Home Business Stefanutti Stocks’ strong results ahead of E2.78bn CBE project
Business

Stefanutti Stocks’ strong results ahead of E2.78bn CBE project

Share
Central Bank of Eswatini Governor Dr Phil Mnisi shaking hands with Stefanutti Stocks Eswatini Director Billy Howes, after the signing of the contract on October 23, 2025, while the Stefanutti Stocks Group CEO Russell Crawford (L) and Chief Operations Officer Mfanfikile Dlamini (R) look on. (File pic)
Share

MBABANE – Stefanutti Stocks Group has posted a rise in earnings for the six-month period, signalling renewed stability and stronger operational performance ahead of its largest Eswatini contract.

The construction company has recently been awarded the E2.7 billion Central Bank of Eswatini (CBE) Complex Phase 1 project.

The company has reported a profit of R77.25 million, representing a 52.67 per cent increase compared to the same period last year. Contract revenue from continuing operations rose by 1 per cent to R3.66 billion, while the group delivered an operating profit of R170.92 million, up 8.4 per cent.

The award of the CBE construction tender to Ingcebo Joint Venture, comprising Stefanutti Stocks (Pty) Ltd and Stefanutti Stocks Construction Eswatini (Pty) Ltd, has placed the company in the national spotlight.

The joint venture secured the project after scoring 94.99 per cent, surpassing all competing bidders and fulfilling the 30 per cent local participation requirement.

Stefanutti Stocks has committed to subcontracting several local consultants and contractors to ensure broad-based participation and to expedite delivery of the turn-key development.

Earnings from continuing operations improved significantly, rising to 46.19 cents per share, an increase of 52.69 per cent. The group’s EBITDA climbed to R232 million, up from R166 million recorded in the comparable period.

In a presentation following the interim results release, Chief Executive Officer Russell Crawford said the company is now positioned to benefit from ‘a return to normalised operating conditions’ after several years of restructuring, settlement negotiations and uncertainty linked to the Kusile Power Project dispute with Eskom.

Crawford identified several high-potential sectors that Stefanutti Stocks is targeting for expansion, including water infrastructure, mining, marine works, renewable energy installations, road infrastructure development and data centre construction. Many of these sectors also align with infrastructure gaps in Eswatini and the broader SADC region.

The company’s financial turnaround has been strengthened by significant progress in its loan restructuring process.

In February 2025, Stefanutti’s lenders extended the capital repayment profile of its existing loan, enabling the group to conclude a new five-year, R850 million facility with Standard Bank.

*…

… cross-border presence strengthens order book

MBABANE – Stefanutti Stocks reported a robust R13.4 billion order book, a significant increase from R8.6 billion earlier in the year.

Notably, R4.2 billion of this arises from projects outside South Africa, demonstrating the company’s growing regional footprint.

The group maintains operations across several African countries, including Eswatini, Malawi, Mauritius, Zimbabwe, Botswana, Mozambique and Zambia.

Stefanutti Stocks continues to maintain stringent safety standards. The company recorded a Lost Time Injury Frequency Rate (LTIFR) of 0.04, improving from 0.08 earlier in the year. The Recordable Case Rate also improved to 0.24.

On transformation, the group retained its status as a Level 1 B-BBEE contributor under the Construction Sector scorecard, with Black Ownership of 55.12 per cent.

*…

 

Disposals, discontinued operations

MBABANE – The group progressed with the disposal of its Mozambique subsidiary, SS-Construções, which has been classified as held for sale since 2020.

It is also divesting from its Mauritian operations under a deal with East Africa Enterprises SPV FZCO.

While the disposal group recorded a loss of R29 million, this is an improvement from the R48 million loss recorded in the prior comparable period.

The sale process remains ongoing, with proceeds expected by December 31, 2025.

*Full article available in our publication

Share
Written by
Nhlanganiso Mkhonta

Nhlanganiso Mkhonta serves as Business Editor at the Times of Eswatini. He reports on business, economics, finance, investment, entrepreneurship and public policy, producing insightful coverage and analysis of the issues driving Eswatini’s economy and the wider African business environment.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss

Customary marriages declared in community of property

MBABANE – The High Court has declared the long-standing practice of treating marriages under Eswatini Law and Custom as being out of community...

Inyatsi Construction building foundations of First World future

For more than four decades, Eswatini has witnessed one of the most significant periods of infrastructure development in its history. Under the leadership...

No more USA Visa processing in Eswatini

MBABANE – In a move that will significantly alter travel logistics for Eswatini nationals, the United States Embassy in Mbabane will cease accepting...

King moves to save Ncangosini residents from eviction

KONTSHINGILA – Hundreds of residents living on a privately owned farm at Ncangosini, Kontshingila, are set to be spared from eviction after an...

Each MP set for E1m handshake

MBABANE – When the 12th Parliament assumed office in 2023, an ordinary Member of Parliament (MP) was earning a basic monthly salary of...

Related Articles

Eswatini among southern Africa’s fastest-growing economies

MBABANE – Eswatini is expected to remain among Southern Africa’s strongest-performing economies...

ERS coming for high-net-worth individuals

MBABANE – Eswatini Revenue Service (ERS) is seeking to ensure wealthy individuals...

SA economic woes cast shadow on Eswatini 

MBABANE – Eswatini remains one of Southern Africa’s stronger fiscal performers, although...

SADC banks resilient despite global economic pressures

EZULWINI – Regional banking systems have remained sound and well-capitalised despite mounting...