
Masimba Holdings Limited has reported a 13% decline in revenue to US$25.4 million for the half-year ended 30 June 2026, from US$29.2 million in the prior comparable period, weighed down by a slowdown in public sector projects.
Profit before tax fell 18% to US$3.68 million from US$4.51 million, while profit after tax eased to US$2.74 million from US$2.91 million. Basic earnings per share retreated 6% to 1.15 cents from 1.22 cents, diluted EPS was down 7% to 1.11 cents, and headline earnings per share dipped 2% to 1.16 cents.
The company remained profitable and strengthened its net asset position despite slower activity on some projects, noting that the revenue decline principally reflected funding-related delays in public sector project implementation.
Despite the subdued top line, the company delivered key milestones, including completing several mining sector projects, opening the Chevron Bridge to traffic, and completing 16 kilometres of the Kezi-Maphisa Road.
The strategy to build a more balanced portfolio of public and private sector contracts continues to gain momentum, supported by significant new awards. The secured order book stands at approximately US$320 million, providing strong visibility of future work, while the growing contribution from private sector contracts is broadening the client base and funding sources.
Net assets increased to US$38.0 million as at 30 June 2026 from US$36.4 million as at 31 December 2025. Capital expenditure of US$2.6 million was invested in productive capacity to enhance equipment reliability and operational efficiency. Net working capital rose to US$22.8 million from US$19.2 million, with management focused on converting receivables into cash and aligning expenditure with project requirements. Contracts in progress and accounts receivable increased to US$59.3 million from US$54.9 million.
Operating profit before depreciation and fair value adjustments declined 6% to US$6.34 million from US$6.74 million, although the margin improved to 25% from 23%. Cash and cash equivalents declined to US$1.29 million from US$3.43 million, while interest-bearing borrowings rose to US$6.02 million from US$4.13 million.
The Group maintained certification under ISO 9001:2015 for Quality Management, ISO 14001:2015 for Environmental Management and ISO 45001:2018 for Occupational Health and Safety Management, and has commenced preparations to transition to ISO 14001:2026.
As part of its 75th anniversary programme, Masimba, in partnership with the Forestry Commission, has committed to planting 75,000 trees across its operational sites in the upcoming rainfall season and undertook 34 clean-up campaigns during the period.
Looking ahead, the company expects an improved second-half performance as existing projects advance and newly awarded contracts begin to contribute. The government has developed funding frameworks for the rehabilitation of the Harare-Beitbridge and Bulawayo-Victoria Falls roads, which should support increased public sector activity, while new private sector awards and progress in securing regional opportunities underpin a more balanced revenue outlook.
The immediate priority is to translate the substantial order book into profitable revenue and cash generation through disciplined mobilisation, effective resource deployment and alignment of expenditure with funding arrangements, with emphasis on productivity, cost control and cash collection.
The company, having considered liquidity and funding requirements for the second-half project programme, resolved not to declare an interim dividend.

