Invicta Holdings | SARS Overhang
Invicta released a disappointing set of FY' 18 results where dHEPS and DPS declined by 80% yoy and 29% yoy respectively. While this was largely due to a R400m increase in the tax provision, it also highlights a weak operating result and a deterioration in the quality of the operating portfolio. In particular, Kian Ann, its acquisition in Singapore, has failed to grow earnings beyond pre-acquisition levels despite the very recent profit growth. Furthermore, the domestic portfolio has become increasingly concentrated following the disposal of Bearings Supply Group (its tiling business) with spare parts and capital equipment sales cyclically exposed to the agricultural, mining and construction sectors.Invicta Holdings is an investment holding and management company. Through its subsidiaries, Co. is engaged as a distributor of bearings, seals, power transmission components, drives, belting, fasteners, filtration and hydraulics; distributor of a range of agricultural machinery, implements and related spares; wholesale and retail distributor of earthmoving machinery, turf-grooming machinery, golf cars, utility vehicles and related spares; importer and distributor of materials handling equipment and related spares; and wholesale supplier of sanitary ware, brass ware, taps, plumbing fixtures, plastic piping and related products.
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