NewGold Issuer (RF) Limited, the gold-backed exchange-traded fund listed on the Ghana Stock Exchange and the Johannesburg Stock Exchange (JSE), has reported a 52.3 percent surge in full-year profit to USD 5.6 million for the period ended 31 March 2026, driven by higher revenue and expanding bullion investment exposure.
The unaudited financial statements, released pursuant to Listing Rules 12.20 and section 88 of the Securities Act of 2005, show revenue climbing to USD 8.3 million from USD 5.6 million in the prior year, a rise of 48.7 percent. In South African rand (ZAR) terms, revenue reached ZAR 144.1 million against ZAR 101.8 million a year earlier.
Profit before tax rose to USD 7.6 million from USD 5.0 million, while net profit after a tax charge of USD 2.0 million came in at USD 5.6 million, compared with USD 3.7 million in the year ended 31 March 2025.
The company’s balance sheet expanded sharply over the period. Total assets grew to USD 2.81 billion from USD 2.24 billion in March 2025, with bullion investments accounting for the vast majority of that base at USD 2.80 billion. The debenture liability, which mirrors the bullion holding under the company’s pass-through funding structure, stood at USD 2.80 billion at year end.
Operating cash generation improved strongly. Net cash from operating activities rose to USD 5.3 million from USD 4.0 million in the prior year, supported by higher cash generated from operations of USD 7.3 million. Dividends paid to company owners totalled USD 5.6 million in the period, up from USD 4.0 million previously.
Finance income grew to USD 329,139 from USD 297,173, while other operating income increased to USD 345,824 from USD 38,037. Other expenses also rose, reaching USD 1.36 million compared with USD 884,634 in the preceding period.
NewGold Issuer operates as a ring-fenced special purpose vehicle that issues exchange-traded fund (ETF) debentures fully backed by physical gold bullion held in secure custody. Each debenture is equivalent to approximately 1/100th of a fine troy ounce of gold and is managed by NewGold Manager (Pty) Ltd under Absa Capital’s platform. The fund tracks the gold spot price and is Shariah-compliant.
The company’s results reflect the broader rally in gold markets, where prices have risen steadily amid global geopolitical uncertainty and demand for safe-haven assets. For Ghanaian investors, the ETF offers dollar-denominated gold exposure while trading in local currency on the Ghana Stock Exchange (GSE), making it one of the exchange’s most actively traded securities by value.
Total equity at 31 March 2026 stood at USD 401,511, with retained income of USD 1.24 million. Cash and cash equivalents at year end were USD 3.37 million.
