MBABANE – ESE-listed Nkonyeni Pre-Cast Limited (NPC) has reported a year of improved operational efficiency, reduced losses and stronger gross margins.
This is despite a decline in revenue for the financial year ended June 30, 2025.
The Eswatini Stock Exchange (ESE) listed company released its audited abridged financial results alongside updates issued at its nineth Annual General Meeting, reflecting a year marked by disciplined execution and strategic expansion.
The group recorded revenue of E47.16 million, down 7 per cent from E50.95 million in 2024.
Despite the decline in top-line performance, NPC improved its gross profit to E22.39 million, marginally above last year’s level of E22.29 million, driven by lower cost of sales and enhanced production efficiencies.
This lifted the gross profit margin to 46 per cent, up from 44 per cent, indicating tighter operational control and improved utilisation of production capacity.
The consolidated results show that NPC reduced its overall loss for the year. The company posted a loss of E2.79 million, an improvement from the prior year’s E3.30 million loss. Distribution expenses decreased significantly – falling from E5.25 million in 2024 to E2.46 million – reflecting more efficient logistics, better stock deployment, and reduced transport-related costs.
Operating expenses increased to E22.10 million from E20.50 million, driven largely by administrative and production-support costs. Net finance charges widened to E1.68 million from E1.26 million, owing to higher interest obligations on borrowings and bond issuances.
These changes resulted in a loss before tax of E3.59 million, an improvement compared to E4.40 million the previous year. Earnings per share improved from (2.47 cents) to (2.09 cents).
NPC’s total assets increased slightly, closing the year at E70.16 million, up from E69.62 million. Non-current assets remained stable at E57.46 million, comprising mainly property, plant and equipment and deferred tax assets.
Current assets grew by 12 per cent to E12.70 million, driven by increases in inventories and receivables. Inventory levels rose from E4.87 million to E5.33 million, reflecting improved stock availability to support sales growth in core product lines.
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… chemicals plant, quarry acquisition
MBABANE – Operationally, the group highlighted several milestones that bolstered its medium-term strategic positioning.
During the year, NPC commissioned its Chemical Solutions Blending Plant, which expands local capacity for water-treatment and industrial chemicals. The plant is expected to reduce reliance on imports and enhance supply reliability for public-sector utilities and private-sector industries.
The company’s most significant post-year-end development was the acquisition of a 90 per cent stake in AT & T Quarries (Pty) Ltd on October 13, 2025. The transaction adds approximately E70 million in assets to the group’s structure and introduces a loan liability of around E15 million. The quarry acquisition strengthens NPC’s control of key raw materials, including stone and gravel, which are essential for concrete blocks, pavers, and tile manufacturing.
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Quality Awards reinforce brand positioning
MBABANE – NPC and its subsidiary, Swazi Tiles, received multiple national and regional recognitions during the period.
The group won Product of the Year – Large Enterprise at the 2024 Eswatini Quality Awards, while Swazi Tiles secured Product of the Year (SMME) at the 2024/25 SADC Quality Awards in Madagascar. These accolades reflect compliance with manufacturing standards and support the group’s positioning within the region’s construction-materials sector.
Since listing on the Eswatini Stock Exchange (ESE), NPC’s share price has appreciated from E1.00 at listing to E1.50, reflecting a 50 per cent increase.
The rise signals investor confidence in the Group’s operational improvements and long-term strategy, despite the short-term financial loss.
The company continues to maintain compliance with ESE listing requirements and reporting standards, including adherence to IFRS and the Companies Act of 2009.
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Sales growth in core concrete products
MBABANE – NPC reported increased sales volumes for blocks, pavers and roof tiles during the year under review.
Better inventory levels and improved distribution allowed the group to respond more reliably to market demand.
The expansion of consignment stock arrangements with Eswatini retailers and selected outlets in South Africa contributed to enhanced market reach and improved product availability.
The introduction of bagged aggregates further diversified the group’s product range and strengthened its competitive position in the construction-supply market.
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