SBC Limited’s audited financial results for the year ended 31 December 2025 reveal a business successfully navigating structural market shifts to deliver a massive leap in underlying profitability. The Group reported a Profit Before Taxation of E33.6 million, a sharp increase from the E8.5 million recorded in 2024, representing a resilient performance of over 250% improvement.
According to the financial statement issued by the Eswatini Stock Exchange, although the bottom-line reflects a Total Comprehensive Loss of E6.7 million, this figure is primarily driven by non-recurring taxation and hedging adjustments. In contrast, the Group’s core operating metrics reveal a significantly more robust and efficient enterprise.
SBC’s revenue grew to E460.7 million during the period, up from E442.8 million in the prior year. This 4.1% growth was achieved despite increasingly competitive lending markets, particularly in the payroll-linked segments. Management’s focus on high-quality earnings was further evidenced by a meaningful reduction in operating expenses, which fell from E200.4 million to E190.3 million.
A critical highlight of the year was the turnaround in credit quality. The Group moved from an impairment loss of E6.1 million in 2024 to an impairment gain of E863,255 in 2025. This swing, combined with disciplined cost control, drove Operating Profit to E271.3 million, a 14.8% increase over the previous year’s E236.2 million.
The Group’s balance sheet, which now stands at a total of E3.22 billion, reflects a deliberate shift toward asset-backed diversification.
Investment Property values rose to E374.5 million, up from E347.2 million, as the Malkerns Square and Pine Acres portfolios continued to mature.
The Work-in-Progress account saw a massive jump from E9.8 million to E40.1 million, representing the Group’s aggressive construction pipeline, including the first 50 units of its new residential expansion and the Park View Retail Centre.
The combined gross loan book (Current and Non-Current) closed at E1.31 billion. While this is a slight decrease from the E1.42 billion held in 2024, primarily due to high settlement activity in Lesotho, the book remains a significant cash generator.
The 2025 financial year was also a period of major capital movement. Retained earnings were impacted by a substantial E140 million dividend declaration, compared to E10 million in the prior year. This dividend, largely funded from internal cash generated by Lesana Lesotho, demonstrates the Group’s ability to realize shareholder value.
The taxation charge for the year rose to E34.0 million from E12.3 million in 2024. Leadership noted that this was primarily due to one-off withholding taxes associated with the large dividend distribution and the subsequent repositioning of the Lesotho portfolio.
Despite the competitive pressures and the large dividend payout, SBC Group maintained a strong liquidity position, with cash and cash equivalents rising to E151.1 million. Total assets grew to E3.22 billion, supported by strengthened funding through the Swedfund facility and the full settlement of intercompany borrowings between subsidiaries.
Management maintains that the 2025 results prove the Group’s “ability to preserve profitability despite settlement-driven portfolio reshaping.” With a more diversified asset base and a refined lending strategy, SBC Limited enters 2026 positioned to deliver long-term value through its multi-asset platform.