(Danny Froese/Getty Images)
Embattled construction and engineering group Stefanutti Stocks said on Thursday it had managed to more than double its operating profit in its year to end-February, also inking deals with lenders to extend the payment of its hefty loans.
It is also eyeing a possible resolution amid a R1.6-billion claim, excluding interest, related to work done at the Kusile power station. An adjudicated decision is expected in the third quarter of 2024, though it may still go to arbitration.
Stefanutti, valued at only R207 million, employs over 5 000 people directly and is in the midst of a protracted restructuring process. Like its industry peers, it was hit by a downturn in SA’s construction market that followed the 2010 FIFA World Cup.
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