Monday, 3 June 2019: Hulisani Limited (HUL), the JSE-listed energy investment company, today announced its annual results for the year ended 28 February 2019 on Friday 31 May 2019.

Cash flow was positive for the period. Company dividends increased to R36.9 million from R18.1 million, with investments meeting or exceeding projections. Dividends received from Kouga Wind Farm were 60% higher than anticipated at R24 million, while those from RustMo1 Solar Farm were in line with expectations at R12,3 million.

Hulisani is an investment holding company that generates dividend income on its investments, which are largely focused on energy projects ranging from gas, solar PV, concentrated solar, wind and hydro in South Africa and in sub-Saharan Africa. Hulisani’s key portfolio includes interests in GRI Wind Steel, Kouga Wind Farm, RustMo1 Solar Farm; and the Avon and Dedisa Peaking Power Plants.

While net cash from group operating activities for the period was positive, certain accounting factors contributed to losses.

Commenting on the results, CEO Marubini Raphulu said that Hulisani’s imperative is to achieve a level of scale in terms of its core portfolio. “Our current projects pipeline in the secondary market is approximately R1.2 billion in relation to South African operating and revenue generating energy assets. GRI, which manufactures wind towers, was negatively affected by the delayed signing of power purchase agreements (PPAs). Since their conclusion however, new wind tower orders have significantly improved GRI’s prospects. Greater energy policy certainty is encouraging, and we anticipate that our investments in advanced projects in the renewable energy sector will benefit from further conclusion of PPAs as well as upcoming renewable energy independent power producer procurement programme (REIPPP) and gas to power programme (GTPP) projects.”

Group revenue increased to R50.4 million from R37.4 million and operating costs increased to R73.3 million (2018: R57.7 million), largely attributable to timing considerations.  Group cash costs rose to R48.7 million, largely attributable to salaries and non-recurring investment-related consultancy fees.  The net cash from operating activities amounted to R11m.

Hulisani Limited listed in April 2016 but ceased to operate as a special purpose acquisition company (SPAC) on 22 March 2017. Equity investments and income earned were therefore only included for a portion for the period ended February, whereas the financial year ended February 2019 includes the full twelve-month period.

Increased investment activity at the holding company resulted in higher operating expenses of R33.9 million. The operating results before non-cash expenses amounted to R3 million. Non-cash expenses included impairment losses, depreciation and expected credit loss provisions. Operating costs included non-recurring expenses of R9.4m, consisting mainly of advisory and legal fees relating to the year’s investment activities. The operating results before non-cash expenses and non-recurring expenses amounted to R12.4m.

“We will continue to actively build capability and aggressively pursue opportunities in the renewable energy sector to enhance returns, while continually assessing various forms of funding to enable the conclusion of the focus projects in our pipeline,” he says.


For further information contact Despina Harito at or 0844531755

For images of Marubini Raphulu: