ENPF records over 18 per cent surge in surplus

MBABANE – The Eswatini National Provident Fund (ENPF) has posted another year of solid financial performance.

The fund reported an operating surplus of E631.2 million for the financial year ended June 30, 2025 – a substantial rise from E532.3 million recorded in 2024.

This represents over 18 per cent increase. The fund’s robust investment performance and prudent expenditure management contributed to this sustained growth.

According to the audited financial statements for 2024/25, the fund’s total revenue rose to E782.7 million, compared to E682.7 million in 2024, while total expenditure was contained at E151.5 million, marginally higher than E150.3 million in the previous year.

The fund’s income streams reflect a strong and diversified investment base. Investment income increased to E231.8 million from E228.2 million, while fair value gains on unlisted investments rose to E166.6 million from E140.3 million a year earlier.

Fair value gains on investment property grew to E52.1 million from E30.9 million, while available-for-sale securities yielded E164.6 million, down from E306.2 million in 2024 due to market fluctuations.

The fund’s Bhunu Mall profit share stood at E10.4 million (2024: E15.6 million), while investment property income slightly eased to E56.3 million from E60.7 million. Miscellaneous income was recorded at E797 515 compared to E829 987 the prior year.

Overall, total revenue of E782.7 million underscores the fund’s resilience and the strength of its diversified investment portfolio, which continues to deliver consistent returns even amid volatile market conditions.

The fund maintained tight control over operating costs, which totalled E150.3 million for the year, slightly below the prior year’s E151.5 million. Major cost drivers included general and administrative expenses of E84.0 million, investment managers’ fees of E26.6 million, and property operating expenses of E30.3 million.

Other notable expenses were depreciation charges of E2.5 million, funeral cover expenses of E3.0 million and regulatory levies of E3.9 million.

After accounting for these expenditures, the fund recorded an operating surplus of E631.3 million, reflecting disciplined cost management and steady investment returns across key portfolios.

The ENPF’s overall financial position continued to strengthen, with the total value of the fund’s assets rising to E7.04 billion in 2025, up from E6.17 billion the previous year.

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