Nkonyeni Pre-Cast Limited (NPC) achieved a revenue milestone of E27.6 million for the six-month period ending 31 December 2025, marking a notable increase in its financial performance
This marks 7.4% increase from the E25.7 million recorded during the same period in 2024.
According to the company’s financial statement for the period, the highlight of the reporting period is the substantial jump in total comprehensive income, which reached E42.8 million, primarily driven by a E44.4 million gain on the acquisition of a subsidiary. This strategic move involved the acquisition of AT & T Quarries (Pty) Ltd, a transaction supported by a E24 million funding package from a local bank. This acquisition is expected to secure NPC’s supply chain and provide vertical integration for its pre-cast concrete business.
Consequently, Earnings Per Share (EPS) saw a dramatic rise to 0.32 cents, compared to a loss per share of (0.0209) in June 2025.
NPC has also seen its asset base nearly double in a six-month window, with total assets soaring from E70.1 million in June 2025 to E138.4 million by December 2025. This expansion was primarily fuelled by a rise in property, plant, and equipment to E64.7 million, alongside a significant jump in intangible assets to E58.2 million. The latter is largely attributed to goodwill and fair value adjustments following the acquisition of a new subsidiary.
Total equity surged to E87.5 million, up from E30.8 million, following a revaluation reserve of E30.9 million and the issuance of new shares.
The period was also marked by regional recognition. NPC secured multiple accolades at the SADC Quality Awards, winning “Product of the Year” in both the Large Enterprise and SME categories. The company’s “Swazi Tile” brand has already begun contributing to a 5% increase in segment-specific sales, supported by a new 15-year warranty that has bolstered consumer confidence.
While the balance sheet is strong, NPC did report an interim loss before taxation (excluding the acquisition gain), which management attributed to high maintenance expenses and the initial set-up costs of the newly acquired subsidiary.
The cash flow statement reflects a net decrease in cash and cash equivalents, ending the period at a negative E5.9 million. However, this is balanced by the E14.4 million disbursement of borrowings used to fund the long-term expansion of the group.
Looking ahead, the Board, led by Chairman Frans Pienaar, is focused on a planned capital raising exercise through equity funding. This move is designed to optimize the capital structure and fuel further regional growth strategies.
“NPC remains committed to providing investors with attractive long-term returns,” the company stated in its commentary. “Successful acquisitions and the planned capital raising underscore NPC’s commitment to strategic growth and shareholder value.”
With a share price currently holding at E1.50 on the Eswatini Stock Exchange (ESE), NPC is positioning itself as a key driver of the Kingdom’s industrialization, leveraging its diversified portfolio across concrete products, hardware, and chemicals to build a greener, more sustainable future for Eswatini.