SBC Limited recorded a 5.4% decline in group revenue as its gross loan book contracted by 6.2% during the six months ended in June.
The group’s reviewed financial results for the period ended June 30, 2026, show mixed performance, with declining revenue and lending balances alongside improved earnings per share and growth in selected lending products.
In its operational review, SBC said it faced a “continued challenging operating environment” that affected operating profit compared with the previous period. Despite the decline in the group’s gross loan book, the local consumer lending operation recorded growth in its total loan book, according to the report.
Payroll lending was among the products that recorded growth, with disbursements increasing by 11.1% to E69.3 million during the period. However, the report noted that the payroll loan book closed below expectations at the end of June, citing “inbound competitive settlements” in the market.
Debit-order lending also recorded growth. Disbursements increased by 25.2% to E4.5 million, while collections rose by 89.8% to E12.6 million. In contrast, payday short-term lending declined, closing 19.6% below the corresponding period in the previous year.
The differing performance across lending products illustrates the varied trends within SBC’s consumer finance operations. Although its Eswatini consumer lending operation recorded growth, the group’s overall gross loan book declined by 6.2%.
The results also show that operating profit before tax stood at E5.37 million for the six-month period, compared with E33.59 million in the corresponding period in 2025. This decline in operating profit before tax adds to the mixed picture presented by the group’s financial results, despite the increase in earnings per share.
The results cover the six months ended June 30, 2026, and compare the group’s performance with the corresponding period in the previous year.
Earnings per share rise 9.1%
SBC Limited’s earnings per share increased by 9.1% during the six months ended in June, according to the group’s reviewed financial results.
The company’s earnings per share rose from 11 cents in the corresponding period in 2025 to 12 cents in the period under review.
The improvement indicates an increase in earnings attributable to each ordinary share, providing a positive signal for shareholders despite a challenging operating environment.
The results compare the six months ended June 30, with the corresponding period in the previous year.
About SBC Limited:
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SBC Limited is an investment holding and financial services company incorporated in the Kingdom of Eswatini. It is listed on the Eswatini Stock Exchange (ESE) under the ticker SBC and was listed in 2014. Its main business interests include microfinance, property development and investments.
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SBC Limited operates through several businesses across different sectors, including microfinance, financial services, and property development. In Eswatini, the company operates through Select Limited, which provides financial assistance, including unsecured loans to employed individuals, particularly civil servants. In Lesotho, SBC operates through Lesana Financial Services, which offers microfinance and lending services to customers.
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The company is also involved in property development through Pine Acres, which has invested in the Malkerns Square development in Eswatini, a mixed-use project comprising residential accommodation and retail facilities.
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Through these business operations, SBC Limited diversifies its income sources by generating revenue from consumer lending and property-related activities, enabling it to serve different markets in Eswatini and Lesotho.
RESIDENTIAL OCCUPANCY HITS 99%
SBC Limited’s residential property portfolio recorded an occupancy rate of 99%, highlighting strong demand for its residential units during the six months ended in June.
The group’s reviewed results show that residential occupancy remained high, supported by its property management activities and developments.
The report also outlines plans involving residential developments, including Phase two, as the group seeks to expand its property portfolio and strengthen performance in the sector.
The occupancy rate positions residential property as a notable area of performance within the group’s operations.
| Measure | Reported figure | Comparison or context |
|---|---|---|
| Group revenue | Down 5.4% | Revenue amount not supplied in the article. |
| Group gross loan book | Down 6.2% | The Eswatini consumer lending operation separately recorded loan book growth. |
| Operating profit before tax | E5.37 million | E33.59 million in the corresponding period in 2025. |
| Earnings per share | 12 cents | Up from 11 cents; a reported increase of 9.1%. |
| Payroll lending disbursements | E69.3 million | Up 11.1%; the closing payroll loan book remained below expectations. |
| Debit-order lending disbursements | E4.5 million | Up 25.2%. |
| Debit-order lending collections | E12.6 million | Up 89.8%. |
| Payday short-term lending | Down 19.6% | Compared with the corresponding prior-year period; the specific measure is not identified in the article. |
| Residential occupancy | 99% | Applies to residential property; no comparative occupancy rate is supplied. |
Source: Supplied report by Musa Simelane, citing SBC Limited’s reviewed
financial results. Figures have not been independently checked against
the underlying financial statements.
