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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

Vunani

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

On this page
Company details
Legal name
Vunani Limited
Incorporated in
South Africa
Listing
VUN on the A2X Markets, active · ISIN ZAE000163382 (observed 2026-10-08)
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

Read with these figures

  • Auditor's emphasis of matter. No emphasis-of-matter or material-uncertainty paragraph in the auditor's report (pp69-77).
Full wording and sources

  • Auditor's emphasis of matter

    No emphasis-of-matter or material-uncertainty paragraph in the auditor's report (pp69-77).

    Source: Vunani Limited Integrated Report for the year ended 28 February 2026 (dated 2026-06-23)

  • Revenue

    ZAR 474 million

    473,630 ZAR thousands · p78

    +13.2% vs 2025

  • Operating profit / (loss)

    ZAR 121 million

    120,668 ZAR thousands · p78

    +50.9% vs 2025

  • Profit / (loss) for the year

    ZAR 36.4 million

    36,376 ZAR thousands · p78

    Moved from loss to profit (FY to 28 Feb 2025: (3 127) ZAR thousands)

  • Total assets

    ZAR 1.99 billion

    1,989,224 ZAR thousands · p79

    +22.9% vs 2025

  • Total equity

    ZAR 424 million

    423,895 ZAR thousands · p79

    +17.3% vs 2025

  • Cash from operations

    ZAR 30.0 million

    29,962 ZAR thousands · p81

    Change not shown.

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.

Not shown: the prior-year figure is zero or negative.

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
Revenue 473,630 418,449
Insurance service result 100,818 71,584
Insurance revenue 335,166 274,438
Insurance service expenses (212,115) (196,997)
Net expenses from reinsurance contracts held (22,233) (5,857)
Dividend income1 12,351 9,777
Interest income calculated using the effective interest method 36,694 36,386
Other income 24,775 6,934
Total income2 648,268 543,130
Operating expenses (527,600) (463,164)
Operating profit 120,668 79,966
Impairment of non-financial assets3 (36,806) (18,023)
Impairment of financial assets (758) (6,968)
Fair value adjustments and net changes to third party and contract liabilities4 (32,693) (34,009)
Equity-accounted loss (net of income tax) (1,060) (253)
Results from operating activities5 49,350 20,713
Finance income 18,087 11,768
Finance costs (13,992) (15,324)
Net finance income/(costs)6 4,095 (3,556)
Profit before income tax 53,445 17,157
Income tax expense (17,069) (20,284)
Profit/(loss) for the year 36,376 (3,127)
Items that may be subsequently reclassified to profit or loss* (1,080) (254)
Total comprehensive income/(loss) for the year 35,296 (3,381)
Non-controlling interest7 26,287 8,375
Notes and alternative reported figures (7)
  1. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Note 8.
  2. “Total income” is an issuer-specific line, not mapped to a shared definition: Revenue, insurance service result, dividend, interest and other income.
  3. “Impairment of non-financial assets” is an issuer-specific line, not mapped to a shared definition: Note 11.
  4. “Fair value adjustments and net changes to third party and contract liabilities” is an issuer-specific line, not mapped to a shared definition: Note 10.
  5. “Results from operating activities” is an issuer-specific line, not mapped to a shared definition: Operating profit after impairments, fair value adjustments and equity-accounted results.
  6. “Net finance income/(costs)” is an issuer-specific line, not mapped to a shared definition: Finance income less finance costs.
  7. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Note 40.

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
Property, plant and equipment* 35,107 38,772
Goodwill1 139,766 139,766
Intangible assets 74,223 98,777
Investment in jointly-controlled ventures2 8,590 9,645
Insurance-related investments3 898,318 682,963
Deferred tax asset 61,030 56,748
Total non-current assets 1,217,034 1,026,671
Loans to jointly-controlled ventures4 5,175 4,084
Taxation prepaid 480 1,483
Insurance contract assets 3,066 886
Reinsurance assets 30,318 28,850
Trade and other receivables 74,071 61,005
Accounts receivable from trading activities5 404,097 308,149
Trading securities 430 432
Cash and cash equivalents 254,552 187,429
Total current assets 772,190 592,318
Total assets 1,989,224 1,618,989
Stated capital 696,496 696,497
Treasury shares6 (343) (516)
Share-based payments reserve7 4,798 5,118
Foreign currency translation reserve8 (2,867) (2,222)
Accumulated loss (415,108) (408,114)
Equity attributable to equity holders of Vunani Limited 282,977 290,763
Non-controlling interest 140,918 70,493
Total equity 423,895 361,256
Other financial liabilities9 23,079 19,297
Lease liabilities 11,804 11,466
Investment contracts 741,214 557,775
Insurance contract liabilities10 57,729 50,201
Deferred tax liabilities 23,574 29,063
Total non-current liabilities 857,400 667,802
Other financial liabilities9 10,420 12,753
Lease liabilities 8,541 8,787
Taxation payable 12,379 13,997
Insurance contract liabilities11 110,981 98,845
Trade and other payables 139,806 124,467
Accounts payable from trading activities12 402,156 306,941
Trading securities13 6 6
Bank overdraft 23,638 24,135
Total current liabilities 707,928 589,931
Total liabilities 1,565,329 1,257,733
Total equity and liabilities 1,989,224 1,618,989
Notes and alternative reported figures (13)
  1. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Note 16.
  2. “Investment in jointly-controlled ventures” is an issuer-specific line, not mapped to a shared definition: Note 21.
  3. “Insurance-related investments” is an issuer-specific line, not mapped to a shared definition: Note 19: investments backing insurance and investment contracts.
  4. “Loans to jointly-controlled ventures” is an issuer-specific line, not mapped to a shared definition: Note 21 (current).
  5. “Accounts receivable from trading activities” is an issuer-specific line, not mapped to a shared definition: Note 24: stockbroking settlement receivables.
  6. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 26.
  7. “Share-based payments reserve” is an issuer-specific line, not mapped to a shared definition: Note 27.
  8. “Foreign currency translation reserve” is an issuer-specific line, not mapped to a shared definition: Translation reserve.
  9. “Other financial liabilities” is an issuer-specific line, not mapped to a shared definition: Note 28.
  10. “Insurance contract liabilities” is an issuer-specific line, not mapped to a shared definition: Note 30: non-current portion.
  11. “Insurance contract liabilities” is an issuer-specific line, not mapped to a shared definition: Note 30: current portion.
  12. “Accounts payable from trading activities” is an issuer-specific line, not mapped to a shared definition: Note 24: stockbroking settlement payables.
  13. “Trading securities” is an issuer-specific line, not mapped to a shared definition: Trading securities held short (current liabilities).

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
Net cash generated by operating activities 108,925 30,444
Investment revenue received1 23 25
Finance income received 18,087 11,079
Finance costs paid2 (8,242) (10,593)
Dividends paid to shareholders (56,318) (14,331)
Dividends paid to non-controlling interest3 (7,329) (6,882)
Income tax paid (25,183) (28,922)
Net cash generated/(utilised) by operating activities 29,962 (19,180)
Acquisition of property, plant and equipment (2,249) (1,042)
Advance of loans to jointly controlled ventures4 (1,632) (4,084)
Repayments of loans to jointly controlled ventures5 1,050 –6
Acquisition of intangible assets – computer software (2,370) (3,639)
Proceeds on partial disposal of subsidiary7 70,000 –6
Proceeds on disposal of insurance investments8 62,404 67,733
Acquisition of subsidiary net of cash acquired9 6,224 –6
Acquisition of insurance investments10 (82,584) (54,900)
Net cash inflow from investing activities 50,843 4,068
Acquisition of treasury shares11 (2,760) (1,847)
Advances of other financial liabilities12 10,000 –13
Repayments of other financial liabilities14 (12,546) (11,447)
Repayment of lease liabilities – capital repayment (7,879) (6,196)
Net cash outflow from financing activities (13,185) (19,490)
Net increase/(decrease) in cash and cash equivalents 67,620 (34,602)
Exchange rate on foreign cash balances –15 5
Cash and cash equivalents at the beginning of the year 163,294 197,896
Total cash and cash equivalents at end of the year 230,914 163,299
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  3. Printed “–”; reading unresolved, so no amount is shown. Printed dash for 2026; no printed subtotal includes this line.
Notes and alternative reported figures (12)
  1. “Investment revenue received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  2. “Finance costs paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  3. “Dividends paid to non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  4. “Advance of loans to jointly controlled ventures” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. “Repayments of loans to jointly controlled ventures” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  6. “Proceeds on partial disposal of subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  7. “Proceeds on disposal of insurance investments” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Acquisition of subsidiary net of cash acquired” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  9. “Acquisition of insurance investments” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  10. “Acquisition of treasury shares” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  11. “Advances of other financial liabilities” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  12. “Repayments of other financial liabilities” is an issuer-specific line, not mapped to a shared definition: 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)3 0.0631 (0.071)2
Profit / (loss) attributable to shareholders (ZAR thousands)4 10,089 (11,502)
Shares in issue at year end (shares)5 161,156 thousand 161,156 thousand
  1. Printed as 6.3 cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as (7.1) cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (3)
  1. Earnings / (loss) per share: printed as “Basic earnings/(loss) per share (cents)”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity holders of Vunani Limited”.
  3. Shares in issue at year end: printed as “Shares in issue (000s)”.

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 shareholders (56,318) ZAR thousands Annual report, p81
28 Feb 2025 Dividends paid (cash flow statement) Dividends paid to shareholders (14,331) ZAR thousands Annual report, p81

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.

  • Vunani Limited Integrated Report for the year ended 28 February 2026

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

    Audit: BDO South Africa Incorporated (Registered Auditors), unmodified opinion · signed

    Auditor's sign-off: BDO South Africa Incorporated; Lance September, Director, Registered Auditor

    Final status: Independent auditor's report on the consolidated and separate financial statements (PDF pp69-77), closed with the firm's signature in script ('BDO South Africa Inc', an image, not in the text layer) above the typeset names 'BDO South Africa Incorporated, Registered Auditors, Lance September, Director, Registered Auditor' and dated 23 June 2026 (p77, page image); no separate partner signature is shown. Statements approved by the board on 23 June 2026 and signed by E Dube (CEO) and T Mika (CFO) (p64, page image).

    Document date
    23 Jun 2026
    Auditor's report
    23 Jun 2026
    Board approval
    23 Jun 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 “Figures in R'000”)
    • Cash at the end of the 2025 year is printed as 163 299 in the 2025 column of the cash-flow statement (its flows plus an exchange effect of 5), but 2026 opens at 163 294, which equals 2025 cash and cash equivalents (187 429) less bank overdraft (24 135) (pp79, 81). Kept as printed; the cash-continuity checks for 28 February 2025 differ by 5.
    • Net tangible asset value per share for 2025 is printed '32,4' (decimal comma; other per-share figures use a point) (p79); not transcribed. Stated capital is printed 696 496 for 2026 and 696 497 for 2025 (the statement of changes in equity shows 696 497 at both dates).
    • The statement of comprehensive income page (p78) prints no title; its columns are headed 'VUNANI LIMITED – Group, Audited 2026, Audited 2025'. 'Revenue' and the insurance service result are both components of 'Total income'. Cash in the cash-flow statement is net of bank overdraft (230 914 = 254 552 - 23 638).
    Technical details
    File
    240 pages, with a text layer
    SHA-256
    3674140f0cd4b212280fbb73946d646bb24065bd2f4b8d30e678d94230e55ede
    Entity as printed
    Vunani Limited (the group and company); VUNANI LIMITED – Group
    Issuer copy
    retrieved 2026-10-08T18:51:22Z

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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