Africa-Press – Eswatini. As Eswatini accelerates its drive towards industrialisation and economic diversification, the Industrial Development Company of Eswatini (IDCE) is emerging as one of the country’s most resilient and strategically positioned development finance institutions.
With total group assets rising sharply from E1.1 billion in 2023 to E1.8 billion in 2025, improved profitability, and a Board-recommended dividend, IDCE’s latest performance marks a defining chapter in its institutional journey — one that reflects renewed confidence, disciplined governance, and long-term developmental impact.
Far from abstract balance-sheet gains, IDCE’s investments are translating into tangible economic outcomes. From factory shells at the Matsapha Industrial Site to targeted sectoral financing in agriculture and manufacturing, the institution is stimulating enterprise growth, attracting regional investors, and supporting livelihoods across the economy.
A Strong Balance Sheet, A Clear Strategy
At corporation level, assets increased from E1.1 billion to E1.3 billion over the same period, underscoring a sustained upward trajectory driven by portfolio expansion and prudent financial management.
IDCE Board Chairperson Dumisani Kunene described the results as a reflection of strategic consistency and sound governance.
“Sustained asset growth over the past three years confirms that IDCE is building a platform capable of delivering strong commercial returns while advancing meaningful economic impact for the country,” Kunene said.
He added that the record dividend recommendation signals institutional resilience and validates the long-term strategy pursued by the Board and management.
Profitability That Enables Dividends and Development
For IDCE Chief Executive Officer Fairlie Mabuza, the 2025 results reflect more than strong numbers — they signal institutional maturity and clarity of purpose.
“Growing the group asset base from E1.1 billion to E1.8 billion did not happen by chance,” Mabuza said. “It reflects deliberate capital allocation, diversified investments and a commitment to balancing commercial returns with national development priorities.”
Group net income reached E103 million, while company-level net income stood at E73 million, providing a solid earnings base that enabled the Board to recommend a dividend for the year ended 2025, in line with the Companies Act and IDCE’s dividend policy.
“The dividend demonstrates that IDCE can reward investors while maintaining sufficient capital for future growth. This is sustainability, not short-term gain,” Mabuza said.
Under the dividend distribution, the Eswatini National Provident Fund (ENPF) received E9.02 million, while His Majesty’s Government of Eswatini received E5.09 million. Nedbank Eswatini and Standard Bank Eswatini each received E225,786.63, reflecting IDCE’s shared-value investment philosophy.
Driving Industrialisation and Investment
Over the past three years, IDCE increased investment disbursements by approximately E300 million, with agriculture and manufacturing emerging as key beneficiaries — sectors critical to job creation, food security and economic diversification.
A cornerstone of IDCE’s industrialisation strategy has been continued investment in factory shells at the Matsapha Industrial Site, which have successfully attracted companies relocating from South Africa and strengthened Eswatini’s competitiveness as a regional manufacturing destination.
“Infrastructure is a catalyst for growth,” Mabuza said. “By lowering barriers to entry, we are positioning Eswatini as a viable hub for investment.”
Beyond physical infrastructure, IDCE has also invested in digital systems and technology upgrades to improve customer experience, streamline processes and enhance ease of doing business.
Government Signals Confidence
Minister of Finance Hon. Neal Rijkenberg described the 2025 dividend declaration as a powerful signal of IDCE’s institutional recovery and growing self-sufficiency.
“This declaration is more than a financial milestone,” Rijkenberg said. “It shows that IDCE has turned a decisive corner and is now firmly positioned on a path of sustainable growth, relevance and resilience — without the need for additional capital injections from shareholders.”
His remarks reinforce the view that IDCE, once challenged by profitability constraints, is now delivering shareholder value while strengthening its role in national development.
Shareholders Applaud Shared Value
ENPF Chief Executive Officer Futhi Tembe praised IDCE’s ability to balance commercial performance with developmental impact.
“IDCE is more than an investment entity; it is a strategic partner in nation-building,” Tembe said.
“The 2025 dividend reflects financial prudence while demonstrating that shareholder value and public value can go hand in hand.”
She reaffirmed ENPF’s continued support as a shareholder, noting the institution’s role in job creation, enterprise growth and economic resilience.
IDCE FAST FACTS
Established: 1987
Mandate: Promote industrial growth and economic diversification
Financial Performance (2025)
Total Assets (Group): E1.8 billion
Total Assets (Company): E1.3 billion
Net Profit (Group): E103 million
Net Profit (Company): E73 million
Dividend: Recommended for FY2025
Key Investment Sectors
Agriculture
Manufacturing
Industrial Property
Strategic Development Projects
Development Impact
Approx. E300 million disbursed over three years
Job creation and economic diversification
Attraction of regional investors
What IDCE Funds — and What It Doesn’t
IDCE funds projects that are:
Technically and economically feasible
Financially viable
Soundly managed
Employment-creating
IDCE does not fund:
Illegal activities
Personal or individual loans
IDCE finances registered entities, including sole traders, cooperatives and companies, in full compliance with Eswatini’s laws and AML regulations.
Building Eswatini’s Industrial Future
With a strengthened balance sheet, renewed profitability and growing investor confidence, IDCE enters its next phase positioned not just as a financier, but as a central driver of Eswatini’s industrial future — one investment at a time.
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