<\/p>\n
Two JSE-listed shares had indifferent, negative share price performance across 2025 \u2013 yet delivered total returns of 48% over the 12-month period.<\/p>\n
A further two achieved total return growth of more than 20%, and both of these also saw a negative 12-month share price performance.<\/p>\n
Listen\/read:\u00a0\u2018Incredible\u2019 performance for SA property stocks, but what will 2026 hold?<\/p>\n
The reasons in all four cases where investors saw negative share price appreciation is simple \u2013 each of these companies returned significant amounts of capital to shareholders during the year.<\/p>\n
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%).<\/p>\n
\nThe 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.<\/p>\n<\/blockquote>\n
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.<\/p>\n
Read:\u00a0Texton shareholders vote against BEE share buyback from PIC [Jan 2019]<\/p>\n
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.<\/p>\n
In total, it returned R409 million to shareholders in the year.<\/p>\n
Super Group<\/strong><\/p>\n
\n\nADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
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.<\/p>\n
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.<\/p>\n
Super Group planned to use up to R1.96 billion to settle debt and then return the remaining proceeds to shareholders.<\/p>\n
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).<\/p>\n
\nThis was a massive R5.5 billion windfall for shareholders (and the taxman).<\/p>\n<\/blockquote>\n
For comparison, Super Group\u2019s market cap is currently R6.4 billion.<\/p>\n
Listen:\u00a0Market giving Super Group cold shoulder despite great prospects<\/p>\n
Its share price ended 2025 down 36% at R18.91, but given this sizeable distribution to shareholders, its total return was nearly 50%.<\/p>\n
\nThe two other shares that delivered outsized returns versus their share price performance are ENX Group and MTN Zakhele Futhi.<\/p>\n<\/blockquote>\n
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.<\/p>\n
ENX Group<\/strong><\/p>\n
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.<\/p>\n
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CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
On a net (after tax) basis, shareholders would\u2019ve received a total of R2.28 in distributions in the year.<\/p>\n
Not bad for a stock that traded between R3.20 and R6 a share across the year!<\/p>\n
MTN Zakhele Futhi<\/strong><\/p>\n
MTN Zakhele Futhi\u2019s total return is incredibly flattering, given that the broad-based black empowerment vehicle was wound up and is being delisted.<\/p>\n
Long-suffering shareholders were paid a (gross) special distribution by way of return of contributed tax capital of R20 a share \u2013 the amount at which the scheme was listed in 2016 \u2013 in July.<\/p>\n
Read:\u00a0MTN Zakhele Futhi unwind: BEE investors will get out less<\/p>\n
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.<\/p>\n
It said \u201cthe declaration \u2026 is in line with the board\u2019s stated intention of a full return of capital to shareholders and a modest gain\u201d. It will delist MTNZF for 15c a share at the start of March.<\/p>\n
These four instances illustrate that focusing on one measure alone \u2013 in this case share price performance \u2013 often does not tell the entire story.<\/p>\n
Read:
And the best [performing] share in 2025 was \u2026
Top stock of 2025 plunges 47% in one day<\/p>\nFollow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n