SA Business

South Africa pledges $5 bln Eskom bailout as budget creaks

20/02 South Africa will bail out state utility Eskom with 69 billion rand ($4.9 billion) over three years, the centrepiece of a budget on Wednesday that exposed the limited room President Cyril Ramaphosa has to fix the economy ahead of an election in May.  Full story

Deutsche Bank to rebuild in South Africa, months after cuts

20/02 Deutsche Bank is hiring 26 people in South Africa, a spokesman said on Wednesday, less than a year after scaling back the operation in a broad restructuring of its investment bank.. . .  Full story

Zimbabwe scraps bond note, U.S. dollar peg - central bank

20/02 Zimbabwe on Wednesday abandoned a peg that was supposed to ensure its quasi-currency bond note would trade at parity with the U.S. dollar, Central Bank Governor John Mangudya said.. . .  Full story

Visual final results February 2018

20/02 Revenue came to R39 713 (2017: R11.5 million), gross loss was recorded at R22.9 million (2017: profit of R4.2 million) whilst operating loss widened to R33.8 million (2017: loss of R8.6. . .  Full story

VW South Africa targets record output despite headwinds

20/02 German carmaker Volkswagen's South African unit expects to produce a record number of vehicles this year despite a sluggish domestic economy, power outages and looming talks with unions, its managing director. . .  Full story

South Africa's Eskom to get 69 bln rand bailout over 3 years

20/02 South Africa will inject 23 billion rand ($1.63 billion) a year over the next three years into state power utility Eskom but will not take on 100 billion rand of debt. . .  Full story

S.Africa's Sibanye-Stillwater raises 2018 expected loss to $177 mln

20/02 South Africa's Sibanye-Stillwater said on Wednesday it expects its full-year attributable loss to be over $100 million. larger than guidance in a trading statement last week, following a review of. . .  Full story

Tiger Brands posts revenue rise on price inflation, volume growth

20/02 South Africa's Tiger Brands on Wednesday reported a one percent rise in group revenue from continuing operations for the four months to January 31 on Wednesday helped by overall price inflation. . .  Full story

South Africa's EOH Holdings founder and chair resigns

20/02 South Africa's largest technology group EOH Holdings said on Wednesday its founder, chairman and former CEO Asher Bohbot would resign from the board, effective Feb. 28.. . .  Full story

Glencore final results December 2018

20/02 Revenue for the year increased to USD219.8 billion (2017: USD205.5 billion), income before income taxes decreased to USD4.7 billion (2017: USD6.9 billion), profit attributable to equity holders of the parent lowered. . .  Full story

Pan-Af interim results December 2018

20/02 Revenue from continuing operations for the interim period grew to GBP75.3 million (2017: GBP51.3 million) and mining profit increased to GBP15.2 million (2017: GBP9 million) and profit attributable to owners of. . .  Full story

Intu final results December 2018

20/02 Revenue for the year decreased to GBP581.1 million (GBP616 million) whilst operating loss came to GBP992.1 million (profit of GBP408.6 million). Loss attributable to owners was recorded at GBP1.1 billion (profit. . .  Full story

S.Africa's Bidcorp HY profit rises on upbeat European market

20/02 South African food producer Bid Corporation Ltd (Bidcorp) reported on Wednesday a 9.2 percent increase in half-year earnings, supported by positive trading performance in its developed markets.. . .  Full story

Bidcorp interim results December 2018

20/02 Revenue from continuing operations rose by 9.1% to R66.4 billion (R60.9 billion) whilst gross profit was 11.3% higher at R15.5 billion (R13.9 billion). Operating profit jumped 7.6% to R3.2 billion (R3. . .  Full story

Transpaco interim results December 2018

20/02 Revenue for the interim period increased by 23.6% to R1.083 billion (2017: R876.8 million), operating profit dropped 26.4% to R57.8 million (2017: R78.5 million), profit for the period fell 33.4% to. . .  Full story

MTN faces more problems in Uganda as authorities query its sales figures

19/02 Uganda accused the country's biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company.. . .  Full story

South Africa needs to invest to rebuild confidence in power sector - minister

19/02 South Africa needs to invest more to rebuild confidence in its ability to supply power, its energy minister said on Tuesday, after its state-run power firm was forced to implement some. . .  Full story

S.Africa govt meeting fails to break Eskom split impasse: COSATU

19/02 A meeting between South African trade union federation COSATU, President Cyril Ramaphosa and senior members of his cabinet did not break a deadlock over plans to split the country's national power. . .  Full story

South Africa's updated long-term energy plan to be ready in March - minister

19/02 South Africa plans to finish an updated version of its long-term energy plan in March after talks with business and labour leaders, Energy Minister Jeff Radebe said on Tuesday.. . .  Full story

South Africa defence group Denel to seek investment partners: CEO

19/02 South Africa's state-owned defence group Denel could sell stakes in some divisions as part of a new strategy to return to profitability within two years, its chief executive said on Tuesday.. . .  Full story

Comair interim results December 2018

19/02 Revenue for the interim period increased to R3.7 billion (2017: R3.3 billion). Profit from operations lowered to R267.1 million (2017: R387.1 million). Profit for the period attributable to owners of the. . .  Full story

South Africa's AMCU calls on Sibanye platinum workers to join strike

19/02 South Africa's Association of Mineworkers and Construction Union (AMCU) on Tuesday called on its members at Sibanye-Stillwater's platinum operations to embark on a secondary strike over job cuts and wages.. . .  Full story

Stellar interim results December 2018

19/02 Net profit before operating expenses was R175 277 (net loss of R171.2 million). Profit for the period came to R159.7 million (loss of R187.5 million). In addition, headline profit per share. . .  Full story

South African Airways in talks to roll over $650 mln of debt

19/02 South Africa's state-owned airline is in talks with lenders about rolling over $650 million of debt due next month, its finance chief said on Monday, a move that would give the. . .  Full story

S.Africa's Kumba Iron Ore 2018 headline earnings edge lower

19/02 South Africa's Kumba Iron Ore Ltd on Tuesday reported slightly lower full-year headline earnings for 2018, due to a dip in revenue and lower sales volumes.. . .  Full story

S.Africa's AngloGold posts higher full-year earnings

19/02 South Africa's AngloGold Ashanti reported higher full-year earnings on Tuesday, boosted by lower amortisation after the closure and sale of some of its assets, and a higher income from its Kibali. . .  Full story

South Africa's rand weakens as Eskom crisis weighs

19/02 South Africa's rand fell on Tuesday, with investors staying on the sidelines ahead of the annual budget where the financial crisis at state power utility Eskom is set to be addressed.. . .  Full story

BHP interim results December 2018

19/02 Revenue for the interim period increased to USD20.742 billion (2017: USD20.526 billion), profit from operations rose to USD7.333 billion (2017: USD7.165 billion), profit attributable to BHP shareholders jumped to USD3.764 billion. . .  Full story

AngloGold final results December 2018

19/02 Revenue for the year decreased to USD3.943 billion (2017: USD4.510 billion), gross profit lowered to USD772 million (2017: USD784 million), while operating profit grew to USD327 million (2017: USD80 million), profit. . .  Full story

Kumba final results December 2018

19/02 Revenue for the year decreased to R45.725 billion (2017: R46.379 billion), operating profit lowered to R16.360 billion (2017: R21.390 billion), profit for the year attributable to owners of Kumba fell to. . .  Full story

Nigerian assets fall as election delay fuels uncertainty

18/02 The naira weakened on the forward market on Monday and Nigerian stocks fell as investors worried that delaying elections for a week could lead to a contested result, fuelling uncertainty, analysts. . .  Full story

Heriot interim results December 2018

18/02 The company had a change in year end. No comparative figures have been presented. Rental income was R225.8 million and profit from operations came to R153.3 million. Net profit after taxation. . .  Full story

South Africa's state airline to reorganise in turnaround drive

18/02 South Africa's struggling state-owned airline will reorganise into three business units as part of a revamp plan that could also involve the partial sale of its catering unit, its chief executive. . .  Full story

Famed Cullinan mine banks on big diamonds to drive down debt

18/02 The owner of one of the world's most famous diamond mines could be about a decade away from clearing its multi-million-dollar debts, in a sign of the struggles facing an industry. . .  Full story

South Africa's Amplats lost 14,000 platinum ounces during last week's power cuts

18/02 South Africa's Anglo American Platinum (Amplats) said on Monday it had lost 14,000 platinum ounces last week when struggling state power firm Eskom implemented five straight days of power cuts.. . .  Full story

South Africa's rand steady as Eskom-linked rout pauses

18/02 South Africa's rand firmed on Monday as the previous week's rout over electricity blackouts eased, with some traders taking the slide to two-month lows as an opportunity to buy the currency. . .  Full story

Amplats final results December 2018

18/02 Net sales revenue for the year increased to R74.6 billion (2017: R65.7 billion), operating profit grew to R10.8 billion (2017: R6.6 billion), profit attributable to owners of the company rose to. . .  Full story

S.Africa seeks to reopen costly renewables deals to help Eskom

17/02 South Africa wants to talk to independent power producers (IPPs) about lowering the price Eskom pays for electricity from older renewable energy projects, a senior minister told Reuters, as the state. . .  Full story

South African Airways to pay Comair $78 mln to settle competition case

16/02 State-run South African Airways (SAA) will pay its rival Comair 1.1 billion rand ($78 million) to settle an anti-competition case, sending shares in the local aviation company soaring.. . .  Full story

South Africa says has up to 60 tcf of offshore gas potential

15/02 South Africa, where oil major Total recently made a big offshore discovery, said on Friday it had potential gas resources of up to 60 trillion cubic feet in waters off its. . .  Full story

Resilient interim results December 2018

15/02 Revenue for the interim period lowered to R1.9 billion (R2.0 billion) whilst profit before net finance costs dipped to R814.1 million (R10.5 billion). Profit attributable to equity holders also took a. . .  Full story

Grand Parade to close Dunkin', Baskin Robbins in South Africa

15/02 South Africa's Grand Parade Investments Ltd said on Friday it had filed to close its Dunkin Donuts and Baskin Robbins franchises in the country due to poor performance and would instead. . .  Full story

South Africa's Eskom suspends power cuts but warns system vulnerable

15/02 South Africa's struggling state power firm Eskom suspended electricity cuts on Friday but said the power system remained vulnerable, after five days of rolling outages which weakened the rand and hurt. . .  Full story

S.Africa's Gold Fields FY profit slumps as production drops

15/02 South Africa's Gold Fields Ltd said on Friday its full-year profit slumped 73 percent, dented by a decline in bullion production led by its South Deep operations.. . .  Full story

S.Africa's rand heads for more than 3 pct weekly loss on power crisis

15/02 South Africa's rand was on course for a loss of more than 3 percent against the dollar this week, as five consecutive days of power cuts reminded investors about the fragility. . .  Full story

Gold Fields final results December 2018

15/02 Revenue for the year decreased to USD2.578 billion (2017: USD2.762 billion), loss for the year attributable to owners of the parent soared to USD348.2 million (2017: loss of USD18.7 million), while. . .  Full story

Sibanye-Stillwater may cut nearly 6,000 jobs in gold shake-up

14/02 Sibanye-Stillwater could cut nearly 6,000 jobs in a potential restructuring of the company's gold mining operations following losses at some of its mines last year.. . .  Full story

S.Africa's Ramaphosa says Eskom split will minimise risks to economy

14/02 South Africa's President Cyril Ramaphosa said on Thursday that his government's plan to split struggling state power firm Eskom into three entities would reduce risks to the economy by enabling better. . .  Full story

South Africa's Eskom extends power cuts, rand hits 6-week low

14/02 South Africa's Eskom imposed a fifth day of power blackouts on homes and businesses on Thursday, helping drive the rand currency to a six-week low as the cash-strapped utility struggles with. . .  Full story

Kenya's KenGen to raise funds from the market this year, eyes green bond

14/02 The Kenya Electricity Generating Company plans to raise funds from the market later this year and it may opt to issue the country's first green bond, its chief executive said.. . .  Full story

City Lodge interim results December 2018

14/02 Revenue for the interim period was 3% higher at R807.4 million (R787.1 million) whilst results from operating activities went down 10% to R231.5 million (R258.2 million). Profit for the period decreased. . .  Full story

South Africa's NUM union warns ANC over Eskom split plan

14/02 South Africa's National Union of Mineworkers (NUM) warned the ruling African National Congress (ANC) on Thursday not to take its members' votes for granted at a May election, as it expressed. . .  Full story

Huawei to build data centres in South Africa

14/02 China's Huawei will build two data centres in South Africa from March, it said, as part of plans to expand cloud services across Africa.. . .  Full story

SilverBridge interim results December 2018

14/02 Revenue for the interim period decreased to R45.7 million (2017: R47.5 million), operating loss came in at R1.7 million (2017: profit of R2.8 million), total comprehensive loss for the period was. . .  Full story

South Africa finance minister to trim deficit forecast on growth hopes

14/02 South Africa's Treasury head Tito Mboweni is likely to appease rating agencies and squeeze a tenth of a percentage point off his previous budget deficit forecast for next financial year, a. . .  Full story

Grit interim results December 2018

14/02 Revenue for the interim period increased to USD19.4 million (2017: USD15.3 million), profit from operations rose to USD7.3 million (2017: USD4.1 million), profit attributable to owners of the parent climbed to. . .  Full story

South Africa's rand breaches $14 as Eskom sours outlook

14/02 South Africa's rand weakened past 14 per dollar on Thursday as power utility Eskom entered a fifth straight day of blackouts that have discouraged investors over the economy, days before the. . .  Full story

Lighthouse quarterly results December 2018

14/02 Property rental and related revenue for the quarter increased to EUR6.4 million (December 2017: EUR1.5 million) whilst loss for the period attributable to equity holders of the company came to EUR35.5. . .  Full story

South32 interim results December 2018

14/02 Revenue for the interim period grew to USD3.3 billion (USD3.0 billion) whilst loss narrowed to USD72 million (loss of USD100 million). However, profit attributable to equity holders rose to USD635. . .  Full story

Italtile interim results December 2018

14/02 Turnover for the interim period increased by 31% to R3.701 billion (2017: R2.831 billion), gross profit jumped 32% to R1.407 billion (2017: R1.066 billion), trading profit climbed 35% to R968 million. . .  Full story

South African rand slumps on Eskom fears, U.S. inflation

13/02 South Africa's rand sank more than 1 percent on Wednesday as concerns over state power firm Eskom were compounded by a firming dollar after a measure of U.S. inflation came in. . .  Full story

First unit at Sasol's Lake Charles chemical plant starts output

13/02 Sasol on Wednesday began production at the first of seven units at its giant Lake Charles chemical plant in the U.S, boosting shares in the South African petrochemical group.. . .  Full story

South Africa's Sapref to close for routine maintenance from May to July

13/02 South Africa's largest refinery, the 180,000 barrel per day Sapref plant in the east coast city of Durban will shutdown for routine maintenance from the last week of May until the. . .  Full story

South Africa's Vodacom, Telkom welcome ECA bill withdrawal

13/02 South African mobile network operators Vodacom and Telkom on Wednesday welcomed a government decision to withdraw a bill, which proposed taking back licensed spectrum from operators and forcing them to share. . .  Full story

Eskom faces collapse without bailout - S.Africa govt

13/02 South African power utility Eskom needs a cash injection by April to survive, the country's public enterprises department warned on Wednesday as the struggling state-owned firm cut electricity for a fourth. . .  Full story

S. Africa's retail sales slump in Dec after Black Friday boost

13/02 South Africa's retail sales slumped to their lowest in over a year in December after "Black Friday" discounts boosted the previous month, with sales by general dealers and of cosmetics and. . .  Full story

Emira interim results December 2018

13/02 Revenue grew to R878.6 million (R855.4 million) and operating profit decreased to R514.3 million (R519.4 million). Profit attributable to Emira shareholders decreased to R500.1 million (R529.2 million). In addition, headline earnings. . .  Full story

South Africa not planning to privatise Eskom after split - minister Gordhan

13/02 South Africa is not planning to privatise embattled power utility Eskom after the firm is split into three separate entities of generation, transmission and distribution, Public Enterprises Minister Pravin Gordhan said. . .  Full story

DRDGOLD interim results December 2018

13/02 The Group includes for the first time operating and financial information from the Company's Far West Gold Recoveries (FWGR) project. Construction on this project started in August 2018 and early commissioning. . .  Full story