Hosken Consolidated Investments Limited provided earnings guidance for the year ended 31 March 2024. For the year, the company expects basic earnings (profit) per share of between 606.8 cents and 1,003.3 cents, being a decrease of between 84.7% and 74.7%, as compared to basic earnings (profit) per share of 3,965.7 cents for the prior year, and headline earnings (profit) per share of between 1,351.4 cents and 1,556.5 cents, being a decrease of between 34.1% and 24.1%, as compared to headline earnings (profit) per share of 2,050.7 cents for the prior year. Headline earnings per share has been negatively impacted by equity losses of ZAR 528 million in respect of Impact Oil and Gas, which included an effective ZAR 483 million in equity losses in respect of its investment in Africa Energy Corp.

("AEC"). AEC recognized $135 million in downward fair value adjustments on its investment in the Block 11B/12B prospect offshore the South African south coast following the reassessment of its valuation model. Basic earnings per share decreased inter alia as a result of casino license impairments of ZAR 2,716 million and property, plant and equipment impairments of ZAR 86 million in respect of gaming operations.

Higher interest rates and slower than previously forecasted income growth have negatively affected casino precinct valuations, resulting in the impairments above. Carrying values of casino licenses were previously adjusted upwards as a result of the deemed acquisition of Tsogo Sun Limited during the 2015 financial year and do not represent the cash cost of these assets.