TWK Investments — known by seasoned players in agriculture as the old Transvaal Wattle Company — has been around since the 1940s. Today it is a vast business, and  at its August 2021 year end it had annual revenues of R8.9bn and an operating profit of R491m.

IM recommended the counter at R31 in April 2021, when  it was emerging from the Covid malaise and IM  foresaw the potential recovery outlook  of profitability and earnings. TWK has delivered — but there is more to come...