MBABANE – Newly listed AGSPAC Limited recorded a E752 948 loss for its first audited 18-month reporting period as the agricultural investment company continues evaluating suitable opportunities in the sector.
The company, which was incorporated in December 2024 and listed on the Eswatini Stock Exchange (ESE) in January 2026, today published its audited financial results for the period ended June 30, 2026.
According to the results, AGSPAC recorded total income of E227 048, comprising interest income, against operating expenses of E1.23 million. This resulted in a loss before taxation of E1.003 million.
The company reported an income tax credit of E250 982, reducing its loss after tax to E752 948. The same amount was recorded as its total comprehensive loss for the period.
The reported basic and diluted loss per share stood at E0.15.
In its commentary accompanying the financial statements, AGSPAC attributed the loss to its establishment and investment identification phase.
Management explained that operating and listing-related costs were incurred during the period, while the company generated only interest income.
The results reflect the costs associated with establishing the company and preparing it to pursue investment opportunities, rather than income generated from an established portfolio of agricultural businesses.
AGSPAC is a Special Purpose Acquisition Company (SPAC) whose primary investment focus is the agricultural sector.
Management said it remained focused on identifying and evaluating suitable investment opportunities that meet the company’s investment criteria.
The company is particularly interested in quality agricultural-input businesses capable of generating sustainable cash flows, dividend income and long-term capital growth.
Despite the reported loss, AGSPAC’s statement of financial position showed total assets of E7.4 million as at June 30, 2026.
Cash and cash equivalents amounted to E7.15 million, while a deferred tax asset of E250 982 accounted for the remaining assets.
The company’s total liabilities stood at E124 500, comprising trade and other payables.
Total equity was reported at E7.277 million, consisting of share capital of E110,000, share premium of E7.92 million and accumulated losses of E752,948.
The figures show that the company retained a substantial cash balance at the end of the reporting period despite its operating loss.
Management described AGSPAC as solvent and liquid, stating that its financial position provided a sound basis from which to pursue investment opportunities.
Looking ahead, AGSPAC said its immediate priority remained the identification and assessment of investments that align with its strategy.
Management indicated that it would continue evaluating potential opportunities, with an emphasis on businesses that could deliver sustainable cash flows and support long-term capital growth.
However, the company had not concluded any investment opportunities at the time of reporting, according to its commentary.
The results therefore provide an initial financial picture of a recently established and listed investment vehicle still working to identify suitable businesses for its portfolio.
The financial statements for the 18-month period were audited by SNG Grant Thornton Chartered Accountants (Eswatini), which issued an unmodified audit opinion.
Peninsular Capital (Pty) Ltd., is the Founding Shareholder responsible for bringing AGSPAC to the Eswatini Stock Exchange. Peninsular Capital is a highly successful private investment holding company with a strong history of delivering superior returns.
The owners have extensive experience across multiple sectors and a proven track record in Eswatini, the region, and beyond. Peninsular Capital’s success is driven by the combined expertise of its management teams and the leadership of its founder, Paul Friedlander, a prominent liSwati entrepreneur.
