Business News Leaders

Absa declares R11,10 dividend

Lender, Absa released its annual results on Monday reporting a 1% dip in headline earnings due to separation costs from Barclays. Since the Barclays, Absa divorce the group has managed to regain some retail banking market share. Their revenue is up 4%, and the company has declared a final dividend…

11 Mar 2019 3AM 8 min

Old Mutual misses its 2018 targets

Old Mutual has had a difficult first year as a stand alone Africa focused firm. The insurer's posted an 11% drop in adjusted full year profit - missing its 2018 targets. That is partly due to lower investment income in South Africa as a result of weaker equity markets and…

11 Mar 2019 3AM 14 min

MMI declares a 35c per share

Owner of Momentum and Metropolitan MMI Holdings released its interim results to December on Friday. The company’s normalised headline earnings rose by 2% to R1.6bn and an interim dividend of 35 cents per share was declared. MMI Holdings CEO Hillie Meyer spoke with Business Day TV about the company’s performance.

8 Mar 2019 1AM 6 min

MTN profit surged by 85%

Mobile giant, MTN reported full-year numbers on Thursday. The company’s profit has surged by 85%, service revenue is up nearly 11% while the company grew its subscriber base by 16 million during the period. The company plans to raise over R15bn in asset sales over three years to help reduce…

7 Mar 2019 1AM 7 min

Good news for investors as Sanlam increased its dividend by 7,6%

Financial services group Sanlam released its full year numbers on Thursday - reporting an 8% fall in normalised headline earnings. Weak equity and bond markets in 2018 have pulled Sanlam's profit lower while net investment plunged 57%. Commenting on the results CEO Ian Kirk, stated that of course Sanlam would…

7 Mar 2019 1AM 6 min

Standard Bank posts leaner annual earnings growth

Lender, Standard Bank released its annual results on Thursday posting a 7% rise in headline earnings - with the group's rest of Africa operations leading gains while South Africa lags with a weaker than expected economy and higher taxes weighing on confidence and demand for credit. The company's ICBC joint…

7 Mar 2019 1AM 7 min

Grindrod resumes dividend payments to shareholders

Freight and financial services group, Grindrod is back in the black, this as it reported annual profit of over R2,9 billion. And with that, the group has also resumed dividend payments to shareholders, declaring a final payout of just over 14 cents. The company says that significant initiatives to improve…

6 Mar 2019 2AM 7 min

Murray & Robert order book sees continued growth in current operations

Engineering and mining contractor, Murray & Roberts released its interim results on Wednesday reporting a 17% drop in revenue from continuing operations, the group's cash position also declined during the period while its order book from continuing operations soared by 43%. Murray & Roberts CEO Henry Laas joined Business Day…

6 Mar 2019 2AM 8 min

Bulk of Gauteng’s budget allocated health, education and social services

Gauteng Finance MEC, Barbara Creecy's provincial budget for the 2019, 2020 financial year has increased by over 7% to just above R132 billion. The bulk of the budget has been allocated towards the department of health, education and social services while provision has also been made for struggling municipalities. The…

5 Mar 2019 1AM 7 min

Rest of Africa growth to outpace SA - Nedbank

Financial services group, Nedbank released its annual results on Tuesday reporting a near 15% rise in earnings which was largely driven by its West African partner's turnaround - Ecobank. It bounced back from a loss of R975 million to a profit of R375 million. The group adds that its rest…

5 Mar 2019 1AM 7 min

Consumer centric approach sees a rise in Clovers headline earnings per share

Branded consumer goods and beverages group, Clover released its interim results on Tuesday reporting a 4% rise in revenue and a 5% increase in headline earnings, while cost of sales along with distribution costs rose as sugar taxes and a sharp increase in the fuel price weighed. Last month a…

5 Mar 2019 1AM 7 min

Bidvest continue to grow despite a weak economy

Bidvest has produced what it calls 'a good result' despite the frail economy. The company reported a 10% rise in interim headline earnings and has increased its interim dividend by 10,6%. That as higher margins made up for a slight up-tick in revenue. Bidvest’s CEO Lindsay Ralphs spoke to Business…

4 Mar 2019 1AM 7 min

Edcon recapitalised for R2,7 billion

Business day's retail writer Larry Claasen described Edcon as too big to fail and indeed, it's not often you see lenders, unions, the public investment corporation and landlords coming together to support a retailer, which in this case they've done with a 2.7 billion rand recapitalisation. So what now? Joining…

4 Mar 2019 1AM 7 min

Sugar and chicken units weigh on RCL Foods’ full year performance

RCL Foods remains exposed to all the the sharp edges of the SA economy - frail consumers, high unemployment, oversupply (thanks to overseas players dumping their product here), high feed costs, and high logistics costs. Throw in the brand contagion from last year's listeriosis crisis and the only bright area…

4 Mar 2019 1AM 5 min

How the JSE plans to deal with competitors

The JSE has had to reset itself with the entry of new players in its market. The company successfully cut their own operating costs by 7% in 2017, 1% in 2018 and they continue to keep a tight handle on cost control. JSE CFO Aarti Takoordeen spoke to Business Day…

1 Mar 2019 2AM 7 min

What caused the drop in revenue at African Rainbow Minerals

Diversified mining group African Rainbow Minerals reported interim earnings today. The company’s revenue was down by just over 5% to R4.5 billion. Headline earnings (HEPS) were up 13% to R2.2 billion. African Rainbow Minerals CEO Mike Schmidt spoke with Business Day TV about their interim earnings results and outlook for…

1 Mar 2019 2AM 7 min

Impala Platinum is back in the black

Mining company Impala Platinum has swung to an interim profit on account of a weaker rand, a higher metals basket price and increased output. Revenue surged by 36% while headline earnings came in at R3.10 as the company nears its first asset disposal. Impala Platinum CEO Nico Muller joins Business…

28 Feb 2019 1AM 6 min

What contributed to Massmart’s slump in full year headline earnings?

Retailer, Massmart reported its annual results today. Recording a slump of over 31% in headline earnings. The slump is due to lower than expected sales and a higher expense growth. As a result, the group has slashed its dividend by over 40% to 208 cents. Business Day TV spoke with…

28 Feb 2019 1AM 6 min

How is EOH dealing with devious behaviour

EOH has fallen from its glory days and while management is racing against the clock to restructure the business, continuous revelations of dubious partners and tender corruption are overshadowing the process. EOH CEO Stephen Van Coller joins Business Day TV to discuss how the company intends to bounce back from…

28 Feb 2019 1AM 7 min

What will post-Brexit deal look like for South Africa

Brexit's D-Day may be shifted, Britain's MPs will vote on the decision on Wednesday, but SA’s Minister of Trade and Industry, Rob Davies hopes to seal a post-Brexit trade deal for South Africa within the next few days. Minister of Trade and Industry Rob Davies spoke with Business Day TV…

27 Feb 2019 2AM 5 min