MBABANE – Swaziland Property Investments Limited (SWAPROP) generated a net profit of E53.1 million for the financial year ended June 30, 2025.
This is contained in the entity’s latest consolidated statement of comprehensive income, marking a significant turnaround from the loss position recorded in the prior year, according to the group’s audited results released this week.
The profit was achieved on the back of improved operating performance and a substantial positive revaluation of the company’s investment property portfolio. In the previous financial year, SWAPROP had reported a net loss of E536 000.
The listed property company reported profit before taxation of E68.8 million in 2025, compared to E613 000 in 2024. After taxation amounting to E15.8 million, profit from continuing operations stood at E53.1 million.
No loss was recorded from discontinued operations during the year, compared to a loss of E266 000 in the prior period.
Revenue for the year increased to E36.1 million, up from E33.7 million in 2024, representing a seven per cent increase.
The company attributed the growth in revenue to improved performance across its property portfolio during the year under review.
Operating profit rose to E17.8 million from E16.6 million in the previous year, reflecting an eight per cent increase. This was achieved despite higher operating costs incurred during the period.
Property expenses increased to E15.1 million from E14.6 million, while other administrative expenses rose to E3.2 million from E2.5 million.
The increase in expenditure was attributed to higher property management and accounting fees, as well as inflation-related cost pressures.
A key contributor to the group’s profitability in 2025 was the fair value adjustment on its investment properties.
During the year, the external valuer revalued the portfolio using the income capitalisation method, resulting in a favourable fair value adjustment of E55.8 million.
This compares with a negative fair value adjustment of E4.6 million recorded in the 2024 financial year.
Investment income amounted to E462 000, marginally higher than the E437 000 recorded in the prior year.
Finance costs declined to E5.2 million from E6 million, providing further support to the group’s bottom-line performance.
The strong profit outcome translated into a significant improvement in earnings per unit, which rose to 228.32 cents, compared to a loss of 2.31 cents per unit in 2024. This improvement reflects the substantial increase in profitability recorded during the year.
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Non-current assets rise to E348.3 million
MBABANE – Non-current assets rose to E348.3 million from E293.7 million, while current assets remained relatively stable at E21.0 million, compared to E20.3 million in the prior year.
Cash and cash equivalents amounted to E11.9 million at year-end, down from E14 million in 2024.
Equity attributable to ordinary shareholders strengthened to E300 million, up from E250.9 million at the beginning of the year. The increase in equity was driven primarily by the profit generated during the year, partially offset by distributions paid to unit holders.
Long-term liabilities declined to E35.3 million from E43.4 million, while current liabilities remained largely unchanged at E19.8 million, compared to E19.6 million in the previous year. The group’s total equity and liabilities were reported at E369.3 million, in line with total assets.
From a cash flow perspective, SWAPROP generated E11.1 million from operating activities during the year, compared to E12.4 million in 2024. Cash generated from investing activities amounted to E1.6 million, down from E5.8 million in the prior year. Financing activities resulted in a net cash outflow of E14.9 million, compared to an outflow of E12.6 million in 2024.
As a result of these movements, cash at the end of the year stood at E11.9 million, compared to E14 million at the beginning of the period.
In its outlook statement, SWAPROP said that during the 2026 financial year, the group plans to focus on maximising occupancy levels at its centres, controlling costs and raising additional finance to restructure group borrowings and fund future expansion.
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