Masimba Holdings Limited (Masimba) posted a US$61.5 million revenue in the year ended 31 December 2026, up 9.6 percent from US$56 million recorded prior year, with the group reporting a growing order book and a US$4,2 million plant and equipment acquisition that enhanced capacity and operational efficiency during the period.
The contracting and industrial group’s profit after tax stood at US$6.5 million during the period, up marginally by two percent from USD6.4 million realized in 2024.
Gregory Sebborn, Masimba chairman, said the revenue performance was “driven by growth in the housing development sector”.
He said: “The contracting business continues to demonstrate its strength, supported by a robust and growing order book valued at US$278 million”.
“We are pleased to report the addition of significant new orders across the mining, building, housing development, and road sectors, reinforcing our market leadership and enhancing future revenue visibility,” Sebborn said in the group’s financials for the period.
He further stated that “the group’s financial position remains robust, with non-current assets increasing by four percent to US$31.2 million from US$30 million in 2024, driven by US$4.2 million in strategic capital expenditure on modern plant and equipment to enhance capacity and operational efficiency with acquisition of an asphalt manufacturing plant being the highlight for the year”.
Sebborn said the investments were primarily funded by medium-term borrowings from local banks, resulting in total borrowings surging by 30 percent to close 2025 at US$4.1 million, up from US$3.2 million the previous year.
During the year under review, Sebborn said Masimba grew private sector business to balance the contribution of public sector, achieving a 56 percent private sector contribution up from 46 percent in the prior year.
The move, he said, “significantly improved the business’s cash flow position”.
Sebborn added: “While we commend the Government’s ongoing commitment to infrastructure investments, we recognize that project execution timelines may be affected by limited funding and liquidity in the domestic financial market.”
He said EBITDFVA stood at US$12.3 million, a four percent year-on-year increase from US$11.8 million in 2024, mainly due to increase in revenue in the current year.
Current assets grew five percent to close at US$65.5 million from US$62.4 million the previous year, whilst current liabilities went down nine percent to close at US$46.3 million from US$50.7 million, resulting in a 20 percent improvement in the net working capital position to US$19.2 million from US$15.9 million.
“Consequently, total assets and total liabilities ended the period at US$96.7 million (2024: USD92.3 million) and US$60.3 million (2024: USD61.7 million) respectively representing growth of five percent and eight percent respectively.”
The group closed the year with a net asset position of US$36.4 million compared to US$30.6 million in 2024 – a 19 percent growth.
Finally, Sebborn cautioned that the Finance ministry’s recent pronouncement on settling supplier and contractor invoices in the local ZiG currency, alongside its intention to transition towards a mono-currency by 2030, “signals potential shifts in the operating environment”.
“While these changes may introduce considerations around liquidity and currency risk, Masimba remains committed to proactive engagement and prudent risk management,” he said.
The group – which has already paid an interim dividend of 0.27 US cents per share – proposed a 0.34 US cents per share final cash dividend payable wholly in US dollars, resulting in a total dividend of 0.61 US cents per share for the 2025 financial year, up from 0.47 US cents per share declared prior year. – TML