SA Business

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 shoe retailer expected to boost sales and profits.  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

Transcend interim results June 2019

08/08 Revenue for the interim period increased to R171 million (2018: R71 million), operating profit rose to R101.5 million (2018: R41.1 million), profit from continuing operations for the period grew to R65.4. . .  Full story

Standard Bank to look at West Africa expansion

08/08 Africa's largest bank by assets, Standard Bank, is considering entering new markets - possibly via acquisitions - as its strategy to focus its resources on the continent continues to pay off.. . .  Full story

South Africa's manufacturing down 3.2% y/y in June

08/08 South Africa's manufacturing output fell 3.2% year-on-year in June after increasing by a revised 0.4% in May, the statistics agency said on Thursday.. . .  Full story

South Africa's mining output down 4.2% in June

08/08 South Africa's total mining output fell 4.2% year-on-year in June compared with a contraction of 1.5% in May, Statistics South Africa said on Thursday.. . .  Full story

Emerging market currencies to bounce back from trade war jitters

08/08 Battered emerging market currencies will eventually bounce back from their beating in the past week on worries about the U.S.-led trade war, but risks remain for currencies of commodity exporters inextricably. . .  Full story

Miner Sibanye-Stillwater flags improved operating performance

08/08 South Africa's Sibanye-Stillwater has improved operating performance in the second quarter and is set to achieve its annual targets, the precious metals miner said on Thursday.. . .  Full story

AngloGold Ashanti posts 21% profit jump helped by Kibali JV

08/08 AngloGold Ashanti Ltd reported a 21% rise in interim earnings on Thursday as a solid performance from its Kibali joint venture, lower costs and a high gold price helped counteract lower. . .  Full story

Stanbank interim results June 2019

08/08 Income from banking activities increased to R54.3 billion (2018: R50.7 billion), net income before indirect taxation rose to R22.3 billion (2018: R21.1 billion), profit for the period attributable to ordinary shareholders. . .  Full story

Anglogold interim results June 2019

08/08 Revenue for the interim period was lower at USD1.8 billion (USD2.0 billion) whilst gross profit decreased to USD337 million (USD410 million). Operating profit was higher at USD191 million (lUSD119 million). Profit. . .  Full story

MTN interim results June 2019

08/08 Revenue for the interim period increased to R72.5 billion (2018: R62.8 billion), operating profit jumped to R15.3 billion (2018: R10.8 billion), profit attributable to equity holders of the company was recorded. . .  Full story

South Africa's central bank governor says will go to war to protect independence

07/08 South Africa Reserve Bank Governor Lesetja Kganyago said on Wednesday he will fight to protect the central bank's independence if it is jeopardised by plans to bring it into public ownership.. . .  Full story

S.Africa's Pepkor Q3 revenue up 12%, warns of volatile outlook

07/08 South African retailer Pepkor Holdings on Wednesday said third quarter revenue rose 12% thanks to Easter sales falling within the quarter this year, but warned the outlook was still volatile as. . .  Full story

Craigie Stevenson appointed permanent CEO of Cell C

07/08 South Africa's Blue Label Telecoms said on Wednesday Douglas Craigie Stevenson had been appointed permanent CEO of mobile carrier Cell C, citing its improved finances since he took the position on. . .  Full story

Vedanta's bid to halt sale of Konkola mine blocked by Zambia court

07/08 Vedanta Resources said on Wednesday that a Lusaka High Court has refused its application to halt winding up proceedings against its Zambian business Konkola Copper Mines.. . .  Full story

Lighthouse quarterly results June 2019

07/08 Total revenue for the quarter decreased to EUR6.7 million (2018: EUR10 million) and operating loss was recorded at EUR2.5 million (2018: operating profit of R83.8 million). Loss for the period attributable. . .  Full story

South African business confidence falls amid weak growth

07/08 South African business confidence declined in July as import and export volumes, manufacturing and new vehicle sales all fell, a survey showed on Wednesday.. . .  Full story

Botswana's private coal mine produces first saleable coal

07/08 Botswana's privately owned coal mine has produced its first saleable coal that has been exported to South Africa and Namibia, the chief executive of the company that owns the mine said. . .  Full story

South African regulator punishes Bank of Baroda

07/08 A South African regulator has imposed a reduced penalty of 400,000 South African rand ($27,000) on the local unit of India's Bank of Baroda for non-compliance with certain provisions of the. . .  Full story

South Africa's net foreign reserves fall to $43.906 bln in July

07/08 South Africa's net foreign reserves fell to $43.906 billion in July from $43.940 billion in June, the Reserve Bank said on Wednesday.. . .  Full story

South African rand flat, hovers near 2-month low

07/08 South Africa's rand was flat in early trade on Wednesday, hovering near two-month lows as it struggled for momentum amid fears over a sovereign rating downgrade and the trade war between. . .  Full story

South Africa's Distell sees annual earnings down, writes down Angolan investment

07/08 South African alcoholic beverages firm Distell Group said on Wednesday it expects full-year headline earnings to fall as much as 6% and has written down the value of its investment in. . .  Full story

Glencore interim results June 2019

07/08 Revenue for the interim period decreased to USD107 billion (2018: USD108.9 billion), loss for the period came to USD158 million (2018: income of USD2.6 billion), while headline earnings per share lowered. . .  Full story

Mpact interim results June 2019

07/08 Revenue from contracts with customers for the interim period increased to R5.1 billion (2018: R5 billion) and gross profit grew to R2 billion (2018: R1.8 billion). Operating profit came to R217.7. . .  Full story

South Africa's Eskom urgently needs turnaround plan: Moody's

06/08 South Africa's state power utility Eskom urgently needs a turnaround plan as its capital structure is unsustainable, credit ratings agency Moody's said on Tuesday in a report which sent the rand. . .  Full story

Uganda's Stanbic says pretax up 37% as credit demand grows

06/08 Uganda's largest bank Stanbic posted a 37.5% jump in profit before tax for the first half of the year, driven by a surge in credit growth on the back of a. . .  Full story

Nedbank demands action on ecomomy as South African profit stagnates

06/08 Nedbank called for more urgent government action to fix South Africa's struggling economy on Tuesday after first-half earnings at its main domestic operations flatlined.. . .  Full story

Nedbank interim results June 2019

06/08 Net interest income for the interim period increased by 9.9% to R13.4 billion (2018: R12.7 billion), operating income rose 2.7% to R21.4 billion (2018: R20.8 billion), while profit attributable to ordinary. . .  Full story

On cusp of pan-African trade deal, giant Nigeria clings to protection

06/08 Adeleke Adeleye stands in front of a bank of whirring printers spinning out dozens of envelopes a minute in Nigeria's commercial capital of Lagos.. . .  Full story

South Africa's rand recovers from seven-week lows after trade turmoil

06/08 South Africa's rand recovered against the dollar on Tuesday after a drop to seven-week lows caused by renewed U.S.-China trade tensions.. . .  Full story

South Africa's Royal Bafokeng Platinum posts wider H1 loss

06/08 South African platinum producer Royal Bafokeng Platinum said on Tuesday its half-year loss rose but was better than expected, due to high costs of improvements at its Styldrif Mine as well. . .  Full story