Metair to invest over R700 million in its automotive business SA

 Metair to invest over R700 million in its automotive business SA

Metair to invest over R700 million in its automotive business SA.

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Stocks on the Johannesburg Stock Exchange traded higher yesterday as global sentiment continued to boost markets. The JSE All Share Index gained 0.87%, while the blue-chip Top 40 Index closed 0.89% firmer. The commodities sector gave the biggest boost to the local market, closing the day 1.85% firmer. Northam Platinum was the best performer in the All Share, rising 8.19%. This was closely followed by a rise in DRD Gold and Pan African Resources, up 7.92% and 7.85% respectively.

The rand gained against the dollar early Thursday as a rise in commodity prices, particularly precious metals, benefited the resource-rich country. At the close of trading, the rand was trading 0.01% firmer at R14.92 to the dollar. Although the rand is considered a riskier asset, it has gained popularity in recent weeks as higher prices for precious metals such as gold and palladium have raised the prospects of higher export earnings for the country.

Gold prices slipped this morning and were on the verge of their biggest weekly decline since late November as hopes for progress in peace talks between Russia and Ukraine hurt the metal’s appeal as a safe haven. Oil prices continued to rally today at the end of a third volatile trading week as little progress was made in peace talks between Russia and Ukraine, raising the risk of tighter sanctions and a prolonged oil supply disruption.

Metair to invest over R700 million in its automotive business SA

JSE-listed automotive components and energy storage solutions manufacturer Metair Investments will invest more than R700 million in its automotive components business in South Africa this year. The majority of this is for the supply of components for the new Ford Ranger. This includes a further R165 million for the localization of automotive copper wire used by Hesto Harnesses. Group operating profit increased from R0.6 billion to R1.16 billion, with operating margin improving to 9.2% from 5.5% in 2020. Earnings before interest, tax, depreciation and amortisation (Ebitda), plus equity earnings and impairment charges, rose 80% to R1.4 billion. Earnings per share rose 139% to 354 cents from 148 cents.

RESILIENT REIT LIMITED – Audited condensed consolidated financial statements

The board declared a dividend of 226.62 cents per share for the six months to December 2021. This represents an 11.8% increase on the dividend for the six months to December 2020. The Group collected 97.1% of invoiced rents and recoveries (before discounts) during the period. Resilient granted COVID -related rebates of R21.5 million to tenants during the period (Dec 2020: R43.7 million). Resilient’s South African portfolio delivered strong comparable sales growth of +8.5% in the six months to December 2021 (+6.9% compared to the six months to December 2019 before COVID).

Mandy Nunes

https://gvmarkets.com/

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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