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• Create Date October 31, 2025
• Last Updated October 31, 2025

CRMS Dashboard October 2025

Listed Construction Firms Show Signs of Recovery Despite Uneven Sector Performance

The Company Results Monitor Service (CRMS) Index climbed 9.5% m-m in October 2025, driven by strong gains across property funds and suppliers which offset losses among contractors and retailers. Non-residential property funds led the surge—Vukile (+22.7%), Resilient (+12.2%), Redefine (+10.8%) and Growthpoint (+9.6%)—while Stefanutti Stocks (+28%) and Afrimat (+23.8%) stood out among contractors and suppliers respectively. Cement producers were mixed: PPC slipped 1% m-m but remained 33% higher y-y, while Sephaku rose 6% m-m despite a weaker annual base. Retailers underperformed, with Italtile down 1% and Cashbuild up 1%, reflecting subdued confidence despite stronger real hardware sales (+8% y-y). Year-to-date, the CRMS Index averaged a 10.2% y-y rise, signalling partial recovery in listed-construction-linked equities after a weak 2024. Profit margins improved notably for cement (8.7%), contractors (5.6%), and non-residential funds (63%), while margins compressed sharply for suppliers (down to 3.6%). Overall, the October update paints a picture of an uneven but improving construction investment climate, with property funds and niche contractors outperforming amid lingering retail and supplier pressures.

 

Please find attached the October 2025 Dashboard (available to subscribers)

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