Imperial Logistics Limited Overview
Imperial is a South African-origin provider of integrated market access and logistics, built over seven decades from a Johannesburg motor dealership into a pan-African route-to-market platform. Its model combines two capabilities that are rarely found under one roof in Africa. The first is asset-based logistics: road freight, contract logistics, cold chain and cross-border corridors. The second is inventory-owning market access, which takes multinational healthcare and consumer principals' products to patients and consumers across sub-Saharan Africa. At its last standalone year-end (FY2021), Imperial generated R52.2 billion of revenue across roughly 25 countries, with a European contract logistics and freight business (including Palletways) supplying about 41% of revenue. Since March 2022 it has been DP World's landside and distribution engine in Africa. It turns DP World's port and economic-zone assets into an end-to-end "port-to-shelf" offer. This positions Imperial as a strategic subsidiary rather than an independent equity story.
The company's own description (FY2021)
In its last standalone results, Imperial described itself as an Africa-focused provider of integrated market access and logistics. It served five key industries (healthcare, consumer, automotive, chemicals, industrial and commodities). It aimed to take clients' and principals' products into fast-growing but difficult markets. It claimed a ranking among top-tier global logistics providers and a workforce of 25,000 [FY2021 Results]. Its stated purpose was to connect Africa and the world and improve lives through access to quality products and services [FY2021 Results].
Business model and revenue model
Imperial operated two economically distinct models.
1. Market Access (distribution / "order-to-cash").
-
Imperial takes ownership of inventory and runs the full order-to-cash cycle for principals.
-
That cycle covers sourcing, sales, demand generation, distribution, marketing and promotions [FY2021 Results].
-
Close to 100% of Market Access revenue is generated in Africa [FY2021 Results].
-
Revenue is recognised mainly as sale of goods, so gross revenue is high and operating margin is thin (5.3% in FY2021) [FY2021 Results].
2. Logistics (asset-based / asset-right services).
-
Covers road freight, contract logistics (warehousing and distribution), lead logistics provider (LLP) services, express palletised networks, and air and ocean forwarding [FY2021 Results].
-
Revenue is recognised mainly as rendering of services under multi-year contracts.
-
Contract renewal rates were 88% group-wide in FY2021 [FY2021 Results].
Revenue-type mix (continuing operations, ZAR m) [FY2021 Results]
Shares are computed from the reported figures. Subscription and licensing revenue: none disclosed.
Value-chain position
Imperial sits between manufacturers and principals (multinational pharma and fast-moving consumer goods brands, automotive OEMs, chemical producers, mining houses) and end-customers (pharmacies, hospitals, public health systems, wholesalers, retailers, informal trade).
-
In Market Access it substitutes for a principal's own in-country sales and distribution organisation.
-
In Logistics it is a third-party logistics (3PL) and, increasingly, fourth-party logistics (4PL) and LLP provider.
Inside DP World it is the inland leg of an integrated chain that runs from port terminal and economic zone to customer [DP World release Jul-2021; DP World Brazil–Africa Link Apr-2026].
Customers and end-markets
Industries: healthcare, consumer, automotive, chemicals, industrial and commodities [FY2021 Results; Imperial website].
Named customer contracts: a material Procter & Gamble route-to-market contract in Nigeria, effective 1 January 2021 [FY2021 Results]. A 60-year-plus logistics relationship with Consol Glass (now Ardagh Glass Packaging Africa), cited by a DP World SSA employee post (low-grade source) [LinkedIn, 2025].
Public-sector healthcare: participation as an approved importer of COVID-19 vaccines into South Africa alongside Biovac, under a contract to December 2022 [FY2021 Results]. Stewardship of OpenLMIS, a public health supply-chain information system used in eight countries [FY2021 Results].
Independent characterisation
Imperial before 2022 was a portfolio in transition. It was moving from a decentralised collection of regional transport companies (the legacy of the Imperial Holdings conglomerate) towards a single "One Imperial" operator. The bias was towards asset-right logistics and higher-growth African market access.
FY2021 data show the strategic tension clearly:
-
Market Access produced the highest return on invested capital (ROIC 14.1%) but faced margin compression.
-
Logistics Africa was the profit engine (42% of operating profit).
-
The European business (41% of revenue) earned below its cost of capital and was openly described as non-core to the "Gateway to Africa" strategy at the FY2021 interim stage [FY2021 Results; H1 FY2021 presentation].
DP World resolved that tension by buying the whole group, Europe included [FY2021 Results].
Strategy
Stated strategy (last standalone, FY2021)
Strategic pillars (labels as published) [FY2021 Results]:
-
Operate as "One Imperial", offering unique end-to-end solutions
-
People are our greatest asset
-
Extensive Africa footprint, serving as a "Gateway to Africa"
-
International footprint and expertise
-
"Go digital, be digital, enable digital"
-
Integrating environmental, social and governance (ESG) practices
Strategic responses to stated challenges [FY2021 Results]:
Other financial discipline frameworks [FY2021 Results]:
-
Net working capital guidance of 4–5% of revenue.
-
Maintain banking covenant headroom (net debt to EBITDA below 3.25x).
Initiatives in the last 24 months (Oct 2024–Oct 2026; DP World SSA level, where Imperial is the logistics and market-access platform)
| Date | Initiative | Detail | Source |
|---|---|---|---|
| Ongoing from Jun 2024 | US$3bn Africa investment programme | US$2bn ports, US$1bn logistics over 3–5 years; interest in Transnet partial privatisation and Lamu (Kenya) | SupplyChainBrain/AJOT Jun-2024 |
| Apr 2025 | Cold-chain expansion | Walvis Bay temperature-controlled facility (Deep Catch / Seapride) | Freight News Apr-2025 |
| c.2025 | OEM turnkey solution | Integrated market-entry logistics for vehicle OEMs (Foton) | Global Trailer |
| 2,025 | "One DP World" operating model | Group-wide integration of logistics capabilities | DP World FY2025 results |
| Jan 2026 | Healthcare SSA leadership | New EVP to integrate fragmented healthcare supply chains end-to-end | Executive Forecast Jan-2026 |
| Apr 2026 (reported date; see note) | ITOCHU MoU | Explore SSA logistics: fleet, supply-chain optimisation, commodity and food distribution | Global Trailer |
| 27 Apr 2026 | Brazil–Africa Link | Santos to Angola and Mozambique, supported by the South African logistics network | Club of Mozambique Apr-2026 |
| Sep 2026 | Kenya special economic zone | 222-hectare zone co-development with GulfCap Africa | AGBI Sep-2026 |
| Sep–Oct 2026 | Ogun State, Nigeria | MoUs for a deep-sea port and special economic zone; initial investment above US$7bn; 50,000+ direct jobs (per Nigerian presidency) | AGBI Sep-2026; The National Oct-2026 |
| 1 Oct 2026 | TGI Group partnership (Nigeria) | TGI to take a minority shareholding in DP World Logistics Limited Nigeria; services include road freight, contract logistics and prospective 4PL | DP World release Oct-2026 |
Note on the ITOCHU MoU: the page is dated 9 April 2026, but the aggregator's "age" metadata implies an earlier (2025) publication. The date conflict is unresolved.
Medium-term targets and guidance
Last Imperial guidance (FY2022, issued Sep 2021) [FY2021 Results]. Subject to stable currencies and recovery, management expected:
-
growth in revenue, operating profit, continuing HEPS and Core EPS versus FY2021;
-
free cash conversion of 70–75%.
February 2022 trading statement [SENS 23 Feb 2022]:
-
Flagged H1 FY2022 impacts from South African unrest, COVID-19 and semiconductor shortages.
-
Cited strong Logistics Africa and Market Access performance.
-
Publication of full interim results depended on deal timing.
Current Imperial-level targets. Not publicly disclosed. DP World group guides on capex (c.US$3bn for 2026) [DP World FY2025 results].
Products & Services
Pricing models are not publicly disclosed for any offering. Market Access earns distribution margins on owned inventory; logistics earns contract and transactional fees. Launch years shown are acquisition or entry years where the offering was acquired.
Market Access — Healthcare
| Offering | Description / capabilities | Target customer | Year (entry/latest) | Source |
|---|---|---|---|---|
| Multi Market Aggregation (MMA) | Aggregated, multi-country route-to-market for pharmaceutical principals; five new clients onboarded in FY2021 | Multinational pharma | Active FY2021 | FY2021 Results |
| Integrated Commercial Solutions (healthcare) | Commercial capability combining sales, demand generation and distribution | Pharma principals | Developed FY2021 | FY2021 Results |
| Imres | Medical supplies and kitting; sourcing and procurement for NGOs, donors and private organisations | NGOs, donors, governments | 70% acquired 2014 | Imperial History page; FY2021 Results |
| Eco Health (Nigeria) | Pharmaceutical distributorship; minorities bought out in FY2021 | Pharma principals, pharmacies | Entered 2017 | Imperial History page; FY2021 Results |
| Surgipharm (Kenya) | Healthcare distribution; Kenya healthcare posted strong FY2021 growth | Pharma principals, healthcare providers | 2,018 | Imperial History page; FY2021 Results |
| Geka Pharma (Namibia) | Distribution of pharmaceutical, medical, surgical and allied products | Healthcare providers | 65% acquired 2020 | Imperial History page |
| RTT Medical | Healthcare logistics and distribution with an African footprint | Pharma principals | c.2014 | Imperial History page |
| Kiara Health (49% associate) | Pharmaceutical contract manufacturing; local partner for a global generics and biosimilars leader | Pharma multinationals | Aug 2020 | FY2021 Results |
| OpenLMIS (JV with One Network) | Electronic logistics management information system for public health supply chains | Ministries of health, donors | Steward from Mar 2021 | FY2021 Results |
| Humanitarian aid model | Supply and logistics support for healthcare companies and donor agencies | Donors, NGOs | Current (2026) | Executive Forecast Jan-2026 |
Market Access — Consumer
| Offering | Description | Target customer | Year | Source |
|---|---|---|---|---|
| CIC Holdings | Consumer-packaged-goods distribution across SADC | FMCG principals | 2,010 | Imperial History page |
| Far East Mercantile (Ghana) | Importer and distributor of FMCG | FMCG principals | 51% acquired 2020 | Imperial History page |
| P&G route-to-market (Nigeria) | Material consumer contract for P&G goods | Procter & Gamble | Effective 1 Jan 2021 | FY2021 Results |
| Market Access Consumer South Africa | Newly formed SA consumer distribution business | FMCG principals | FY2021 | FY2021 Results |
| Consumer businesses in Namibia and Mozambique | In-country consumer distribution (Mozambique affected by alcohol restrictions) | FMCG and beverage principals | FY2021 | FY2021 Results |
| Deep Catch Namibia Holdings / Seapride Foods | Wholesale, distribution and cold storage of perishable protein (poultry, fish, dairy); re-packaging. Seapride supplies Namibia, Zimbabwe, Zambia and South Africa | Food service, retail | Agreement Jun 2021; 100% DP World-owned by 2025 | FY2021 Results; Freight News Apr-2025 |
| Axis Group International (60%) | Sourcing and procurement in Asian markets | Principals and distributors | 2,020 | Imperial History page |
Logistics Africa
| Offering | Description | Target customer | Year | Source |
|---|---|---|---|---|
| Road Freight (consolidated) | Consolidated road freight businesses: commodities, fuel and gas, FMCG, cross-border; digital fleet management | Mining, chemicals, FMCG, fuel | Consolidated FY2021 | FY2021 Results |
| Contract Logistics | Warehousing, distribution, healthcare and FMCG capacity | FMCG, healthcare, industrial | Ongoing | FY2021 Results |
| Lead Logistics Provider (LLP) | Managed logistics / 4PL; c.R1.3 billion of new LLP business in FY2021 | Large shippers | FY2021 | FY2021 Results |
| Parcel Ninja (60%) | E-commerce and B2B/B2C fulfilment, including informal-market channels and courier optimisation | E-tailers, brands | Feb 2021 | FY2021 Results |
| MDS Logistics (Nigeria; 65% by 2020) | Warehousing and distribution; integrated supply chain | FMCG, healthcare | 49% from 2013 | Imperial History page; Wikipedia |
| J&J Group | End-to-end corridor logistics (Beira and North-South): break-bulk, containerised, project, fuel and out-of-gauge cargo between Mozambique, Zimbabwe, Zambia, South Africa, Malawi and the DRC; fleet and 45,000 m² of warehousing | Mining, fuel, project cargo | First tranche Jul 2022 | FY2021 Results; CNBC Africa Jul-2022 |
| Lori Systems partnership | Spot-based subcontracted road freight via a digital freight exchange (SADC) | Shippers | Nov 2020 | FY2021 Results |
| OEM turnkey solution (DP World SSA) | Integrated market entry, aftermarket and contract logistics for vehicle OEMs (e.g., Foton) | Auto OEMs | c.2025 (date approximate) | Global Trailer |
Logistics International (pre-acquisition scope)
| Offering | Description | Target customer | Year | Source |
|---|---|---|---|---|
| Palletways | Express palletised freight network. At acquisition: c.38,000 pallets/day (c.8 million/year), 400+ depots, 14 hubs, 20 European countries | SMEs, shippers | Acquired 2016 | Engineering News Jun-2016 |
| Air and ocean freight | International forwarding | Shippers | FY2021 | FY2021 Results |
| Road freight (Europe/UK) | General and specialised road freight (affected by the UK driver shortage) | Industrial, consumer | FY2021 | FY2021 Results |
| Contract Logistics — automotive | Production and inbound logistics for European auto OEMs | Auto OEMs | FY2021 | FY2021 Results |
| Contract Logistics — chemicals | Chemicals warehousing and logistics | Chemical producers | FY2021 | FY2021 Results |
| MEX partnership (Turkey) | Multimodal freight to, from and through Turkey | Shippers | 2,020 | Imperial History page |
| European inland shipping (divested) | Sold to HGK, July 2020 | — | Exited 2020 | FY2021 Results |
| South American shipping (divested) | River shipping on the Paraguay system; sold to Hidrovias, April 2021 | — | Exited 2021 | FY2021 Results |
Financial Narrative
Comparability warning
The five years are not on one consistent basis.
A separate "FY2021 basis" row gives the only like-for-like FY2019–FY2021 series (sum of the three divisions, excluding businesses held for sale, head office and eliminations) [FY2021 Results].
Income statement: notes and sources
Sources: FY2021 Results (FY2020–FY2021); FY2020 SENS (FY2019 continuing HEPS 448c per FY2021 chart); Profile's Stock Exchange Handbook 2020 Issue 2 and 2021 Issue 2 (FY2017–FY2019 turnover, operating income, net interest, headline earnings, DPS). FY2017 and FY2018 DPS relate to Imperial Holdings before or during the unbundling and are not comparable with the logistics-only years.
Margins and growth (%)
-
Continuing operating margins for FY2019–FY2021 are reported [FY2020 SENS; FY2021 Results].
-
As-reported FY2017–FY2019 operating margins, the FY2020–FY2021 EBITDA and net margins, and divisional growth rates are computed from the tables above.
Revenue CAGR
-
FY2019–FY2021, divisional like-for-like basis: c.10.3% per year (R42,825 million to R52,089 million; computed).
-
FY2018–FY2021, as-reported basis: c.2.4% per year (computed). This understates organic growth because FY2018–FY2019 included shipping businesses later sold.
Commentary.
FY2019: Imperial was newly separated from Motus and generated c.R2.4–2.8 billion of operating profit at a mid-5% margin.
FY2020: Operating profit from continuing operations fell 40% to R1.5 billion and continuing HEPS fell 65% to 156 cents [FY2020 SENS]. Management attributed the collapse to:
-
COVID-19 revenue losses and once-off costs and impairments;
-
restructuring in South Africa;
-
Q4 losses in Logistics International translated at weaker rand rates [FY2020 Results overview].
EBITDA fell only 11% to R4.1 billion. Depreciation and lease amortisation are largely fixed and could not flex with volumes [FY2020 Results overview].
FY2021: Revenue rose 13% to R52.2 billion, EBITDA 22% to R4.99 billion and operating profit 60% to R2.34 billion. Operating margin recovered to 4.5% [FY2021 Results]. Drivers were:
-
volume recovery as lockdowns eased;
-
c.R5.9 billion a year of new business secured on a rolling basis;
-
c.R200 million of annualised cost removed from Logistics Africa;
-
acquisitions [FY2021 Results].
Management estimated that COVID-19 still cost c.R2.6 billion of revenue and c.R346 million of operating profit in FY2021. Excluding COVID-19 effects in both years, revenue rose about 9% and operating profit about 7% [FY2021 Results].
Statutory earnings were distorted by two items:
-
a R589 million gain on the European shipping disposal (discontinued operations);
-
R520 million of losses on disposing of South American shipping and Pharmed (continuing) [FY2021 Results].
Core EPS (448 cents) was management's preferred trading measure [FY2021 Results].
Balance sheet
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Income Statement and Per-Share Data
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 |
|---|---|---|---|---|---|
Revenue — Imperial Holdings incl. Motus (ZAR Mn) | 115,889 | — | — | — | — |
Revenue — Imperial Logistics as reported/restated (ZAR Mn) | — | 48,565 | 49,720 | 46,380 | 52,208 |
Revenue — divisional sum, FY2021 basis (ZAR Mn) | — | — | 42,825 | 45,342 | 52,089 |
EBITDA, continuing (ZAR Mn) | — | — | — | 4,098 | 4,986 |
Operating profit — Imperial Holdings incl. Motus (ZAR Mn) | 6,049 | — | — | — | — |
Operating profit — Imperial Logistics as reported/restated (ZAR Mn) | — | 2,868 | 2,764 | 1,459 | 2,336 |
Operating profit — divisional sum, FY2021 basis (ZAR Mn) | — | — | 2,367 | 1,454 | 2,335 |
Net finance cost / net interest paid (ZAR Mn) | 1,680 | 569 | 661 | 762 | 742 |
Profit before tax, continuing (ZAR Mn) | — | — | — | 277 | 808 |
Income tax expense, continuing (ZAR Mn) | — | — | — | 159 | 274 |
Profit from continuing operations (ZAR Mn) | — | — | — | 118 | 534 |
Net profit, total operations (ZAR Mn) | — | — | — | -226 | 1,127 |
Net profit attributable to owners (ZAR Mn) | — | — | — | -303 | 951 |
Headline earnings, continuing (ZAR Mn) | 2,700 | 1,139 | 870 | 295 | 617 |
Core earnings, continuing (ZAR Mn) | — | — | — | 268 | 833 |
Basic EPS, total operations (ZAR cents) | — | — | — | -161 | 512 |
Diluted EPS, total operations (ZAR cents) | — | — | — | -155 | 489 |
Basic EPS, continuing (ZAR cents) | — | — | — | 22 | 193 |
HEPS, continuing basic (ZAR cents) | — | — | 448 | 156 | 332 |
HEPS, total basic (ZAR cents) | — | — | — | 105 | 334 |
HEPS, total diluted (ZAR cents) | — | — | — | 101 | 319 |
Core EPS, continuing basic (ZAR cents) | — | — | — | 142 | 448 |
Dividends per share (ZAR cents) | 650 | 710 | 244 | 167 | 83 |
Margin Analysis (%)
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 |
|---|---|---|---|---|---|
Operating margin, continuing (%) | — | — | 5.5 | 3.1 | 4.5 |
Operating margin, as-reported basis (%) | 5.2 | 5.9 | 5.6 | 3.1 | 4.5 |
EBITDA margin, continuing (%) | — | — | — | 8.8 | 9.6 |
Net margin, attributable (%) | — | — | — | -0.7 | 1.8 |
Revenue growth, continuing reported (%) | — | — | — | 5 | 13 |
Revenue growth, divisional FY2021 basis (%) | — | — | — | 5.9 | 14.9 |
Balance Sheet and Per-Share Data
| Metric | FY2019 | FY2020 | FY2021 |
|---|---|---|---|
Total assets (ZAR Mn) | 36,060 | 42,526 | 30,329 |
Cash resources (ZAR Mn) | — | 3,374 | 1,235 |
Interest-bearing borrowings, total (ZAR Mn) | — | 11,765 | 5,273 |
Borrowings due within 12 months, undiscounted contractual (ZAR Mn) | — | — | 2,412 |
Borrowings due after 12 months, undiscounted contractual (ZAR Mn) | — | — | 2,861 |
Lease obligations (ZAR Mn) | — | 6,080 | 4,866 |
Net debt excl. leases (ZAR Mn) | — | 8,391 | 4,038 |
Net debt incl. leases (ZAR Mn) | — | 14,471 | 8,904 |
Total equity (ZAR Mn) | 8,160 | 8,272 | 7,759 |
Equity attributable to owners (ZAR Mn) | 7,774 | 7,320 | 6,962 |
Non-controlling interests (ZAR Mn) | 913 | 1,218 | 1,081 |
Goodwill (ZAR Mn) | 4,910 | 5,102 | 4,513 |
Goodwill and intangible assets (ZAR Mn) | — | 7,084 | 6,121 |
Transport fleet (ZAR Mn) | — | 5,186 | 3,132 |
Right-of-use assets (ZAR Mn) | — | 5,422 | 4,297 |
Net working capital (ZAR Mn) | 1,389 | 544 | 787 |
Net asset value per share (ZAR cents) | — | 3,783 | 3,626 |
Cash Flow
| Metric | FY2020 | FY2021 |
|---|---|---|
Cash generated by operations before working capital (ZAR Mn) | 4,536 | 4,908 |
Movement in net working capital (ZAR Mn) | 559 | -1,046 |
Cash generated by operations after interest and tax (ZAR Mn) | 3,810 | 2,636 |
Net interest paid (ZAR Mn) | 918 | 707 |
Tax paid (ZAR Mn) | 367 | 519 |
Expansion capex (ZAR Mn) | 747 | 554 |
Net replacement capex (ZAR Mn) | 735 | 179 |
Total net capex (ZAR Mn) | 1,482 | 733 |
Lease obligation payments (ZAR Mn) | 2,032 | 1,801 |
Free cash flow, company definition (ZAR Mn) | 1,043 | 656 |
Free cash flow, continuing excl. CPG (ZAR Mn) | 1,304 | 900 |
Dividends paid incl. NCI (ZAR Mn) | 658 | 279 |
Share buybacks (ZAR Mn) | 225 | 101 |
Net disposal (acquisition) of subsidiaries (ZAR Mn) | -276 | 4,195 |
Margin Analysis (%) and Financial Ratios (x)
| Ratio | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 |
|---|---|---|---|---|---|
ROIC, company definition (%) | — | — | — | 4.9 | 9.0 |
WACC, company definition (%) | — | — | — | 7.6 | 7.7 |
ROE, attributable, computed (%) | — | — | — | -4.0 | 13.3 |
ROA, attributable/avg total assets, computed (%) | — | — | — | -0.8 | 2.6 |
Return on total assets, Profile's definition (%) | 7.54 | 8.25 | 6.29 | 2.03 | — |
Current ratio, Profile's (x) | 1.67 | 1.46 | 1.29 | 1.50 | — |
Net debt to equity (%) | — | — | — | 101.4 | 52.0 |
Net debt to equity incl. leases (%) | — | — | — | 174.9 | 114.8 |
Net debt to EBITDA, covenant basis (x) | — | — | — | 2.8 | 1.3 |
Interest cover, operating profit/net finance cost, computed (x) | — | — | — | 1.9 | 3.1 |
Asset turnover, revenue/avg total assets, computed (x) | — | — | — | 1.18 | 1.43 |
Free cash conversion, continuing (%) | — | — | — | 72 | 86 |
Effective tax rate (%) | — | — | — | 62 | 34 |
Net working capital as % of revenue, average (%) | — | — | — | — | 2.82 |
Revenue by Region and Revenue by Region (%)
| Region proxy (ZAR Mn) | FY2020 | FY2021 |
|---|---|---|
Africa revenue: Logistics Africa plus Market Access (ZAR Mn) | 27,228 | 30,931 |
International revenue: Logistics International (ZAR Mn) | 18,114 | 21,158 |
Africa share of divisional revenue (%) | 60.0 | 59.4 |
International share of divisional revenue (%) | 40.0 | 40.6 |
Region Assets & Liabilities
| Region (ZAR Mn) | FY2020 | FY2021 |
|---|---|---|
Operating assets — South Africa (ZAR Mn) | 9,638 | 9,141 |
Operating assets — Rest of Africa (ZAR Mn) | 7,798 | 7,392 |
Operating assets — International (ZAR Mn) | 14,444 | 10,843 |
Net capex — South Africa (ZAR Mn) | 764 | 400 |
Net capex — Rest of Africa (ZAR Mn) | 81 | 89 |
Net capex — International (ZAR Mn) | 637 | 244 |
Segment Overview
| Segment | South Africa | Rest of Africa | International |
|---|---|---|---|
Logistics Africa revenue | Majority (exact split not publicly disclosed) | Remainder (cross-border, Namibia, Botswana and others) | — |
Market Access revenue | Small (newly formed SA consumer business; SA healthcare) | c.15,127 total; close to 100% African | — |
Logistics International revenue | — | — | 21,158 (Germany, UK and wider Europe; country split not publicly disclosed) |
Valuation Snapshot
| Metric | Value | Basis |
|---|---|---|
Offer price (ZAR/share) | 66.00 | DP World release Jul-2021 |
Premium to 7 Jul 2021 closing price | 39.5% | DP World / Container News |
Implied undisturbed price (ZAR/share) | c.47.31 | Computed: 66 / 1.395 |
Premium to 30-day VWAP | 34.2% | Container News Jul-2021 |
Implied 30-day VWAP (ZAR/share) | c.49.18 | Computed: 66 / 1.342 |
Equity consideration | c.R12.7bn (c.US$890m) | DP World release |
Valuation Multiples
| Multiple | Imperial at R66 | Basis |
|---|---|---|
P/E (total HEPS 334c) | c.19.8x | 66 / 3.34 |
P/E (continuing HEPS 332c) | c.19.9x | 66 / 3.32 |
P/E (Core EPS 448c) | c.14.7x | 66 / 4.48 |
P/B (NAV per share 3,626c) | c.1.8x | 66 / 36.26 |
EV/EBITDA, post-IFRS 16 | c.4.3x | (R12.7bn + net debt R4.04bn + leases R4.87bn) / R4.99bn |
EV/Sales | c.0.41x | R21.6bn / R52.2bn |
Dividend metric
| Dividend metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 |
|---|---|---|---|---|---|
Dividend per share (ZAR cents) | 650 | 710 | 244 | 167 | 83 |
Capital Instruments
| Instrument | Carrying value | Under 6 months | 6–12 months | Over 12 months |
|---|---|---|---|---|
Interest-bearing borrowings | 5,273 | 741 | 1,671 | 2,861 |
Lease obligations | 4,866 | 626 | 832 | 3,408 |
Put option liabilities | 515 | 18 | — | 497 |
Contingent consideration | 150 | — | 131 | 19 |
Trade payables | 8,997 | 4,432 | 4,565 | — |
Income Statement
| DP World metric (USD Bn) | FY2024 | FY2025 |
|---|---|---|
Revenue (USD Bn) | 20.0 | 24.4 |
Adjusted EBITDA (USD Bn) | — | 6.4 |
Profit for the year (USD Bn) | — | 1.96 |
Capital expenditure (USD Bn) | 2.2 | 3.1 |
Analyst Conclusions
Management guidance
Last Imperial guidance (Sep 2021, for FY2022): growth in revenue, operating profit, HEPS and Core EPS; free cash conversion of 70–75% [FY2021 Results].
Imperial-level guidance today: none published.
DP World: positive on the medium- to long-term outlook for global trade, citing its diversified network and growing integrated logistics business; 2026 capex of c.US$3bn [DP World H1 2026; FY2025 results].
Consensus
Not applicable (no listed equity; Imperial-level forecasts not published).
Bull case
-
Integration upside. Imperial's Market Access platform (ROIC 14.1%) and Logistics Africa (ROIC 10.9%) both exceeded WACC in FY2021 [FY2021 Results]. Adding DP World's port, economic-zone and trade-finance assets can lift utilisation and cross-selling, as in the Brazil–Africa Link and the Standard Bank trade-finance platform [Club of Mozambique; Engineering News].
-
Corridor and minerals exposure. J&J's Beira and North-South network gives Imperial port-to-mine logistics for copper, cobalt and other critical minerals where DP World says demand is rising [CNBC Africa; Enterprise AM].
-
Funded growth pipeline. US$1bn earmarked for African logistics, a US$365.1m dedicated SSA facility, and Nigeria (TGI, Ogun) and Kenya projects provide capital that a standalone JSE mid-cap could not readily raise [SupplyChainBrain; DP World Oct-2023; AGBI].
Bear case
-
Structural margin ceiling. The group operating margin was only 4.5% even in a recovery year. South African road freight faces persistent price competition, and Market Access margins fell from 6.1% to 5.3% [FY2021 Results].
-
Macro and FX fragility. Devaluations, high interest rates (Nigeria's mid-20s) and social unrest have repeatedly hit earnings [FY2021 Results; Executive Forecast].
-
Parent distraction and opacity. The 2026 governance shock, a 39% fall in parent H1 2026 profit after tax, and the absence of Imperial-level disclosure make value creation hard to verify externally [AGBI Feb/Sep-2026].
Catalysts and monitorables (next 12 months)
-
DP World FY2026 results (expected early 2027): any SSA logistics or market-access disclosure.
-
Regulatory approval and closing of the TGI minority investment in DP World Logistics Nigeria.
-
Progress on the Ogun State port and economic zone from MoU to definitive agreements.
-
Any Transnet private-sector participation awards involving DP World.
-
Confirmation of the current Imperial board, especially the chair after bin Sulayem's exit.
-
Completion status of the J&J Group second and third tranches.
-
ITOCHU MoU conversion into a joint venture or contracts.
-
Middle East disruption effects on DP World's group capital allocation to Africa.
Analyst verdict
Imperial Logistics is best understood today as a strategic operating platform inside DP World rather than as an investable listed company.
The standalone case. Imperial's last three standalone years were a successful, if painful, simplification:
-
It shed Motus, European and South American shipping, Pharmed and CPG.
-
It reorganised around market access and logistics.
-
It exited FY2021 with net debt to EBITDA of 1.3x, ROIC above WACC and operating profit up 60%.
DP World's R66 offer, at a 39.5% premium and about 4.3x post-IFRS 16 EBITDA, crystallised that progress for shareholders at a reasonable but not demanding multiple.
Strategic value to DP World. It lies less in Imperial's own margins, which are structurally thin, than in what Imperial enables. It is the inland, distribution and inventory-holding leg that converts DP World's African ports, terminals and economic zones into end-to-end, port-to-shelf and port-to-mine solutions. Post-2022 actions follow that logic: the J&J corridor acquisition, the Deep Catch cold-chain build-out, the dedicated Standard Bank facility, the Brazil–Africa Link, the Nigerian TGI partnership and the Ogun port MoUs.
Constraints. The model faces real limits:
-
price competition in South African freight;
-
FX and interest-rate volatility across African markets;
-
execution risk in large, MoU-stage projects;
-
since February 2026, parent-level governance disruption and profit pressure tied to Middle East trade disruption.
The lack of Imperial-level financial disclosure since FY2021 means outsiders cannot test whether integration has improved returns.
Bottom line. The underlying franchise is durable and strategically well placed. Its long-term value now depends on DP World's capital allocation discipline and on turning African infrastructure MoUs into operating cash flows. The most useful public indicator going forward will be any segmental disclosure DP World chooses to provide for its sub-Saharan Africa logistics and market access activities.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role at Imperial | Other role / background | Notes | Source |
|---|---|---|---|---|
Sultan Ahmed bin Sulayem | Chairman (per website) | Former DP World Group Chairman and CEO (chairman since 2007; CEO since 2016) | Resigned from DP World with immediate effect on 13 Feb 2026. The website listing appears stale; current Imperial chair not publicly confirmed | Imperial Leadership page; AGBI; CNBC via Hellenic Shipping News Feb-2026 |
Phumzile Langeni | Deputy Chairman | Co-founder and executive chairman, Afropulse Group; Presidential Special Investment Envoy; BCom, BCom (Hons), MCom. Chaired Imperial while listed. Afropulse is a B-BBEE partner in Imperial Logistics South Africa | Continuity link to the listed-era board | Imperial Leadership page; FY2021 Results |
Yuvraj Narayan | Director | Group CEO of DP World from Feb 2026; previously DP World Deputy CEO and Group CFO (CFO since 2005); chartered accountant; ex-ANZ and Salalah Port Services | Website still shows the pre-2026 title | Imperial Leadership page; AGBI Feb-2026 |
Mohammed Akoojee | Director | CEO and MD of DP World in sub-Saharan Africa (48 African markets; more than US$3.5 billion annual revenue; more than 27,000 staff). Former COO of DP World Global Logistics. Imperial Group CEO from 1 Feb 2019. Joined Imperial in 2009 from Investec and Nedbank Securities. BCom (Acc) (Hons), CA(SA), CFA | Age not disclosed | Imperial Leadership page |
Suhail Al Banna | Director | DP World CEO and MD, Middle East and Africa; San Diego State University graduate | — | Imperial Leadership page |
Board of Directors — P Langeni
| Name | Role | Category |
|---|---|---|
P Langeni | Chairman | Non-executive |
M Akoojee | Group CEO | Executive |
JG (George) de Beer | Group CFO | Executive |
GW Dempster | Lead independent director | Independent non-executive |
H (Bola) Adesola | Director (appointed 22 Feb 2021; Nigerian) | Independent non-executive |
J Anammah | Director (appointed 22 Feb 2021; Nigerian) | Independent non-executive |
P Cooper | Director | Independent non-executive |
RJA Sparks | Director | Independent non-executive |
NB (Bridget) Duker | Chair of Audit and Risk Committee from 1 Sep 2020 | Independent non-executive |
D Reich | Director (Swiss) | Independent non-executive |
Executive Leadership Team
| Name | Title | Source |
|---|---|---|
Bruce Denyer | EVP Market Access Consumer, SSA | Freight News Apr-2025 |
Santosh Kumar | EVP Healthcare, SSA (market access/distribution, humanitarian aid, healthcare logistics) | Executive Forecast Jan-2026 |
Mark Rylance | COO Logistics, SSA | Global Trailer (c.2025) |
Beat Simon | DP World Group COO, Logistics | Global Trailer |
Board & Management Changes
| Date | Change | Source |
|---|---|---|
1 Sep 2020 | Bridget Duker succeeded Graham Dempster as Audit and Risk chair | FY2021 Results |
9 Nov 2020 | Company Secretary Rohan Venter resigned; Jeetesh Ravjee acting | FY2021 Results |
22 Feb 2021 | Bola Adesola and Juliet Anammah appointed independent non-executive directors | FY2021 Results |
Mar 2022 | Ownership change to DP World; board reconstituted with DP World nominees | Imperial Leadership page |
| 2022 | Akoojee designated COO of DP World Logistics while remaining Imperial Group CEO | CNBC Africa Jul-2022 |
By 2023 | Akoojee became CEO and MD of DP World SSA | DP World Oct-2023 |
13 Feb 2026 | DP World: bin Sulayem resigned; Essa Kazim named Chairman; Yuvraj Narayan named Group CEO | AGBI; Seatrade Feb-2026 |
Major Shareholders
| Holder | Stake | Date | Source |
|---|---|---|---|
DP World Logistics FZE | 100% | Since 14 Mar 2022 | DP World release Feb-2022 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Notes |
|---|---|---|
Logistics Africa | Super Group (SA) | Supply chain about 46.4% of FY2025 group revenue; commodity, consumer and cross-border transport [Business Report Sep-2025] |
Logistics Africa | Unitrans (KAP Ltd) | Contract logistics and road freight in SA |
Logistics Africa | Barloworld Logistics | — |
Logistics Africa | Grindrod | Ports, terminals and logistics in southern Africa |
Logistics Africa | Value Group, RTT Group | SA road freight and healthcare logistics |
Logistics Africa | AGL (Africa Global Logistics) | MSC-owned, formerly Bolloré Africa Logistics; pan-African corridor logistics |
Logistics Africa | DHL Supply Chain, DSV, Kuehne+Nagel, CEVA | Global 3PLs with African operations |
Market Access (healthcare / consumer) | DKSH (Switzerland) | Closest global analogue of the market-access model, Asia-focused; 2025 net sales CHF 11.1bn; core EBIT CHF 349.0m; core EBIT margin 3.2% [DKSH FY2025] |
Market Access | CFAO (Toyota Tsusho) | Pan-African distribution, including healthcare |
Market Access | Local distributors | Kenya, Nigeria and Ghana pharma and FMCG wholesalers (fragmented) |
Logistics International (Europe) | Pall-Ex, Palletline | Competing pallet networks |
Logistics International (Europe) | Rhenus, Dachser, Fiege, DHL, Kuehne+Nagel | Contract logistics and road freight |
Peer Comparison FY2025
| Metric | Imperial (FY2021, ZAR) | Super Group (FY2025, ZAR) | DKSH (FY2025, CHF) |
|---|---|---|---|
Revenue | 52208 (ZAR m) | 44510 (ZAR m) | 11071 (CHF m) |
Revenue growth (%) | 13 | -1.4 | 2.9 at constant FX; -0.2 reported |
Operating margin (%) | 4.5 | 4.2 (computed: R1.87bn / R44.51bn) | 3.2 (core EBIT) |
Business model | Market access plus asset-based logistics | Supply chain, dealerships, fleet | Market expansion services |
Recent Developments
As a delisted subsidiary, Imperial issues few entity-level announcements.
Developments outside the 18-month window but material to context:
Oct 2023: Standard Bank US$365.1m facility.
Jun 2024: US$3bn Africa plan.
Jul 2022: J&J first tranche.
