MBABANE – The rapid expansion of KFC Eswatini – marked by the opening of three new outlets in recent months – has propelled Alliance Foods onto a stronger growth path.
This saw the Alliance Foods achieving like-for-like revenue growth of 8.6 per cent, according to the latest financial results released by Inala Capital Limited.
Alliance Foods (Pty) Ltd, the operator of the KFC franchise in Eswatini, is jointly owned by Greystone Partners Limited and Inala Capital Limited.
The three brand-new restaurants, KFC Crescent, KFC Siteki and KFC Nkonyeni, have pushed the franchise’s national footprint to a sizzling 14 locations across the kingdom, highlighting robust demand in the fast-food retail sector.
Inala Capital highlighted Alliance Foods as a key driver of portfolio stability and future earnings potential.
The investment holding company reaffirmed its intention to consolidate its shareholding in Alliance Foods before year-end through a share-swap transaction with Greystone Partners.
This planned acquisition of an additional 72.73 per cent stake is expected to cement Inala’s control over one of its fastest-growing assets.
The continued performance of Alliance Foods reflects both sectoral resilience and the expansion of consumer-facing industries, which have benefitted from improved mobility, stable inflation and recovery in household spending.
For the half year ended June 30, 2025, Inala Capital reported a net profit of E1.77 million, marking a turnaround from the prior full-year loss. This recovery is attributed to higher interest income from fixed-income instruments, stable operational performance within the portfolio and stricter cost control at the management level.
Revenue for the period amounted to E818 181 – derived mainly from dividend income – while interest income rose to E2.05 million, supported by stronger yields in short-term promissory notes and other treasury investments.
Despite operating expenses of E1.37 million for the period, Inala delivered positive earnings per share of 0.02, moving up from a loss per share in the 2024 financial year.
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… growth amid European expansion targets
MBABANE – The growth of the KFC outlets in Eswatini comes at a time when Alliance Foods is looking at ambitious plans to expand its portfolio across continents.
S’thofeni Ginindza, partner at African Alliance, which is Alliance Foods’ parent company, earlier this year revealed plans to expand its portfolio across continents and strengthen its presence locally.
During the Revenue Blueprint Masterclass held at the Eswatini Revenue Service (ERS) Headquarters, Ginindza shared the company’s vision of acquiring KFC franchises in Europe, while also undertaking significant development projects in Eswatini.
Ginindza disclosed that the company is actively exploring opportunities to acquire KFC outlets in Europe.
“Our success in managing KFC outlets locally and regionally has positioned us as a capable and reliable partner for the brand.
We are confident that this move into Europe will enhance our footprint and diversify our revenue streams,” Ginindza said.
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… positive momentum amid improved macroeconomics
MBABANE – Inala Capital expressed optimism for the medium and long-term, citing stabilising inflation, potentially lower interest rates, and renewed confidence among domestic investors.
The company noted that past impairments linked to General Africa Foods were non-recurring and no longer weigh materially on performance.
With the KFC business expanding its national presence and Eswatini’s consumer market showing renewed vigour, Inala is positioning itself for a more robust earnings cycle heading into 2026.
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