The construction sector is not just a pillar of infrastructure—it’s a critical component of South Africa’s economy and investment landscape.
The Johannesburg Stock Exchange (JSE) hosts several publicly listed construction companies, offering investors a stake in the country’s physical and economic transformation.
In this feature, we profile the top JSE-listed construction firms, examining their core business, market relevance, and role in shaping South Africa’s future.
1. WBHO – Wilson Bayly Holmes-Ovcon Ltd (JSE: WBO)
Market Cap: Approx. R4 billion+
Focus: Roads, buildings, civil engineering
WBHO is a flagship in South Africa’s construction industry, consistently delivering high-quality projects both locally and abroad.
Listed on the JSE since 1996, WBHO’s strong order book and involvement in public-private infrastructure partnerships keep it well-positioned despite sector challenges.
It remains a favorite among investors due to its diversified portfolio and conservative financial management.
2. Raubex Group Ltd (JSE: RBX)
Market Cap: Approx. R6 billion+
Focus: Road construction, materials supply, infrastructure maintenance
Raubex is known for its vertically integrated model, from raw material extraction to road building.
Listed on the JSE in 2007, it benefits from long-term government infrastructure contracts and steady revenue from its materials division. Raubex’s strong presence in sub-Saharan Africa and reliable dividend track record appeal to both institutional and retail investors.
3. Stefanutti Stocks Holdings Ltd (JSE: SSK)
Market Cap: Approx. R300 million+
Focus: Civil, mechanical, electrical, and mining infrastructure
Despite facing liquidity challenges in recent years, Stefanutti Stocks remains a significant player in complex engineering and construction projects across Africa.
The company is currently implementing a restructuring plan, with an eye toward stabilizing its balance sheet. Investors continue to monitor SSK closely due to its project expertise and historical footprint in key African markets.
4. Murray & Roberts Holdings Ltd (JSE: MUR)
Market Cap: Approx. R1.5 billion+
Focus: Engineering, mining infrastructure, energy
While no longer active in general construction in South Africa, Murray & Roberts has repositioned itself as a multinational project engineering firm focused on energy and mining infrastructure.
Its listing on the JSE dates back decades, and its global operations make it a unique construction-related investment with diversified income streams.
5. Aveng Ltd (JSE: AEG)
Market Cap: Approx. R1 billion+
Focus: Infrastructure development, civil engineering, mining
Once one of the giants in South Africa’s construction sector, Aveng has undergone a successful turnaround strategy in recent years.
It now focuses on core operations like Moolmans (mining) and McConnell Dowell (Australia/NZ). With its debt significantly reduced, Aveng is regaining investor confidence and steadily climbing back into profitability.
The Investment Case for Construction Stocks on the JSE
While South Africa’s construction industry has weathered storms—from COVID-19 to state budget constraints—listed firms that have adapted through diversification, restructuring, and international expansion have proven their resilience.
Investors who believe in the long-term infrastructure growth of Africa are watching these stocks closely.
These JSE-listed construction firms are more than builders—they are strategic businesses with real influence over South Africa’s infrastructure and economic growth.
Whether you’re an investor seeking exposure to the infrastructure sector or a construction stakeholder looking to partner with established players, these companies offer insight into the evolving landscape of South African construction.
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