR 2.17 billion
2,166,026,883 ZAR units · p87
+7.1% vs 2023
-
Cash from operations
ZAR 336 million
335,695,815 ZAR units · p92
+408.5% vs 2023
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 units 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 31 Aug 2024 — annual report, signed / final; reported for the year · source
- FY to 31 Aug 2023 — annual report, signed / final; comparative in the FY to 31 Aug 2024 filing · source
Income statement
| Line (as printed) | FY to 31 Aug 2024Annual reportreported for the year | FY to 31 Aug 2023Annual reportcomparative in FY to 31 Aug 2024 filing |
|---|---|---|
| Revenue | 8,413,356,554 | 7,845,586,643 |
| Finance Income1 | 110,835,433 | 114,947,360 |
| Total revenue2 | 8,524,191,987 | 7,960,534,003 |
| Cost of sales | (7,189,654,910) | (6,412,714,977) |
| GROSS PROFIT | 1,334,537,077 | 1,547,819,026 |
| Other operating income | 257,138,612 | 98,330,566 |
| Other operating gains/(losses)3 | (16,511,881) | (11,072,541) |
| Loyalty scheme expenses4 | (18,282,490) | (26,400,000) |
| Other operating expenses | (1,058,319,171) | (1,146,287,006) |
| OPERATING PROFIT | 498,562,147 | 462,390,045 |
| Investment income5 | 7,241,367 | 8,550,620 |
| Finance costs | (202,537,131) | (176,959,843) |
| Share of profit from associates and joint ventures | 7,166,773 | 6,331,657 |
| Other non-operating gains/(losses)6 | 15,835,986 | (1,353,046) |
| PROFIT BEFORE TAXATION | 326,269,142 | 298,959,433 |
| Taxation | (81,040,210) | (100,970,267) |
| PROFIT FROM CONTINUING OPERATIONS7 | 245,228,932 | 197,989,166 |
| (Loss)/profit from discontinued operations8 | (105,212,740) | (109,775,875) |
| PROFIT FOR THE YEAR | 140,016,192 | 88,213,291 |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR NET OF TAXATION | 60,415,460 | 45,436,619 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 200,431,652 | 133,649,910 |
| From continuing operations9 | (19,870,583) | (17,160,015) |
Notes and alternative reported figures (9)
- “Finance Income” is an issuer-specific line, not mapped to a shared definition: Finance income from trade and producer financing, presented within total revenue above cost of sales (note 34).
- “Total revenue” is an issuer-specific line, not mapped to a shared definition: Note 34: revenue plus finance income.
- “Other operating gains/(losses)” is an issuer-specific line, not mapped to a shared definition: Note 37.
- “Loyalty scheme expenses” is an issuer-specific line, not mapped to a shared definition: Note 48.
- “Investment income”: mapping to a shared definition is uncertain. Investment income (note 39), printed below operating profit.
- “Other non-operating gains/(losses)” is an issuer-specific line, not mapped to a shared definition: Note 41.
- “PROFIT FROM CONTINUING OPERATIONS” is an issuer-specific line, not mapped to a shared definition: Profit after tax from continuing operations.
- “(Loss)/profit from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 23.
- “From continuing operations” is an issuer-specific line, not mapped to a shared definition: Profit for the year attributable to non-controlling interest (all from continuing operations).
Balance sheet
| Line (as printed) | FY to 31 Aug 2024Annual reportreported for the year | FY to 31 Aug 2023Annual reportcomparative in FY to 31 Aug 2024 filing |
|---|---|---|
| Property, plant and equipment | 1,322,055,639 | 1,245,634,703 |
| Investment property | 6,100,000 | 6,200,000 |
| Right-of-use assets | 71,027,219 | 77,601,262 |
| Biological assets1 | 1,301,106,217 | 1,230,312,170 |
| Goodwill and intangible assets2 | 141,558,039 | 117,148,998 |
| Investments at fair value3 | 60,710,052 | 61,946,261 |
| Investments in associates and joint ventures | 29,347,316 | 24,468,631 |
| Loans to group companies4 | 5,016,677 | 8,923,935 |
| Finance lease receivables5 | 11,972,093 | 14,456,631 |
| Loans receivable6 | 43,404,070 | 62,920,332 |
| Deferred tax asset | 45,571,130 | 58,583,769 |
| Non-current assets (unlabelled subtotal) | 3,037,868,452 | 2,908,196,692 |
| Inventories | 1,147,010,472 | 1,308,906,702 |
| Trade and other receivables | 1,256,373,764 | 1,274,119,195 |
| Biological assets7 | 445,486,859 | 374,322,409 |
| Finance lease receivables5 | 10,743,927 | 14,167,647 |
| Financial assets at fair value through other comprehensive income8 | 43,610,719 | 26,899,154 |
| Loans to group companies4 | 78,639 | 5,150,725 |
| Loans receivable6 | 24,364,748 | 35,296,067 |
| Derivative financial instruments | 7,695,476 | 2,340,276 |
| Current tax receivable | 25,082,650 | 26,311,678 |
| Cash and cash equivalents | 146,797,778 | 116,258,342 |
| Current assets (unlabelled subtotal) | 3,107,245,032 | 3,183,772,195 |
| Non-current assets held for sale and assets of disposal groups9 | 326,801,584 | 485,318,017 |
| TOTAL ASSETS | 6,471,915,068 | 6,577,286,904 |
| Share capital | 834,801,875 | 828,641,158 |
| Reserves | 82,655,709 | 32,993,216 |
| Retained income | 1,242,341,993 | 1,124,412,350 |
| Own equity | 2,159,799,577 | 1,986,046,724 |
| Non-controlling interest | 6,227,306 | 36,009,871 |
| TOTAL EQUITY | 2,166,026,883 | 2,022,056,595 |
| Borrowings | 786,603,086 | 876,668,467 |
| Lease liabilities | 54,499,047 | 58,165,243 |
| Loans from group companies10 | 12,200,000 | 36,600,000 |
| Retirement benefit obligation | 3,713,000 | 4,076,000 |
| Deferred tax liability | 317,533,605 | 297,423,764 |
| Non-current liabilities (unlabelled subtotal) | 1,174,548,738 | 1,272,933,474 |
| Borrowings | 1,516,539,163 | 1,722,954,811 |
| Trade and other payables | 987,511,163 | 1,040,348,763 |
| Lease liabilities | 22,859,823 | 24,974,655 |
| Derivative financial instruments | 6,602,259 | 5,600,677 |
| Loans from group companies10 | 153,126,211 | 121,947,982 |
| Other loans payable11 | –12 | 700,696 |
| Provisions | 11,275,823 | 11,111,565 |
| Contract liabilities | 25,756,045 | 2,196,920 |
| Current tax payable | 500,300 | 6,713,345 |
| Dividend payable | 4,508,777 | 1,055,876 |
| Bank overdraft | 164,906,095 | 488,628 |
| Current liabilities (unlabelled subtotal) | 2,893,585,659 | 2,938,093,918 |
| Liabilities of disposal groups13 | 237,753,788 | 344,202,917 |
| TOTAL LIABILITIES | 4,305,888,185 | 4,555,230,309 |
| TOTAL EQUITY AND LIABILITIES | 6,471,915,068 | 6,577,286,904 |
- Printed “—”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (12)
- “Biological assets” is an issuer-specific line, not mapped to a shared definition: Note 8: planted wattle, eucalyptus and pine trees (non-current).
- “Goodwill and intangible assets”: mapping to a shared definition is uncertain. Goodwill and intangible assets in one line.
- “Investments at fair value” is an issuer-specific line, not mapped to a shared definition: Note 19.
- “Loans to group companies” is an issuer-specific line, not mapped to a shared definition: Note 12.
- “Finance lease receivables” is an issuer-specific line, not mapped to a shared definition: Note 13.
- “Loans receivable” is an issuer-specific line, not mapped to a shared definition: Note 17.
- “Biological assets” is an issuer-specific line, not mapped to a shared definition: Note 8 (current).
- “Financial assets at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Note 20: the TWK Cell structure.
- “Non-current assets held for sale and assets of disposal groups” is an issuer-specific line, not mapped to a shared definition: Note 23.
- “Loans from group companies” is an issuer-specific line, not mapped to a shared definition: Note 28.
- “Other loans payable” is an issuer-specific line, not mapped to a shared definition: Note 29.
- “Liabilities of disposal groups” is an issuer-specific line, not mapped to a shared definition: Note 23.
Cash flow
| Line (as printed) | FY to 31 Aug 2024Annual reportreported for the year | FY to 31 Aug 2023Annual reportcomparative in FY to 31 Aug 2024 filing |
|---|---|---|
| Cash generated from operations | 634,527,676 | 424,254,425 |
| Investment income1 | 6,620,452 | 6,568,391 |
| Dividend income2 | 3,997,548 | 3,195,190 |
| Finance costs3 | (310,908,250) | (282,356,344) |
| Tax paid | (57,763,558) | (61,585,266) |
| Cash flows of held for sale4 | 59,221,948 | (24,059,940) |
| NET CASH FROM OPERATING ACTIVITIES | 335,695,815 | 66,016,456 |
| Purchase of property, plant and equipment | (71,355,242) | (131,520,389) |
| Sale of property, plant and equipment | 17,315,358 | 11,794,683 |
| Purchases of intangible assets | (6,607,842) | (2,523,006) |
| Disposal of intangible assets5 | –6 | 64 |
| Consideration paid for agency rights7 | (2,077,702) | (525,000) |
| Disposal of agency rights8 | –6 | 1,304,977 |
| Consideration paid for business combinations9 | (31,843,414) | (40,385,132) |
| Purchase of biological assets10 | (278,447,344) | (245,222,125) |
| Sale of biological assets11 | 230,404,220 | 199,632,238 |
| Purchases of investments at fair value12 | (9,670,433) | (7,514,622) |
| Proceeds from disposal of investments at fair value13 | 11,440,478 | –6 |
| TWK Cell Capital contribution14 | (17,000,000) | –6 |
| Proceeds received on disposal of business15 | 20,000,000 | 68,550,000 |
| Investment cash flows from discontinued operations16 | (1,726,826) | 98,316 |
| NET CASH FROM INVESTING ACTIVITIES | (139,568,747) | (146,309,996) |
| Buy back of shares17 | (6,160,717) | (6,779,120) |
| Dividends paid | (38,881,485) | (55,383,375) |
| Repayment of borrowings | (304,035,073) | (205,653,467) |
| Proceeds from borrowings | 7,554,043 | 238,357,211 |
| Receipts from loans receivable — forestry loans18 | 30,450,170 | 16,108,064 |
| Advances to loans receivable — forestry loans19 | (2,590) | (999,977) |
| Receipts from finance receivables20 | 6,233,724 | –21 |
| Advances to finance receivables22 | (325,466) | (9,158,249) |
| Lease liability payments | (31,735,516) | (30,165,374) |
| Proceeds from loan to Group Companies23 | 8,979,344 | (2,814,994) |
| Repayment of loan from Group Companies24 | (24,400,000) | (24,400,000) |
| Advances received from loan from Group Companies25 | 30,917,337 | 97,547,982 |
| Other loans payable26 | –21 | (1,350,609) |
| Financing cash flow from discontinued operations27 | (15,034,046) | (37,946,902) |
| NET CASH FROM FINANCING ACTIVITIES | (336,440,275) | (22,638,810) |
| TOTAL CASH MOVEMENT FOR THE YEAR | (140,313,207) | (102,932,350) |
| Cash at the beginning of the year | 115,769,714 | 214,586,079 |
| Cash and cash equivalents for disposal group28 | 6,435,176 | 4,115,985 |
| TOTAL CASH AT END OF THE YEAR | (18,108,317) | 115,769,714 |
- Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (26)
- “Investment income” is an issuer-specific line, not mapped to a shared definition: Operating activities (note 39).
- “Dividend income” is an issuer-specific line, not mapped to a shared definition: Operating activities.
- “Finance costs”: mapping to a shared definition is uncertain. Finance costs paid, one line (borrowings and leases not separated).
- “Cash flows of held for sale” is an issuer-specific line, not mapped to a shared definition: Operating cash flows of the disposal groups.
- “Disposal of intangible assets” is an issuer-specific line, not mapped to a shared definition: Investing (note 9).
- “Consideration paid for agency rights” is an issuer-specific line, not mapped to a shared definition: Investing (note 9).
- “Disposal of agency rights” is an issuer-specific line, not mapped to a shared definition: Investing (note 9).
- “Consideration paid for business combinations” is an issuer-specific line, not mapped to a shared definition: Investing (note 9).
- “Purchase of biological assets” is an issuer-specific line, not mapped to a shared definition: Investing (note 8).
- “Sale of biological assets” is an issuer-specific line, not mapped to a shared definition: Investing (note 8).
- “Purchases of investments at fair value” is an issuer-specific line, not mapped to a shared definition: Investing (note 19).
- “Proceeds from disposal of investments at fair value” is an issuer-specific line, not mapped to a shared definition: Investing (note 19).
- “TWK Cell Capital contribution” is an issuer-specific line, not mapped to a shared definition: Investing (note 20).
- “Proceeds received on disposal of business” is an issuer-specific line, not mapped to a shared definition: Investing.
- “Investment cash flows from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Investing.
- “Buy back of shares” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Receipts from loans receivable — forestry loans” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Advances to loans receivable — forestry loans” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Receipts from finance receivables” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Advances to finance receivables” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Proceeds from loan to Group Companies” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Repayment of loan from Group Companies” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Advances received from loan from Group Companies” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Other loans payable” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Financing cash flow from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Cash and cash equivalents for disposal group” is an issuer-specific line, not mapped to a shared definition: Printed between opening cash and total cash at end of the year.
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.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Aug 2024 | Dividends paid (cash flow statement) | Dividends paid |
(38,881,485) | ZAR units | Annual report, p92 |
| 31 Aug 2023 | Dividends paid (cash flow statement) | Dividends paid |
(55,383,375) | ZAR units | Annual report, p92 |
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.
-
TWK Investments Ltd — Integrated Report 2024 (for the year ended 31 August 2024)
Year ended 31 August 2024 · Annual report · signed / final
Audit: PKF Pretoria Incorporated (Brendan Robinson, Director, Registered Auditor), unmodified opinion · signed
Auditor's sign-off: PKF Pretoria Incorporated, per Brendan Robinson, Director, Registered Auditor
Final status: Independent auditor's report on the consolidated financial statements (pages 85 to 185) signed in manuscript 'PKF Pretoria Inc.' above 'PKF Pretoria Incorporated, Per: Brendan Robinson, Director, Registered Auditor, 15 November 2024' (PDF p86, page image; opinion p82). Statements approved by the board on 14 November 2024 and signed with manuscript signatures by JS Stapelberg (Chairman) and A Geel (Financial Director) (PDF p76, page image).
- Document date
- 15 Nov 2024
- Auditor's report
- 15 Nov 2024
- Board approval
- 14 Nov 2024
- Retrieved by us
- 17 Oct 2026 (not a publication date)
- Used for
- statement columns FY to 31 Aug 2024, FY to 31 Aug 2023
- Basis
- consolidated statements · ZAR units (printed “FIGURES IN RAND”)
- Total cash at end of the year (-18 108 317; 2023: 115 769 714) is opening cash plus the year's movement plus 'Cash and cash equivalents for disposal group' (6 435 176; 2023: 4 115 985), and is net of the bank overdraft (164 906 095) against cash and cash equivalents of 146 797 778 in the statement of financial position (note 22).
- Total revenue (note 34) is revenue plus finance income from trade financing, presented above cost of sales; 'Revenue' is mapped to revenue and finance income and total revenue are issuer-native. EPS is printed only for continuing and discontinued operations, basic and diluted differing (cents; p89): native per-share concepts; no total EPS is printed.
- Comparatives are headed '2023 *': 'The prior year comparatives have been restated as a result of the prior period errors and reclassifications as well as the reclassifications for the effect of discontinued operations. Refer to notes 23, 54 and 55.' (pp87-92). Note 54 (p186): Roofspace sale terminated (after-tax restatement R84 379 893), goodwill impairment R67 811 730 recognised in the prior year, agent-versus-principal revenue restated by R1 507 318 938, and the TWK Cell structure reclassified to FVOCI (R26 899 154).
Technical details
- File
- 190 pages, with a text layer
- SHA-256
7512a98d0928c25085bdebc7b601b83099319a888df086d8c3b65b6df6fd881f- Entity as printed
- TWK Investments Ltd & Subsidiaries (the group); TWK Investments Limited
- Issuer copy
- retrieved 2026-10-17T13:54:53Z
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) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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