SA Business

Eskom power cuts to hit South Africa GDP -Goldman Sachs

12h11 Severe planned power cuts at South African state-run utility Eskom are expected to shave 0.3 percentage points off first-quarter GDP growth, Goldman Sachs said on Thursday.  Full story

South Africa's rand flat after post Fed rally

09h31 South Africa's rand traded sideways early on Friday in subdued volumes following a bank holiday and a quiet session in Asia, pausing a Fed-inspired rally that had lifted the currency away. . .  Full story

GTCSA final results December 2018

08h32 Rental revenue increased to EUR110.5 million (2017: EUR91.1 million)and gross margin from operations was higher at EUR111.6 million (2017: EUR92.1 million). Profit for the year attributable to equity holders of the. . .  Full story

Eskom planned power cuts to hit South Africa Q1 GDP growth -Goldman Sachs

21/03 Severe planned power cuts - termed "load-shedding" - at South Africa's state-run utility Eskom are expected to shave 0.3 percentage points off first-quarter GDP growth, Goldman Sachs said on Thursday.. . .  Full story

Suspended Steinhoff CFO helps authorities with fraud investigation

20/03 The suspended former chief financial officer of Steinhoff is helping authorities with investigations into $7 billion-plus accounting fraud at the South African retailer, he said on Thursday.. . .  Full story

Freedom final results February 2016

20/03 Revenue for the period rose to R38.5 million (R21.4 million) whilst gross profit also increased to R28.5 million (R20.9 million). Operating loss narrowed to R34.8 million (loss of R141.0 million). In. . .  Full story

S.African court rules extension of wage agreement to AMCU valid and lawful

20/03 South Africa's labour court ruled on Wednesday that the extension of a wage agreement to cover all gold unions and non-unionised employees of mining group Sibanye-Stillwater is valid and lawful, the. . .  Full story

South Africa's February inflation tame, central bank to keep rates pat

20/03 South African inflation was in line with forecasts in February at 4.1 percent annually and 0.8 percent month-on-month as food prices remained steady, supporting expectations the central bank will keep interest. . .  Full story

South Africa's FDI inflows reach five-year high in 2018

20/03 South Africa's foreign direct investment more than doubled in 2018 to reach its highest in five years, the central bank said on Wednesday, giving a boost to President Cyril Ramaphosa's pledge. . .  Full story

South Africa's central bank likely to hold rates on March 28

20/03 South Africa's Reserve Bank is expected to leave interest rates unchanged next week, and with a weak currency threatening to stoke inflation, it probably won't cut rates this year, a Reuters. . .  Full story

South Africa's rand stutters as electricity crisis weighs

20/03 South Africa's rand edged lower on Wednesday, lagging gains in its emerging market counterparts, as the prospect of rolling blackouts and bleak demand for local currency dented sentiment.. . .  Full story

Zimbabwe seeks to raise $350 million selling shares in state firms

19/03 Zimbabwe expects to raise $350 million from selling shares in five state-owned telecommunications companies and a bank, as part of economic reforms being pursued by the government, Finance Minister Mthuli Ncube. . .  Full story

Remgro interim results December 2018

19/03 Sales for the interim period increased to R30.3 billion (2017: R14 billion) whilst trading profit rose to R2.7 billion (2017: R741 million). Net profit for the period attributable to equity holders. . .  Full story

Ex-CEO, seven others responsible for Steinhoff fraud, new CEO tells lawmakers

19/03 Former Steinhoff Chief Executive Markus Jooste and seven others were involved in a 6.5 billion euro ($7.4 billion) accounting fraud at the South African retailer, the new CEO told lawmakers on. . .  Full story

No end date for South African power cuts as capacity shortages persist

19/03 South Africa's Public Enterprises Minister Pravin Gordhan said on Tuesday he cannot say yet when rolling blackouts will end, as power utility Eskom struggles with capacity shortages that threaten to thwart. . .  Full story

Sasfin interim results December 2018

19/03 Total income for the interim period grew to R608.6 million (R575.3 million). Profit from operations increased to R106.3 million (R102.2 million). Profit attributable to equity holders rose to R74.5 million (R46.1. . .  Full story

Alaris interim results December 2018

19/03 Revenue for the interim period lowered to R85 million (2017: R102.6 million), gross profit dropped to R57.3 million (2017: R74.8 million) and trading operating profit narrowed to R8 million (2017: R27.5. . .  Full story

South Africa's rand steady, investors eye Fed meeting

19/03 South Africa's rand traded flat on Tuesday as the dollar sagged on expectations the Federal Reserve would adopt a dovish outlook this week and concerns about slower U.S. economic growth.. . .  Full story

Astoria final results December 2018

19/03 Total loss for the year was USD13.9 million (2017: total revenue of USD28.3 million), operating loss came to USD16.7 million (2017: operating profit of USD26 million) and total comprehensive loss for. . .  Full story

Hulamin final results December 2018

19/03 Revenue from contracts with customers for the year increased to R11.534 billion (2017: R10.304 billion), gross profit decreased to R867.9 million (2017: R1.132 billion), operating loss came in at R949.9 million. . .  Full story

Former Steinhoff chairman Wiese open to talks over $4 bln claim

18/03 Former Steinhoff chairman and top shareholder Christo Wiese said on Monday he is open to negotiations over a $4 billion claim against the South African retailer, days after it revealed the. . .  Full story

South Africa's power cuts to continue as Eskom battles shortages

18/03 South Africa's state utility Eskom will make more power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa's efforts to boost investments and economic. . .  Full story

Raven final results December 2018

18/03 The following results are the company's maiden final results rendering them incomparable. Revenue for the year came in at GBP162.6 million whilst operating loss was GBP31.6 million. Loss for the year. . .  Full story

HomeChoice final results December 2018

18/03 Revenue for the year increased by 8.5% to R3.247 billion (2017: R2.993 billion) and operating profit was 2.6% higher at R763 million (2017: R744 million). Profit and total comprehensive income for. . .  Full story

SunInt final results December 2018

18/03 Revenue for the year was higher at R16.4 billion (R15.4 billion), whilst operating profit was R2.3 billion (R2.2 billion). Loss attributable to ordinary shareholders of R7 million (loss of R243 million). . .  Full story

South Africa's rand weakens on continued rolling power cuts

18/03 South Africa's rand weakened slightly early on Monday as continued rolling power cuts from the state-owned power utility weighed on market sentiment ahead of local and international economic data due later. . .  Full story

Ascendis interim results December 2018

18/03 Revenue for the interim period was higher at R4.0 billion (R3.9 billion) whilst gross profit increased to R1.8 billion (R1.6 billion). Operating profit lowered to R475.0 million (R481.7 million). Prfoti attributable. . .  Full story

ADvTECH final results December 2018

18/03 Revenue for the year increased 11% to R4.389 billion (2017: R3.938 billion), earnings before Interest, Taxation, Depreciation and Amortisation ("EBITDA") rose 14% to R942.1 million (2017: R823.3 million), profit for the. . .  Full story

Bell final results December 2018

18/03 Revenue for the year increased to R7.5 billion (2017: R6.9 billion), gross profit grew to R1.5 billion (2017: R1.3 billion) and profit from operating activities rose to R453.8 million (2017: R403.5. . .  Full story

GPI interim results December 2018

18/03 Revenue for the interim period increased to R707.3 million (2017: R554.2 million ). Gross profit was higher at R335 million (2017: R265.8 million). Profit from operations decreased to R19.6 million (2017:. . .  Full story

South Africa's Eskom ups power cuts as storm hits Mozambique imports

16/03 South African state utility Eskom stepped up rolling blackouts on Saturday as it lost 900 megawatts of electricity imports from neighbouring Mozambique, which was hit this week by a cyclone.. . .  Full story

S.Africa's Competition Tribunal approves Glencore's bid for Chevron subsidiary

15/03 South Africa's Competition Tribunal on Friday approved with conditions Glencore's proposed $973 million acquisition of Chevron Corp's subsidiary in the country.. . .  Full story

Eskom says South African power cuts to last till Sunday

15/03 South Africa's struggling state power firm Eskom said power cuts would continue until Sunday and warned that further cuts were likely next week, underscoring the risks to businesses in Africa's most. . .  Full story

S.Africa's Tsogo Sun CEO to retire, hotel business spin-off to go ahead

15/03 South African hotelier and casino operator Tsogo Sun said on Friday it is going ahead with the spinoff of its hotel business, as it announced its chief executive would retire in. . .  Full story

South African court blocks mine union's plan for industry-wide strike

15/03 South Africa's labour court has rejected a request by the Association of Mineworkers and Construction Union (AMCU) to hold an industry-wide strike covering the platinum and gold sectors, Anglogold Ashanti, Anglo. . .  Full story

Resgen interim results December 2018

15/03 Revenue from continuing operations decreased to AUD103 000 (AUD179 000). Loss attributable to owners widened to AUD6.7 million (AUD1.2 million). Furthermore, headline loss per share was recorded at AUD1.16cps (AUD0.21cps). Dividends No dividends. . .  Full story

Metrofile interim results December 2018

15/03 Revenue for interim period increased to R490.2 million (2017: R456.1 million) whilst earnings before interest, taxation, depreciation and amortisation (EBITDA) lowered to R123.7 million (2017: R127.6 million). Operating profit decreased to. . .  Full story

Cognition interim results December 2018

15/03 Gross revenue for the interim period grew by 5.1% to R210.7 million (2017: R200.4 million) and gross profit increased by 14% to R56.2 million (2017: R49.3 million). Profit attributable to owners. . .  Full story

South Africa's rand recovers as trade deal hopes rise

15/03 South Africa's firmed early on Friday, reversing some of its losses from the previous session with demand for emerging market currencies boosted by new signs of a trade deal between China. . .  Full story

Euromet interim results December 2018

15/03 Revenue from continuing operations decreased to AUD7 219 (AUD71 302). Net loss for the period attributable to ordinary equity holders widened to AUD1.5 million (AUD712 548). In addition, loss per share. . .  Full story

South Africa's Standard Bank to cut around 1,200 jobs, close 91 branches

14/03 South African lender Standard Bank will cut around 1,200 jobs and close 91 branches as part of efforts to digitise its retail and business bank, it said on Thursday.. . .  Full story

South Africa steps up power cuts after fault at new mega plant

14/03 South Africa's state utility Eskom stepped up power cuts on Thursday after a breakdown at its mammoth Kusile power plant project exacerbated a shortfall of generating capacity, reminding investors of. . .  Full story

Vedanta to shut Namibian zinc refinery for five weeks

14/03 Vedanta Zinc International, a unit of diversified miner Vedanta Resources, said on Thursday it would close its zinc refinery in Namibia for five weeks after a strike by its mining contractor. . .  Full story

South Africa's manufacturing output up 0.3 pct y/y in January

14/03 South Africa's manufacturing output barely grew in January, rising by 0.3 percent year-on-year after a flat reading of 0 percent in December, the statistics agency said on Thursday.. . .  Full story

World Bank to lend Angola $1 billion

14/03 The World Bank will lend Angola $1 billion to fund social security and water projects, the president's office said on Wednesday.. . .  Full story

South African rand weaker before manufacturing, mining data

14/03 South Africa's rand was weaker on Thursday before mining and manufacturing data releases later in the day which will give clues about the pace of economic recovery in Africa's most industrialised. . .  Full story

Capreg final results December 2018

14/03 Revenue for the year went up to GBP91.0 million (GBP89.2 million) whereas gross profit was higher at GBP56.1 million (GBP55.7 million). Loss for the year came in at GBP25.6 million (profit. . .  Full story

MC Mining interim results December 2018

14/03 Revenue from continuing operations lowered to USD15.2 million (2017: USD17 million) and operating loss narrowed to USD741 000 (2017: loss of USD91.8 million). Loss for the period attributable to owners of. . .  Full story

South Africa sugar tax to cut industry revenues, prompt reform -USDA

14/03 South Africa's sugar tax could slash industry revenues and prompt restructuring of the country's sugar sector, the U.S. Department of Agriculture (USDA) said in a report published on Wednesday.. . .  Full story

RMBH interim results December 2018

14/03 Net income was higher at R5.5 billion (R4.2 billion). Income from operations rose to R5.5 billion (R4.2 billion), while profit attributable to equity holders increased to R5.4 billion (R4.1 billion). In. . .  Full story

South Africa's Exxaro Resources FY earnings jump on higher coal prices

14/03 South African coal mining company Exxaro Resources Ltd said on Thursday its full-year earnings climbed 7 percent, boosted by higher coal prices and the absence of one-off transactions seen a year. . .  Full story

South Africa's MTN aims to expand local shareholding of its Ugandan unit to 20 pct - CEO

14/03 MTN Group's Uganda unit is looking to boost local shareholding to 20 percent from 4 percent this year, the South African telecoms giant's Chief Executive Robert Shuter said.. . .  Full story

Metair final results December 2018

14/03 Revenue for the year grew to R10.3 billion (R9.5 billion) whilst gross profit rose to R1.9 billion (R1.8 billion). Operating profit increased to R1.0 billion (R0.8 billion). Profit attributable to equity. . .  Full story

Exxaro final results December 2018

14/03 Revenue for the year increased to R25.5 billion (2017: R22.8 billion), operating profit rose to R5.7 billion (2017: R5.2 billion), profit for the year from continuing operations grew to R7 billion. . .  Full story

ARCInvest interim results December 2018

14/03 Profit for the period lowered to R77 million (R462 million). Furthermore, headline earnings per share also tumbled to 7cps (96cps). Dividends The company's ability to pay dividends is a function of the return. . .  Full story

Sabvest final results December 2018

13/03 Gross income from operations and investments lowered to R364.4 million (R570.9 million). Net income before expenses and exceptional items dived to R332.7 million (R553.0 million). Net income for the year attributable. . .  Full story

MTN to list Nigerian unit towards April and May - MTN Nigeria CEO

13/03 South African telecoms firm MTN Group Ltd expects its Nigerian subsidiary to list on the local stock exchange "probably more towards April and May", the unit's chief executive said on Wednesday.. . .  Full story

Global final results November 2018

13/03 Revenue from continuing operations for the year increased to R3.3 million (2017: R482 977), operating loss widened to R13 million (2017: loss of R2.9 million), loss attributable to equity holders of. . .  Full story

South Africa's debt trajectory too high, no buffers for global crisis - cenbank

13/03 South Africa's rising debt trajectory will make it difficult to weather a significant global economic downturn, the central bank deputy governor said, adding it would take at least a decade to. . .  Full story

South Africa's Libstar full-year earnings fall on impairment hit

13/03 South African food producer Libstar Holdings Ltd on Wednesday reported a 16.1 percent fall in full-year normalised earnings, weighed down by the impairment in the niche beverages category.. . .  Full story

South Africa's rand slips as Brexit chaos weighs on risk demand

13/03 South Africa's rand weakened early on Wednesday as the ongoing crisis in Britain over its exit from the European Union soured global risk appetite.. . .  Full story

Libstar final results December 2018

13/03 The following are the company's maiden final results following listing therefore there are no comparatives. Revenue was recorded at R9.9 billion, gross profit came to R2.2 billion and operating profit was. . .  Full story

Mpact final results December 2018

13/03 Revenue from contracts with customers for the year increased to R10.612 billion (2017: R10.120 billion), gross profit rose to R4.036 billion (2017: R3.646 billion), profit attributable to equity holders of Mpact. . .  Full story

Gowthpoint interim results December 2018

13/03 Total revenue for the period increased to R5.6 billion (2017: R5.5 billion). Operating profit rose to R4.102 billion (2017: 4.089 billion).Profit attributable to owners of the company decreased to R3.5 billion. . .  Full story

S.Africa's FirstRand CEO says likely to shrink branches

12/03 FirstRand will likely need to shrink its branch network over the next decade as South Africa's largest retail bank looks to digitise and adopt a platform model offering services beyond banking,. . .  Full story

African Bank appoints ex-Liberty Holdings CEO as chairman

12/03 African Bank, a small South African lender which is trying to rebuild after nearly collapsing under the weight of bad debts, said it has appointed Thabo Dloti, former CEO of insurer. . .  Full story

S.Africa's Group Five in business rescue after lenders pull plug

12/03 South African builder Group Five filed for bankruptcy protection on Tuesday after lenders pulled funding, threatening the collapse of one of the biggest names in the local construction industry and more. . .  Full story

Kenya's Safaricom secures deal to use M-Pesa payments on AliExpress.com

12/03 Kenya's Safaricom said on Tuesday it had secured a deal to use its M-Pesa mobile payment service for online shopping on one of Alibaba's platforms, part of a move to expand. . .  Full story

Afro-C interim results December 2018

12/03 Healthcare services revenue grew 11.5% to R1.6 billion (2017: R1.4 billion) and total healthcare operating profit rose by 26.3% to R358.3 million (2017: R283.6 million). Comprehensive net income for the period. . .  Full story

South Africa's rand firms as risk appetite improves after Brexit deal changes

12/03 South Africa's rand firmed against the dollar on Tuesday, helped by increased risk appetite for emerging-market currencies after the European Commission agreed to changes in a Brexit deal ahead of a. . .  Full story

FirstRand interim results December 2018

12/03 Net interest income after impairment of advances for the interim period increased by 28% to R25.105 billion (2017: R19.682 billion), net income from operations rose 26% to R21.807 billion (2017: R17.363. . .  Full story

Brimstone final results December 2018

11/03 Revenue for the year soared to R3.377 billion (2017: R2.783 billion), operating profit increased to R388.6 million (2017: R374.5 million), loss attributable to equity holders of the parent came in at. . .  Full story

Sea Harvest final results December 2018

11/03 Revenue for the year increased to R2.583 billion (2017: R2.131 billion), gross profit rose to R908.2 million (2017: R716.8 million), profit after taxation attributable to shareholders of Sea Harvest jumped to. . .  Full story