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CRMS February 2025 - Investors lose confidence

The CRMS Index ended lower in February 2025, with month on month contractions across sub-indices.

The Company Results Monitor Service (CRMS) index is a composite index of listed JSE companies’ performance in terms of market capitalisation values, active in the South African Construction Sector.

Current Month Summary

The Composite CRMS Index fell by 4.2% month-on-month (m-m) in February 2025, following a 3.3% decline in January 2025. The downturn was broad-based, with the Contractors Sub-index experiencing the steepest drop, falling 14% m-m—the sharpest monthly decline since February 2020, when market capitalization values dropped 16.8% m-m. Despite this decline, the Contractors Sub-index remained stronger compared to the same period last year. Among individual companies, Aveng recorded the largest m-m drop, followed by WBHO and Raubex.

The Suppliers Sub-index also declined, losing 4% m-m, driven by weaker performances from Afrimat and Sephaku Cement. However, on a year-on-year (y-y) basis, the Suppliers Sub-index still posted a 3.6% increase compared to February 2024.

The Retailers Sub-index was hit hard as well, with market values dropping 10% m-m, though it remained in a better position than in February 2024. Cashbuild reported a 5.2% increase in revenue in its interim results as of December 2024, alongside a more than two-fold increase in operating profit, improving its operating profit margin to 2.85% from 0.86% in the prior comparable period. Similarly, Wilson Bayle Holmes recorded a 10.2% rise in revenue (interim results as of December 2024), with a slight improvement in its operating profit margin to 4.74% from 4.56%.

In the property sector, the Residential Property Fund Index underperformed relative to the Non-Residential Fund Index. However, the Combined Property Fund Index, which includes both sub-indices, showed a 13.3% y-y increase, despite recording a 1.1% m-m decline in February 2025.

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