SA Business

Output at South Africa's Amplats hit by Eskom power cuts

10h08 South African miner Anglo American Platinum Ltd's (Amplats) first quarter production fell 6 percent, hit by problems at power supplier Eskom, operational challenges and ore stockpiling in the same period the year before.  Full story

South Africa's Gold Fields Q1 production up 10 pct

09h43 South Africa's Gold Fields Ltd said on Thursday its quarterly bullion production increased by 10 percent with a recovery in production at its South Deep mine after a six-week strike.. . .  Full story

South Africa's rand dips as global growth fears, oil spike stokes risk-off

09h41 South Africa's rand retreated on Thursday, succumbing to a firming U.S. dollar, as rising oil prices globally dented demand for emerging market currencies.. . .  Full story

RDI interim results Feb 2019

09h14 Revenue for the interim period increased to GBP57.1 million (2018: GBP55.2 million), profit from operations fell to GBP12.6 million (2018: GBP69.9 million), loss attributable to equity holders of the parent came. . .  Full story

Vunani final results February 2019

08h23 Revenue from continuing operations for the period soared to R425.3 million (2018: R350.9 million), results from operating activities climbed to R112.4 million (2018: R61.4 million), profit for the year attributable to. . .  Full story

South Africa's Tongaat to restate prior results after accounting review

24/04 South African sugar producer Tongaat Hulett Ltd said on Wednesday it would restate prior financial information after a formal review revealed certain accounting practices that needed to be re-examined.. . .  Full story

PSG final results February 2019

24/04 Revenue from sale of goods lowered to R13.0 billion (R14.0 billion) whilst gross profit from sale of goods also decreased to R1.6 billion (R2.0 billion). Profit attributable to owners remained unchanged. . .  Full story

South Africa's Life Healthcare warns on earnings after disposal

24/04 South Africa's Life Healthcare said on Wednesday half-year earnings could fall as much as 55 percent due to costs related to the disposal of its stake in India's Max Healthcare, impairments. . .  Full story

Astoria quarterly results March 2019

24/04 Total revenue for the quarter turned around to USD6 million (2018: loss of USD1.7 million), operating profit came in at USD190 000 (2018: loss of USD2.2 million), profit for the period. . .  Full story

South Africa's 2018/2019 maize crop seen down 15 percent on drought

24/04 South Africa is likely to harvest 15 percent less maize in 2018/2019 compared with the previous season after drought delayed plantings, a Reuters poll showed on Wednesday.. . .  Full story

MTN converts Nigerian unit to public company before planned listing

24/04 South African telecoms firm MTN has converted its Nigerian unit into a public company before its planned listing on the Nigerian bourse in the first half of the year.. . .  Full story

South African consumer confidence dips further in Q1 - survey

24/04 Consumer confidence in South Africa dipped further in the first quarter of 2019, suggesting that most consumers are neither optimistic nor pessimistic about the outlook for the country's economy, a survey. . .  Full story

South African rand falls as U.S. data bolsters dollar

24/04 South Africa's rand slipped to a three-week low in early trade on Wednesday as robust U.S. economic data supported the dollar.. . .  Full story

Zimbabwe's Econet plots Botswana Mascom listing by October

23/04 Zimbabwean billionaire Strive Masiyiwa plans to list part of his Botswana telecoms operator Mascom by October this year, he said on Tuesday, in what he expects to be one of the biggest. . .  Full story

Atleaf final results February 2018

23/04 Revenue for the year jumped to GBP26.9 million (GBP24.1 million) whilst operating income rose to GBP21.7 million (GBP20.6 million). Profit for the year dropped to GBP9.2 million (GBP17.0 million). In addition,. . .  Full story

CMH final results February 2019

23/04 Revenue for the year increased to R11.155 billion (2018: R10.573 billion), gross profit rose to R1.825 billion (2018: R1.766 billion), operating profit decreased to R411.2 million (2018: R438.4 million), profit attributable. . .  Full story

South Africa's rand, bonds little changed, stocks set to open higher

23/04 South Africa's rand was little changed in early trade on Tuesday with investors refraining from making large bets as markets reopened after Monday's holiday.. . .  Full story

Indequity interim results March 2019

23/04 Total income for the interim period increased to R32.5 million (2018: R28.5 million), profit for the period rose to R4.7 million (2018: R3.5 million), headline earnings per share grew to 40.94. . .  Full story

South Africa brings forward Eskom bailout to avert default

19/04 South Africa's government has had to bring forward the bailout of state power firm Eskom, after it rushed 5 billion rand ($355 million) to the struggling utility earlier this month to. . .  Full story

South Africa's Shoprite cuts chairman Wiese's voting influence

18/04 South African grocer Shoprite is to buy back deferred shares held by its chairman Christo Wiese to simplify its voting structure but substantially curbing Wiese's influence in the company he helped. . .  Full story

IMF forecasts Tanzanian economic growth of 4-5 pct in medium term

18/04 Tanzania's economy will be subdued if recent government policies and legislation continue, threatening to hit growth in East Africa's third largest economy, an International Monetary Fund report seen by Reuters on. . .  Full story

South Africa's PIC denies considering ex-Absa executive as next CEO

18/04 South Africa's state pension fund denied considering a former banking executive as its next chief executive as it seeks to fill a position which has become increasingly sensitive given the successive. . .  Full story

Petra Diamonds adds 209.9 carat gem to Cullinan treasure

18/04 Petra Diamonds said on Thursday it had recovered a 209.9 carat 'Type II' diamond at its flagship Cullinan mine, the third recovery of such a large gem since March.. . .  Full story

South Africa faces escalating unrest if ANC doesn't reform, opposition says

18/04 South Africa faces escalating unrest if the governing African National Congress (ANC) party retains power in next month's election and fails to introduce major reforms, the leader of the country's biggest. . .  Full story

Top two African economies to drag on sub-Saharan growth this year

18/04 Economic disruption from uneven currency trading in Nigeria and continued electricity shortages in South Africa are set to hold back overall growth across sub-Saharan Africa this year, a Reuters poll of. . .  Full story

South Africa's rand weaker as risk demand fades before Easter

18/04 South Africa's currency traded weaker early on Thursday, shifting back above the 14.00 mark with investors closing positions and taking profits in anticipation of low volume ahead of the Easter holidays.. . .  Full story

S.Africa's power shortages could cut 2019 GDP growth by 1.1 percentage points -cenbank

18/04 South Africa's economic growth will shrink by at least 1.1 percentage points in 2019 and there will be up to 125,000 job losses if nationwide electricity blackouts persist throughout the year,. . .  Full story

South African rand lifted by Chinese growth; stocks flat

17/04 South Africa's rand firmed on Wednesday as an unexpected rise in economic growth in major trading partner China boosted demand for emerging market currencies worldwide.. . .  Full story

South African retail sales suggest economy sluggish before May vote

17/04 Sluggish retail sales for a second straight month pointed to lingering weakness in the South African economy, confounding President Cyril Ramaphosa's efforts to lift growth before next month's national election.. . .  Full story

South Africa's Sibanye-Stillwater, AMCU seal wage deal

17/04 A South African union agreed to a wage settlement with Sibanye-Stillwater on Wednesday, ending a five-month strike that has hit gold production and earnings.. . .  Full story

South Africa's Denel aims to end Airbus A400M work within 18 months

17/04 South African state arms firm Denel aims to wind down production of parts for the Airbus A400M military aircraft over the next six to 18 months to achieve an annual cost. . .  Full story

Zimbabwe attracts two new investors to develop platinum mining projects

17/04 Zimbabwe will in coming weeks name two new investors who will develop separate platinum mining projects west of the capital as the country ramps up mining output in an attempt to. . .  Full story

Purple interim results February 2018

17/04 Revenue from continuing operations went up 42% to R48.6 million (R34.3 million) whilst net loss from operations improved to R3.0 million (loss of R17.0 million). Loss attributable to owners narrowed to. . .  Full story

Botswana shows off country's largest-ever blue diamond

17/04 Botswana's state-owned Okavango Diamond Company displayed a 20-carat gemstone on Wednesday that it said was the largest blue diamond ever discovered in the country, one of the world's top producers of. . .  Full story

S.African technology group EOH soars on turnaround plan

17/04 Shares in South African technology group EOH Holdings have doubled in value since Monday, after it outlined a turnaround plan that included raising 1 billion rand via asset sales.. . .  Full story

South Africa's retail sales up 1.1 percent year/year in February

17/04 South African retail sales rose 1.1 percent year on year in February after rising by 1.2 percent in January, Statistics South Africa said on Wednesday.. . .  Full story

PSG Konsult final results February 2019

17/04 Total income for the year grew to R4.6 billion (2018: R4.2 billion) and profit for the year attributable to owners of the parent rose to R602.2 million (2018: R566.5 million). In. . .  Full story

South Africa's Tiger Brands to fight listeria class action

17/04 South Africa's leading food producer Tiger Brands said on Wednesday it will fight a class action lawsuit over its role in the world's largest ever listeria outbreak.. . .  Full story

South African consumer inflation quickens to 4.5 pct in March

17/04 South Africa's headline consumer inflation accelerated to 4.5 percent year on year in March from 4.1 percent in February, data from Statistics South Africa showed on Wednesday.. . .  Full story

Strong health and beauty sales lift S.Africa's Clicks HY earnings

17/04 South African pharmacy and healthcare retailer Clicks Group reported a 13.2 percent increase in half-year earnings on Wednesday, driven by strong sales of beauty and health products.. . .  Full story

Mediclinic expects core profit to drop 3.5 pct for full year

17/04 Mediclinic International Plc said it expects full-year group core profit to fall by 3.5 percent, in line with market expectations in a challenging healthcare environment.. . .  Full story

Clicks interim results February 2019

17/04 Turnover for the interim period increased 6.2% to R15.334 billion (2018: R14.433 billion), gross profit rose 8.2% to R3.364 billion (2018: R3.108 billion), operating profit climbed 11.3% to R1.044 billion (2018:. . .  Full story

enX interim results February 2019

17/04 Revenue for the interim period increased to R3.7 billion (2018: R3.6 billion), operating profit was higher at R378.3 million (2018: R354.1 million). Net profit attributable to equity holders of the parent. . .  Full story

Zeder final results February 2019

16/04 Revenue decreased to R7.6 billion (2018: R8.5 billion). Gross profit lowered marginally to R1.487 billion (2018: R1.489 billion). Total income increased to R787 million (2018: R433 million). Profit attributable to owners. . .  Full story

South Africa's growing debt a concern: Moody's

16/04 Ratings agency Moody's warned South Africa again on Tuesday that growing government debt linked to bailouts of state firms would continue to pressure the country's investment grade status.. . .  Full story

Nu-World interim results February 2019

16/04 Revenue for the interim period increased 2.3% to R1.721 billion (2018: R1.683 billion), net profit attributable to equity holders of the company rose 10.5% to R94.1 million (2018: R85.2 million), while. . .  Full story

S.Africa's Northam Platinum raises $118 million with medium term note placement

16/04 South Africa's Northam Platinum said on Tuesday it had placed a 1.65 billion rand ($118 million) domestic medium term note and would use initial proceeds to repay other notes in issue.. . .  Full story

South Africa's rand inches higher as bulls reappear

16/04 South Africa's rand edged higher on Tuesday, recovering from a slide the session before as traders bet on a favourable environment for emerging markets.. . .  Full story

Steinhoff seeks claimants to reveal identities to negotiate settlements

16/04 South African retailer Steinhoff, which has been involved in litigations and claims solutions since revealing accounting irregularities in 2017, requested the identities of its claimants be disclosed in order to conclude. . .  Full story

EOH interim results January 2019

16/04 Revenue from continuing operations increased to R8.428 billion (2018: R8.354 billion), gross profit dropped to R1.667 billion (2018: R2.682 billion) and operating loss before interest and equity-accounted loss or profit was. . .  Full story

New Frontier interim results February 2019

15/04 Rental income for the interim period decreased to GBP7.623 million (2018: GBP8.778 million), loss for the period from all operations came in at GBP11.003 million (2018: profit of GBP2.785 million), while. . .  Full story

Petra Diamonds' new CEO to work on strategy, seeks stability first

15/04 African miner Petra Diamonds', which has high debt levels, aims to be cash flow positive in the second half of the year and will then be able to consider future developments,. . .  Full story

South Africa's Steinhoff set to give Conforama financiers enhanced rights

15/04 South African retailer Steinhoff on Monday announced key terms for its French unit Conforama's plan to raise 316 million euros ($357.4 million) to shore up its finances after sales fell and. . .  Full story

South Africa's rand pauses rally with investors in wait-and-see mode

15/04 South Africa's rand traded flat early on Monday, pausing a recent rally that pushed it past 14.00 to the dollar as investors waited for new developments in a holiday-shortened week across. . .  Full story

South Africa's Oceana Group sees HY profit up 30 pct

12/04 South African fishing firm Oceana Group expects its half-year profit before tax to increase by between 26 and 30 percent, buoyed by higher canned fish sales volumes and stronger fishmeal and. . .  Full story

S. Africa's Group Five to shed assets, interim results delayed

12/04 South African builder Group Five said on Friday it would be disposing of a number of assets as it enters business rescue, similar to chapter 11 bankruptcy protection proceedings in the. . .  Full story

S.Africa's Brimstone quits Clover buyout after anti-Israel pressure

12/04 South Africa's Brimstone Investment Corporation said it was pulling out of a proposed 4.8 billion rand ($345 million) buyout of dairy firm Clover Industries, amid opposition from an anti-Israel group.. . .  Full story

Jasco interim results December 2018

12/04 Revenue for the interim period increased by 3.8% to R576.7 million (2017: R555.5 million), operating profit before interest and taxation rose by 45.6% to R26 million (2017: R17.8 million). Profit attributable. . .  Full story

Auto giants battle used car dealers for Africa's huge market

12/04 At the edge of Nairobi's Ngong Forest, thousands of used cars glitter in the hot sun on a dusty field, waiting for buyers.. . .  Full story

South Africa's rand slips after poor local manufacturing data

12/04 South Africa's rand weakened past the threshold of 14.00 to the dollar early on Friday on data pointing to weak economic growth.. . .  Full story

AH-Vest interim results December 2018

11/04 Revenue for the interim period increased to R92.2 million (2017: R82.6 million), gross profit rose to R37.1 million (2017: R32.4 million) and operating profit grew to R5.6 million (2017: R4.3 million).. . .  Full story

South Africa's manufacturing output up 0.6 pct y/y in February

11/04 South Africa's manufacturing output rose 0.6 percent year-on-year in February after increasing by a revised 0.9 percent in January, the statistics agency said on Thursday.. . .  Full story

South Africa clears 3 more accounts of Steinhoff insider trading

11/04 South Africa's financial watchdog has cleared of wrongdoing three holders of accounts that traded Steinhoff shares ahead of a collapse in the retailer's share price.. . .  Full story

South Africa's mining output contracts 7.5 pct year/year in February

11/04 South Africa's total mining output fell 7.5 percent year-on-year in February compared to a contraction of 3.3 in January, Statistics South Africa said on Thursday.. . .  Full story

South Africa's rand holds firm amidst grim global outlook

11/04 South Africa's rand held on to its gains in early trade on Thursday amid grim forecasts for the global economy as both the U.S. and Eurozone Central Banks kept a firm. . .  Full story

South Africa’s rand crosses 14.00 threshold, stocks gain

10/04 South Africa’s rand firmed below the 14.00 threshold on Wednesday for the first time in six weeks as a softer dollar boosted investor appetite for emerging markets.. . .  Full story

Zimbabwe mulls 'use it or lose it' approach to mining rights

10/04 Zimbabwe may withdraw mining rights from companies that are taking too long to dig for minerals, the deputy mines minister said on Wednesday, part of efforts to lift output in a. . .  Full story

Absa sees Nigeria expansion plan ready for second half

10/04 South African lender Absa is aiming to make a start on its investment bank-focused expansion into Nigeria in the second half of this year, chief executive of the division, Charles Russon,. . .  Full story

South African business confidence drops to seven-month low in March

10/04 South Africa's business confidence fell to a seven-month low in March, hurt by power cuts, higher electricity tariffs and slowing manufacturing production, a survey showed on Wednesday.. . .  Full story

Nissan South Africa to invest $213 mln to build new Navara model

10/04 The South African arm of Nissan will spend 3 billion rand ($213 million) equipping its local plant to build the Japanese carmaker's new Navara model, the unit's boss said on Wednesday.. . .  Full story

South Africa's Sibanye-Stillwater raises $120 mln from share sale

10/04 South Africa's Sibanye-Stillwater raised $120 million on Wednesday from placing just over 109 million shares via an accelerated bookbuild.. . .  Full story

PFB interim results February 2019

09/04 Revenue for the interim period was higher at R286.9 million (R184.6 million), while gross profit rose to R130.1 million (R75.8 million). Operating profit grew to R60.8 million (R20.3 million). Profit for. . .  Full story