SA Business

Splitting South African power firm could take 4 years

24/08 The legal separation of South African state power firm Eskom into three business units could take four years in total, the company said in an internal presentation seen by Reuters.  Full story

South Africa pledges fiscal discipline in sweeping health reform

23/08 A proposed switch to universal health coverage in South Africa will be managed in a fiscally responsible way, a senior presidential aide told Reuters, forecasting the landmark reform would cost the. . .  Full story

South Africa's Northam Platinum FY profit soars three-fold on higher metal prices

23/08 South Africa's Northam Platinum said on Friday its annual profit surged three-fold, underpinned by a surge in metal prices, improved performance and lower costs.. . .  Full story

South Africa's rand firms as deficit fears ease

23/08 South Africa‚Äôs rand firmed early on Friday, bucking a downtrend among its emerging market peers, as concerns about South Africa's budget eased slightly.. . .  Full story

NEPIRock interim results June 2019

23/08 Net rental and related income grew to EUR199.8 million (2018: EUR164.6 million), EBITDA increased to EUR190.4 million (2018: EUR155.7 million). Profit before net finance expense increased to EUR287.7 million (2018: EUR194.9. . .  Full story

Hulamin interim results June 2019

23/08 Revenue for the interim period decreased to R5.25 billion (R5.29 billion) whilst gross profit lowered to R320 million (R420.7 million). Operating loss was recorded at R77.7 million (profit of R158.5 million).. . .  Full story

Northam final results June 2019

23/08 Sales revenue for the year increased to R10.6 billion (2018: R7.6 billion), gross profit more than doubled to R2.4 billion (2018: R823.3 million), profit for the year turned around to R60.1. . .  Full story

Grindrod interim results June 2019

23/08 Revenue for the interim period rose to R1.9 billion (R1.6 billion) whilst earnings before interest, taxation, depreciation and amortisation was higher at R443.3 million (R235.8 million). Operating profit before interest and. . .  Full story

Moody's sees budget cuts as option for South Africa to absorb Eskom costs

22/08 South Africa is likely to absorb extra financial support for the struggling power utility Eskom with new revenue and expenditure measures in the next mid-year budget review, with departmental budget cuts. . .  Full story

Old Mutual sacks Moyo again, tries to reassure shareholders

22/08 South African insurer Old Mutual sacked its former chief executive for a second time on Thursday and said it would continue to fight his attempts to get reinstated, despite a court. . .  Full story

S.Africa's Omnia CEO resigns, finance director appointed as replacement

22/08 South African chemicals and fertiliser maker Omnia Holdings said on Wednesday its chief executive officer Adriaan de Lange has resigned and will be replaced by the current group finance director.. . .  Full story

Budget retailer Mr Price posts lower comparable sales

22/08 South African budget retailer Mr Price Group on Thursday posted a 2.5% drop in comparable store sales for the first four months of its financial year, but said it was seeing. . .  Full story

South Africa's Exxaro buoyed by equity investments as core profit falls

22/08 South African miner Exxaro Resources on Thursday reported a 42% rise in half-year headline profit as income from equity investments offset lower core earnings.. . .  Full story

South African rand rallies after data shows slowing inflation

21/08 South Africa's rand rallied more than 1% to its firmest in nearly a week on Wednesday on optimism the central bank has room to boost the flagging economy after consumer inflation. . .  Full story

South African consumer inflation slows to 4% in July, lowest in seven months

21/08 South Africa's headline consumer inflation slowed to 4.0% year-on-year in July, its lowest in seven months, from 4.5% in June, data from Statistics South Africa showed on Wednesday.. . .  Full story

South Africa central bank likely to keep main rate at 6.50%

21/08 The South African Reserve Bank will probably play it safe in coming months by keeping interest rates unchanged due to a volatile exchange rate, despite an otherwise favourable inflation outlook, a. . .  Full story

South Africa to consider new nuclear in affordable way

20/08 South Africa will consider adding nuclear power capacity in an affordable way as part of its long-term plans, Energy Minister Gwede Mantashe said on Tuesday.. . .  Full story

Cash-strapped S.Africa state arms firm ordered to hand over taxes - union

20/08 South Africa's High Court ordered state arms maker Denel to hand over millions in employees' tax payments to the government, union officials said - a case that has refocused attention on. . .  Full story

KAP final results June 2019

20/08 Revenue for the year rose 12% to R25.6 billion (R22.8 billion). Operating profit was 16% lower at R2.4 billion (R2.8 billion). Profit attributable to owners fell 33% to R1.03 billion (R1.54. . .  Full story

South Africa's Harmony Gold eyes potential in AngloGold Ashanti assets

20/08 South Africa's Harmony Gold is interested in many projects including AngloGold Ashanti's Mponeng operations, CEO Peter Steenkamp said on Tuesday.. . .  Full story

Annual earnings at South Africa's Shoprite miss estimates

20/08 South African supermarket chain Shoprite Holdings missed full-year forecasts on Tuesday hurt by inventory shortages at home and currency devaluations in the rest of Africa.. . .  Full story

Shoprite final results June 2019

20/08 Sale of merchandise increased by 3.6% R150.4 billion (2018: R145.1 billion), gross profit grew 1.8% to 35.3 billion (2018: R34.7 billion) whilst operating profit was 8.2% lower at R6.9 billion (2018:. . .  Full story

BHP final results June 2019

20/08 Revenue for the year rose to USD44.3 billion (USD43.1 billion) whilst profit from operations grew to USD16.1 billion (USD16.0 billion). Profit attributable to BHP shareholders shot up to USD8.3 billion (USD3.7. . .  Full story

Harmony final results June 2019

20/08 Revenue for the year increased to R26.912 billion (2018: R20.452 billion), gross loss narrowed to R1.957 billion (2018: loss of R3.144 billion), operating loss improved to R2.538 billion (2018: loss of. . .  Full story

South Africa's rand falls as investors weigh local, global risks

19/08 South Africa's rand weakened on Monday as traders and investors continued to weigh heightened global growth risks against local uncertainty, while equities rose in line with global stock markets.. . .  Full story

Nigeria to defend reserves in wake of UK $9 bln court ruling

19/08 Nigeria's central bank will strive to protect the country's currency reserves after a British court ruling granted a small natural gas firm the right to try to seize $9 billion in. . .  Full story

Truworths to close up to 15 loss-making UK Office shoe stores

16/08 South Africa's Truworths International Ltd will close up to 15 of its loss-making Office stores in the UK, its CEO said on Friday, with an overhaul of the remainder of the. . .  Full story

Resilient final results June 2019

16/08 Total revenue for the period was recorded at R3.8 billion (2018: R3.9 billion), profit before net finance costs turned around to R5.9 billion (2018: loss of R2.7 billion) and profit. . .  Full story

South Africa's Sasol delays results due to U.S. project glitch

16/08 South Africa's Sasol Ltd delayed the release of its annual financial results on Friday due to possible "control weaknesses" at its U.S. ethane cracker project, sending shares in the chemicals and. . .  Full story

South Africa's rand firms as investors await next bout of weakness

16/08 South Africa's rand was firmer early on Friday, adding to the previous session's gains in a recovery driven mainly by investors covering their short positions in anticipation of sharper falls as. . .  Full story

South African retailer TFG to review Kenya, Ghana stores

16/08 South African fashion retailer TFG will decide next year whether to continue trading in Kenya and Ghana where it has at least six stores in each market, Chief Executive Officer Anthony. . .  Full story

Vodacom to invest more than $589 mln on South Africa network this year

16/08 South African mobile phone operator Vodacom Group will spend more than 9 billion rand ($589 million) this year on network enhancements particularly in rural areas in its home market, its Chief. . .  Full story

Truworths looks to close loss-making stores of UK-based Office chain

16/08 South Africa's Truworths International Ltd is considering closing loss-making stores of its UK-based shoe chain Office, joining the growing ranks of retailers to be hit by Britain's gloomy trading environment.. . .  Full story

City Lodge final results June 2019

16/08 Revenue for the year increased to R1.548 billion (2018: R1.498 billion), results from operating activities dropped 22% to R364.6 million (2018: R467.5 million), profit for the period fell 26% to R205.5. . .  Full story

Truworths final results June 2019

15/08 Revenue for the year increased by 1.7% to R19.6 billion (2018: R19.3 billion), gross profit was 1.7% higher at R9.3 billion (2018: R9.2 billion) whilst operating profit dropped by 58.1% to. . .  Full story

South Africa's Harmony Gold expects higher annual profit

15/08 South African bullion producer Harmony Gold full-year profits are expected to rise by as much as 32% boosted by increased production and profit from its from Moab Khotsong and Hidden Valley. . .  Full story

S.Africa debt "becoming uncomfortable", but no bailout requested - IMF

15/08 South Africa's public debt, which is approaching rating agencies' red line of 60% of economic output, is reaching uncomfortable levels, an IMF official said on Thursday.. . .  Full story

Implats expects annual profit helped by metals prices

15/08 South Africa's Impala Platinum (Implats) said on Thursday it expects to swing into profit this year boosted by higher sales, rhodium and palladium prices and improved performance at its Rustenburg. . .  Full story

South African rand and shares bounce from sharp losses

15/08 The South African rand firmed early on Thursday, pulling back from a slide to its lowest in nearly 11 months as investors digested signs of global economic recession and looked to. . .  Full story

Vedanta fails to stop KCM liquidation in meeting with Zambia's president

15/08 Zambia's President Edgar Lungu met with the chairman of Vedanta Resources to discuss the disputed liquidation of its Konkola Copper Mines, a statement issued by the Zambian State House said on. . .  Full story

South Africa's Gold Fields swings to first-half profit

15/08 South African bullion producer Gold Fields swung to a profit in the first half through June as output increased after the inclusion of its joint venture with Asanko Gold.. . .  Full story

Gold Fields interim results June 2019

15/08 Revenue for the interim period increased to USD1.379 billion (2018: USD1.351 billion), profit before taxation turned around to USD140.2 million (2018: loss of USD498.4 million), profit for the period attributable to. . .  Full story

ARB final results June 2019

15/08 Revenue for the year rose to R2.7 billion (R2.6 billion) whilst gross profit increased to R650.4 million (R615.2 million). Operating profit lowered to R155.4 million (R204.3 million). Profit attributable to ordinary. . .  Full story

Atlatsa interim results June 2019

14/08 Operating loss narrowed to CAD9.2 million (loss of CAD34.5 million). Loss attributable to owners improved to CAD34.0 million (loss of CAD49.6 million). In addition, headline loss per share came to CAD6cps. . .  Full story

South African stocks approach six months low as recession fears rise

14/08 South African stocks slipped to a near six-month low on Wednesday after the U.S. Treasury bond yield curve inverted for the first time since 2007, reflecting concerns over the outlook for. . .  Full story

South Africa's retail sales up 2.4% year/year in June

14/08 South African retail sales rose 2.4% year-on-year in June following a revised 2.3% increase in May, Statistics South Africa said on Wednesday.. . .  Full story

S.African education firm Curro to invest $14 mln in 4 new campuses

14/08 South African private education firm Curro Holdings will invest 223 million rand ($14.66 million) in opening four new campuses, it said on Wednesday, after reporting a 44% rise in half-year headline. . .  Full story

South Africa's Astral Foods CEO to take extended leave after surgery

14/08 South African poultry producer Astral Foods on Wednesday said its CEO will take extended leave to recuperate after cardiovascular surgery.. . .  Full story

Steinhoff's overseas business restructure debt after scandal

14/08 Scandal-hit Steinhoff said on Wednesday it had refinanced some 9 billion euros ($10 billion) of debt in its overseas operations which include brands such as Poundland in Britain and France's Conforama,. . .  Full story

Eastplats interim results June 2019

14/08 Revenue for the interim period was recorded at USD15.8 million (2018: nil), mining operating income came to USD2.8 million (2018: nil) and operating loss narrowed to USD2.2 million (2018: USD4.9 million).. . .  Full story

Metair interim results June 2019

14/08 Revenue for the interim period went up to R5.3 billion (R4.5 billion) whilst gross profit was higher at R999.7 million (R8369 million). Operating prfoit rose to R498.7 million (R412.9 million). Profit. . .  Full story

Curro interim results June 2019

14/08 Revenue for the interim period increased to R1.480 billion (2018: R1.240 billion), earnings before interest, taxation, depreciation and amortisation ("EBITDA") rose to R415 million (2018: R342 million), profit attributable to owners. . .  Full story

British American Tobacco's takeover of Twisp wins S.Africa approval

13/08 British American Tobacco's (BAT) proposed takeover of e-cigarette maker Twisp won approval from South Africa's Competition Tribunal on Tuesday after the UK-based group agreed to a series of conditions.. . .  Full story

Steinhoff looks to sell off assets after $7 billion accounting fraud

13/08 Scandal-hit South African retailer Steinhoff said on Tuesday its only hope for survival is to sell off assets to become a retail-focused investment holding firm, as it fights to contain the. . .  Full story

Absa's profit rise clouded by mixed results underneath

13/08 A drop in earnings at Absa's South African corporate and investment bank took the shine off progress at its core domestic retail business as the lender reported a 5% rise in. . .  Full story

Absa Bank interim results June 2019

13/08 Total income for the year grew to R26.1 billion (R25.4 billion) whilst operating profit before income tax was higher at R6.2 billion (R5.8 billion). Profit attributable to equity holders increased to. . .  Full story

South Africa's AMCU union disappointed by Lonmin wage offer

13/08 South Africa's Association of Mineworkers and Construction Union (AMCU) is disappointed by a wage offer for workers at Lonmin, which was acquired by Sibanye-Stillwater this year.. . .  Full story

Steinhoff's $10 billion debt "too high" - chief executive

13/08 South African retailer Steinhoff's total debt of over 9 billion euros ($10.1 billion) is "too high" and needs to be urgently addressed, new chief executive Louis du Preez said on Tuesday. . .  Full story

South Africa's rand on the ropes as global risk aversion intensifies

13/08 South Africa's rand weakened for a third straight session early on Tuesday as global growth worries linked to the trade spat between China and United States and souring local sentiment kept. . .  Full story

Absa interim results June 2019

13/08 Total income for the interim period increased to R39.2 billion (2018: R37.3 billion), operating profit before income tax rose to R11.7 billion (2018: R11.1 billion), profit attributable to ordinary equity holders. . .  Full story

South Africa's rand slips to new 11-month worst as local politics weigh

12/08 South Africa's rand weakened on Monday, stretching losses to a new 11-month low as political uncertainty and a bleak economic outlook was worsened by uncertainty over the chances of a resolution. . .  Full story

Sabvest interim results June 2019

12/08 Gross income from operations and investments fell to R95.4 million (2018: R227.2 million), net income for the year attributable to equity shareholders plunged to R52.6 million (2018: R160 million), while headline. . .  Full story

S.Africa's Absa bank says has found new CEO, to be named in due course

12/08 South African lender Absa said on Monday it had completed the process to appoint a new CEO, who would be named in due course and take up office in January.. . .  Full story

S.Africa's Northam Platinum expects FY profits to rise by over 100%

12/08 South Africa's Northam Platinum said on Monday it expected its full-year profits to be over 100% higher than in 2018 after achieving record production and operating profit.. . .  Full story

Libstar sees H1 core earnings up, sells dairy, fruit drinks unit

12/08 South African food producer Libstar Holdings Ltd expects core earnings to rise as much as 22.8% in the first half, helped by a strong performance in its dry-condiments, snacks and confectionery. . .  Full story

Murray & Roberts says Clough USA unit awarded $620 mln EPC project

12/08 Clough USA has been awarded a petrochemical engineering, procurement and construction (EPC) project in the United States worth $620 million, South African parent firm Murray & Roberts said on Monday.. . .  Full story

South Africa's Omnia prices $130 mln rights issue

12/08 South African chemicals and fertiliser maker Omnia Holdings priced its 2 billion rand ($130 million) rights issue at 20 rand per share on Monday.. . .  Full story

Indian e-commerce platform Meesho raises $125 mln in Naspers-led funding

12/08 Indian digital platform Meesho has raised $125 million in its latest funding round, led by South African internet group Naspers, the e-commerce start-up said on Monday.. . .  Full story

African telecoms group MTN says divestment plan on track after first-half sales

08/08 MTN Group Ltd is on track to meet a divestment target set in March after raising $140 million from asset sales that will slim down Africa's largest mobile phone operator and. . .  Full story