MBABANE – SBC Limited, the parent company of Select Limited and Malkerns Square, recorded a 4.1 per cent increase in revenue to E460.7 million for the year ended December 31, 2025.
This reflects a resilient performance despite intensifying competition in its core lending markets and structural shifts in the regional financial landscape.
The group’s revenue growth, up from E442.8 million in 2024, was achieved against a backdrop of tightening margins, evolving customer dynamics and heightened competition, particularly in payroll-linked lending across Eswatini and Lesotho.
While topline growth remained positive, the group ultimately reported a marginal loss for the year of E390 151, compared to a loss of E3.8 million in the previous year.
However, this headline figure masks a significant improvement in underlying profitability, with profit before taxation surging to E33.6 million from E8.5 million in 2024, an increase of more than 250 per cent.
At the operational level, SBC delivered a robust performance, with operating profit rising to E271.3 million from E236.2 million in the prior year. This growth was driven by disciplined cost management, improved collections and stable yield performance across its lending portfolios.
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Property segment emerges as growth pillar
MBABANE – A key highlight of SBC’s performance is the growing contribution of its property segment, which is increasingly becoming a central pillar of the group’s diversification strategy.
Investment property increased to E374.5 million from E347.2 million, reflecting continued investment in residential and commercial developments.
The Pine Acres residential portfolio maintained a strong occupancy rate of 97 per cent, demonstrating sustained demand and effective asset management.
The introduction of canal-facing townhouses further enhanced the Group’s product offering, attracting strong tenant interest.
In addition, SBC has embarked on an ambitious expansion programme, with construction underway on 150 new residential units, forming part of a broader pipeline of up to 500 units.
These developments are aimed at catering to both rental and ownership markets, including the innovative Rent-to-Own model.
The group is also expanding its retail footprint through the development of the Park View Retail Centre at Malkerns Square, which will add over 6 000 square metres of gross lettable area. The project is expected to be completed in 2026 and is designed to attract premium tenants, reinforcing the precinct’s position as a lifestyle and commercial hub.
SBC’s total assets grew to E3.22 billion from E3.14 billion, supported by increases in investment property, cash reserves, and related party receivables.
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