enX Group expects a headline loss of between 5.3 cents and 14.2 cents per share for the year ended 31 August 2026, against headline earnings of 53.2 cents a year earlier, according to a trading statement and trading update the company published on the JSE’s Stock Exchange News Service (SENS) on Monday 9 November. The numbers are an estimated range, not final results, and enX says the financial information has not been reviewed or reported on by its external auditors.
What the trading statement says
The JSE requires a trading statement once a company is reasonably certain results will differ by at least 20% from the prior period, and enX says it has crossed that threshold. The prior-year figures are restated, as explained below.
For total operations, enX expects a basic loss per share of between 23.7 cents and 44.6 cents, compared with a restated loss of 105.0 cents a year earlier. That is an improvement of 58% to 77%. Headline earnings or loss per share, which strips out items such as impairments and disposal losses, swings from earnings of 53.2 cents to a loss of between 5.3 cents and 14.2 cents.
The split between continuing and discontinued operations matters here. For continuing operations, which enX says now comprise principally Power O2 and the Service Centre, the basic and headline loss per share is expected at between 11.3 cents and 13.2 cents, against a loss of 9.7 cents last year. In other words, the loss from the businesses that remain is expected to be larger, by 16% to 36%. For discontinued operations, headline results move from earnings of 62.9 cents to somewhere between a loss of 1.0 cent and earnings of 6.0 cents.
Why the group looks so different
enX describes the year as one of realising value from its remaining assets and returning surplus capital to shareholders. In April 2026 Trichem South Africa exercised its option to buy enX’s remaining 75% interest in West African International (WAI), the chemicals business. enX says it received proceeds of approximately R295 million, subject to a post-closing adjustment, and that the R107.3 million escrow security held for the earlier put option was released together with accrued interest. In June 2026 the company paid a special distribution of 192 cents per share.
More recently, enX agreed to sell the New Way Power Sale Business and the enX Ventures Letting Enterprise, which includes the New Way Power manufacturing facility and its lease, to GPR South Africa, a wholly owned subsidiary of the Generac group. The aggregate consideration is R220 million: R130 million for the sale business and R90 million for the letting enterprise. The R90 million portion is fixed, while the R130 million portion is subject to contractual adjustment. Shareholders approved the transactions unanimously on 27 August 2026, they became unconditional on 16 October and enX says they were completed on 2 November 2026.
How the sale proceeds are being paid
R110 million was received in cash at completion. The remaining R110 million is payable through a two-year vendor loan bearing interest at the prime rate, supported by a guarantee from PRI Industrial Srl, a wholly owned subsidiary of Generac Power Systems. enX adds that the final price remains subject to adjustment as set out in the circular sent to shareholders on 28 July 2026.
Restated comparatives and one-off charges
enX restated last year’s numbers in two ways. The New Way Power business and the letting enterprise were reclassified as discontinued operations under IFRS 5, which moves earnings between the continuing and discontinued lines without changing the total. The company also recognised a deferred tax liability of about R22 million tied to its investment in WAI, which lifted the previous basic loss per share from 92.9 cents to 105.0 cents.
Several charges feed into the current-year range. enX cites reduced earnings from disposed businesses, lower net interest income after the return of capital, and transaction costs. It recognised an expense of R37 million, roughly R27 million after tax, for the New Way Power Management Incentive Plan, and an impairment of R15 million on the disposal group.
What it means for businesses
For suppliers, customers and lenders dealing with enX or its former units, the practical points are the ownership changes and the winding down of New Way Power. For investors in other listed companies, the statement is a reminder that headline numbers after disposals are hard to compare year on year, which is why restated comparatives matter. Other recent JSE disclosures show the same pattern of portfolio pruning, such as Octodec’s sale of Killarney Mall, and we have covered other trading statements, including Famous Brands and Astral Foods.
What is not yet known
The statement gives ranges rather than point estimates, and the SENS text does not say when enX will publish its audited annual results. It also does not say how much cash shareholders can expect from the wind-down of New Way Power, or whether further distributions will follow the June payment. Those answers will depend on the final results and on the company’s next announcements.
