Stefanutti posts strong full-year results, supported by Kusile settlement
JSE-listed multidisciplinary construction group Stefanutti Stocks delivered a strong performance for the financial year ended February 28, supported by the recognition of the Kusile power project settlement.
The company and power utility Eskom in November last year signed a settlement agreement, resulting in R580-million being paid to the construction group.
The settlement amount increased Stefanutti's contract revenue by R448-million, its operating profit by R388-million and investment income by R132-million.
Further, Stefanutti reported earnings before interest, taxes, depreciation and amortisation increased of R852-million, compared with R428-million in the prior financial year.
Earnings a share increased to 370.44c, compared with 78.60c in the prior year, while headline earnings a share increased to 359.26c, compared with 109.36c in the prior financial year.
The group’s current order book has increased substantially to R17.2-billion, R6-billion of which is from work beyond South Africa’s borders and R8.5-billion for periods beyond February 2027.
Meanwhile, as part of the group's restructuring plan, it concluded a five-year term facility of R850-million with Standard Bank. Funds received from the Kusile settlement and the disposal of SS-Construções (Moçambique) have been used to make capital prepayments of R620-million, together with the first instalment, reducing the outstanding capital of the Standard Bank facility to R223-million.
"The securing of the Standard Bank facility, settling the historic loan, thereby terminating the historic lender arrangements and concluding the restructuring plan, reflects a significant turning point for the group, bringing Stefanutti Stocks into a normalised trading environment,” comments CEO Russell Crawford.
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