Despite tepid share performance, these two stocks delivered returns of 48%

Two JSE-listed shares had indifferent, negative share price performance across 2025 – yet delivered total returns of 48% over the 12-month period.

A further two achieved total return growth of more than 20%, and both of these also saw a negative 12-month share price performance.

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The reasons in all four cases where investors saw negative share price appreciation is simple – each of these companies returned significant amounts of capital to shareholders during the year.

The two strong performers on this metric were Texton Property Fund and Super Group, which had total returns of 48.78% and 48.36% respectively (the former ended 6.25% lower in the year, while larger Super Group was down 35.9%).

The R1.2 billion Texton, which is the most thinly traded of the four outliers, had a wild 2025, trading as high as R4.49 and as low as R2.26 per share.

In April 2025, it declared a special cash dividend (gross) of 20.13 cents per share and a return of contributed tax capital (also gross) of 79.87c per share. These distributions were paid in May.

Read: Texton shareholders vote against BEE share buyback from PIC [Jan 2019]

In September, following its June year-end, the fund declared a further return of contributed tax capital of 63.87c per share, which was paid in October.

In total, it returned R409 million to shareholders in the year.

Super Group

The year saw logistics, motor retail and fleet group Super Group dispose of its Australian unit SG Fleet, in which it held 53.5%, for a total consideration of R7.53 billion.

SG Fleet was listed in Aus, and this represented a 30% premium to the average volume-weighted price in the 30 days prior to the offer being tabled in November 2024.

Super Group planned to use up to R1.96 billion to settle debt and then return the remaining proceeds to shareholders.

Originally, it intended to do this via a return of contributed tax capital as well as a special dividend. By the time this was finalised in May, it only declared a special cash dividend of R16.30 per share (gross).

This was a massive R5.5 billion windfall for shareholders (and the taxman).

For comparison, Super Group’s market cap is currently R6.4 billion.

Listen: Market giving Super Group cold shoulder despite great prospects

Its share price ended 2025 down 36% at R18.91, but given this sizeable distribution to shareholders, its total return was nearly 50%.

The two other shares that delivered outsized returns versus their share price performance are ENX Group and MTN Zakhele Futhi.

The former achieved a total return of 25.92% versus a 27% decline in its share price in the year, while for the latter, the numbers were 22.96% and -97.5%, respectively.

ENX Group

Following the completion of a number of investments, ENX declared two special distributions in the year: the first (R1.55 per share) in March, and the second (R1.30 per share) in July.

On a net (after tax) basis, shareholders would’ve received a total of R2.28 in distributions in the year.

Not bad for a stock that traded between R3.20 and R6 a share across the year!

MTN Zakhele Futhi

MTN Zakhele Futhi’s total return is incredibly flattering, given that the broad-based black empowerment vehicle was wound up and is being delisted.

Long-suffering shareholders were paid a (gross) special distribution by way of return of contributed tax capital of R20 a share – the amount at which the scheme was listed in 2016 – in July.

Read: MTN Zakhele Futhi unwind: BEE investors will get out less

In October, it paid a special dividend of R4.20 per share (R3.36 on a net basis), which was the return of the residual net asset value in the scheme.

It said “the declaration … is in line with the board’s stated intention of a full return of capital to shareholders and a modest gain”. It will delist MTNZF for 15c a share at the start of March.

These four instances illustrate that focusing on one measure alone – in this case share price performance – often does not tell the entire story.

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