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Pick n Pay expands footprint

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Pick n Pay Eswatini CEO Mario Fernandes. (File pic)
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MBABANE – Lojaf, the franchisee of the Pick n Pay in Eswatini is embarking on a fresh round of expansion – an undeniable vote of confidence in the country’s retail sector.

Greystone Partners’ interim financial results for the six months ended June 30, 2025 reveal that one of its flagship investments, Lojaf will be opening a new full-service Pick n Pay grocery and liquor store in Siteki along with a smaller Pick n Pay Go format store at Nkonyeni.

This expansion comes on the back of the retailer’s strong performance in the first half of the year, driven by like-for-like turnover growth, improved customer experience initiatives and EBITDA growth exceeding 2 per cent.

The developments effectively position Pick n Pay as one of the most aggressively expanding supermarket chains in the kingdom, signalling rising consumer demand and increased formal retail penetration – an important trend in Eswatini’s evolving consumer economy.

The interim results show Lojaf delivering profit after tax growth, supported by an amended franchise agreement and value-focused strategies aimed at tightening competitiveness in a market battling subdued household incomes and rising operational costs.

The Pick n Pay expansion is notable given the broader performance of Lojaf’s South African subsidiary, PaknSave, which, despite operating in a highly competitive retail environment, is expected to ‘significantly outperform’ prior-year results.

With three locations in South Africa, the business is projected to return to profitability as the financial year progresses.

Greystone’s broader investment portfolio benefitted from a more stable macroeconomic environment in the first half of the year.

Key portfolio companies performing well include:

  • Eswatini Royal Insurance Corporation
  • Alliance Foods (KFC Eswatini and South Africa)
  • Ngwane Mills
  • Orchard Insurance
  • SBC Limited

*…

Strategic shifts: alliance food swap, ngwane mills exit

MBABANE – Greystone confirmed it has secured all required approvals to execute the strategic transactions outlined in its Q4 2024 shareholder circular.

 These include:

1. The share swap

Greystone will exchange its stake in Alliance Foods for shares in Inala Capital Limited, forming part of a broader consolidation and scaling strategy.

Alliance Foods’ profitability in South Africa has been constrained by debt associated with acquiring 46 additional KFC restaurants, but the business remains a strong performer in the quick-service restaurant segment.

2. Divestment from Ngwane Mills

Greystone will exit its long-held investment in Ngwane Mills, a move expected to generate a liquidity event while still allowing the group indirect participation in the food manufacturer’s next growth phase through its exposure to Alliance Foods and Inala.

These transactions represent some of Greystone’s most significant portfolio reshaping decisions in recent years, signalling a shift towards more integrated, regionally diversified investments.

When it comes to financial performance, the group reported a total comprehensive loss of E29.5 million for the period, a significant improvement compared to the E243 million loss posted in the full year ended December 31, 2024.

*Full article available in our publication

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