MBABANE – The Royal Eswatini Sugar (RES) Corporation has reported a E553.2 million decline in profits for the 2024/25 financial year, showing a E222.8 difference with the previous year’s profits.
According to the company’s condensed financial results, before taxation, the profit recorded was E553.2. Last year it stood at E776 million.
RES Corp ‘s capital expenditure of E451 million included E221.2 million for approved growth projects with the company assuming new debt of E306.2 million to finance around 75 percent of 2023/24 and 2024/25 project costs.
Dividends paid during the financial year totalled E255.3 million, down from E270 million of the previous year. Shareholders received E265.7 million in dividends, with an interim payment of E129.7 million and a final dividend of E136 million.
In comparison, E141.2 million was paid for 2022/23, and E50 million for 2022/23 in June 2023. The total dividend per share for 2024 was 265.0 cents, down from 281.2 cents in 2023.
The company’s consolidated balance sheet reflects total assets amounting to E5.8 billion. The report attributes this to 363 hectares of new land expansion, mill efficiency projects, and increases in inventories, receivables, and closing cash.
Cane crushed remained at 3.13 million tonnes, similar to the previous year, while estate sucrose yields improved to 12.43 tonnes per hectare from 12.04 the year before. However, this improvement was partly offset by damage from a storm in March 2024, which affected 43 percent of the area harvested.
The Corporation said it remains committed to good corporate governance and international standards. The report noted a drop of E89 million in capital commitments compared to the March 2024 disclosure, due to no new growth or efficiency projects planned for 2025/26
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