Esorfranki in acquisition talks

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Esorfranki on Thursday advised that it is in negotiations to acquire the business of a development company with rights as the "turnkey developer/contractor" for an integrated mixed-use, affordable housing development on approximately 237ha of land.

The civil engineering and construction group said that the development would ultimately yield approximately 7,700 residential units as well as commercial, social, educational and medical facilities.

In October Esorfranki reported a headline loss per share of 3.9c for the six months ended August from headline earnings per share of 4.1c a year ago.

Revenue grew 14.2% to R857.5 million but earnings before interest, depreciation, impairments, amortisation and taxation (EBITDA) declined 66.2% to R25.4 million.

Esorfranki said its order book remained solid, even excluding certain contract awards being contested, having been significantly bolstered during the period.

The secured outstanding order book stands in excess of R1.5 billion and imminently pending awards total approximately R2.3 billion.

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Construction Industry in South Africa  |  Esorfranki
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