CA&S increases dividend as regional expansion supports earnings growth
Africa’s consumer markets are expanding, but operating across them remains complex.
Fragmented retail channels, diverse regulatory environments and long logistics networks mean that for many brand owners, success depends as much on execution as it does on demand.
This has increased the importance of specialised route-to-market platforms - companies that provide the infrastructure needed to connect brands with retailers across multiple markets.
One such company is CA&S Group.
FY2025 Highlights
Operating Profit: R860.88 million up 10.0%
Headline Earnings per Share: 143.72 cents up 17.1% Headline Earnings: R690.25 million up 17.9%
Revenue: R12.81 billion up 2.3%
Dividend: 28.69 cents per share up 17.4%
For the year ended 31 December 2025, CA&S reported increased operating profit and headline earnings and raised its dividend by 17.4%, reflecting strong cash generation despite subdued consumer spend in parts of its operating footprint.
Revenue increased to R12.81 billion, compared with R12.52 billion in the prior year.
The board declared a dividend of 28.69 cents per share, up 17.4% from 24.44 cents declared in 2024.
These results were achieved against softened trading conditions in Botswana as developments in the global diamond market, a key driver of the country’s economy, contributed to currency deflation, affecting consumer spending and prompting a shift towards more affordable products. Despite these conditions, CA&S grew EBITDA in Botswana by 13.1%.
Against this backdrop, CA&S continued to expand its client portfolio across Southern and East Africa.
The group operates a portfolio of FMCG service businesses that connect global and regional brand owners with retail channels through sales execution, distribution, logistics and merchandising capabilities.
Chief executive Duncan Lewis said the results highlight the resilience of the group’s operating model.
“Our strategy is centred on building a scalable route-to-market platform capable of supporting brand owners across multiple African markets,” Lewis said.
A key strategic development during the year was the group’s investment in East Africa.
In February 2025 CA&S acquired a 35% stake in Trapin Holdings Ltd, the Tradco Group, for R108.4 million.
Tradco is a Kenya-based trade marketing and distribution business with operations in Kenya, Uganda and Tanzania. The transaction strengthens CA&S’s presence in East Africa and supports its broader regional expansion strategy.
CA&S also continued investing in operational infrastructure. During the year the group approved capital expenditure of R300 million for the development of land and buildings in Eswatini.
Following the year end, the group acquired a majority stake in Sunpac (Pty) Ltd, a South African distributor specialising in category management and route-to-market services in the personal care sector.
The acquisition introduces capability in the private and confined label category, an area of increasing importance for retailers.
As African consumer markets continue to evolve, companies capable of providing integrated route-to-market infrastructure are likely to play an increasingly central role in the sector’s growth.
CA&S Achieves Strong Earnings Growth in 2025, Boosts Dividend and Advances Regional Expansion
Johannesburg, South Africa, 26 March 2026. CA&S, the Africa-focused group of FMCG route-to-market specialists listed on both the JSE Limited and the Botswana Stock Exchange, today reported a resilient financial performance for the year ended 31 December 2025, underscored by earnings growth, disciplined cost management and ongoing regional expansion. The Board has declared a 17.4% increase in final dividend, reflecting the Group’s continued ability to generate cash and support shareholder returns.
Through its portfolio of specialist FMCG services businesses, CA&S plays a critical behind-the-scenes role for many of the world’s most recognised brands - ensuring their products are available and visible on shelf and ultimately making their way into shoppers’ baskets across Southern and East Africa, where strong execution and deep local insight are essential.
Robust Financial Performance
Group revenue increased 2.3% to R12.81 billion, supported by the successful onboarding of new clients in an environment where consumer spending remained constrained. Operating profit rose 10% to R860.88 million, buoyed by tight cost control and increased contribution from associates following CA&S’s investment in the Tradco Group in East Africa.
Headline earnings per share grew 17.1% to 143.72 cents, while earnings per share increased 13.4% to 143.95 cents. Total assets ended the year 11.7% higher at R6.31 billion, driven largely by increased associate investments and stronger cash resources, which rose from R1.17 billion to R1.45 billion on the back of robust operating cash flow.
The Board declared a final gross dividend of 28.69 cents per share, up 17.4% from the prior year and in line with the Group’s policy of paying out 20% of headline earnings.
Strategic Progress Across Africa
CA&S’s strategy continues to be shaped by client needs and the growing demand for integrated route-to-market partners in Africa’s evolving retail environment.
Expansion in East Africa: The Group’s 35% stake in Trapin Holdings Ltd (Tradco Group) is strengthening CA&S’s presence in Kenya, Uganda and Tanzania - markets experiencing rising formal retail penetration and increased brand activity.
Infrastructure Investment: A R300 million capital investment was approved in Eswatini to develop land and buildings that will improve operational capacity and long-term efficiency across the region.
Post-Year-End Acquisition: CA&S has acquired a majority stake in Sunpac (Pty) Ltd, a South African distributor serving leading personal care brands. Sunpac’s strong capabilities in category management and its exposure to the rapidly expanding private and confined label segment deepen CA&S’s value proposition to retailers and brand owners alike.
Focused on Growth, Efficiency and Digital Enablement
Commenting on the group’s results CA&S group CEO Duncan Lewis said: “Digital transformation remains a central focus for the Group as it looks to enhance data insight, service consistency and execution across territories. At the same time, CA&S continues to prioritise operational efficiency to support scalable, profitable growth.
The Group’s diversified footprint - spanning ten African countries and multiple categories - provides a balance of resilience and opportunity, supported by long-standing client partnerships and strong local market leadership.”