Although the food division of JSE-listed Woolworths has traditionally been the group's most resilient and best performing division, growth has slowed significantly. Read more.
Tags : south african markets
Competition in the retail market for baby products continues to increase. Checkers is the latest major player to aggressively enter this space. Read more.
SE-listed sugar producer and land developer Tongaat Hulett has suffered a R158 million financial setback as a result of the July unrest that affected its home region of KwaZulu-Natal (KZN). Read more.
JSE-listed Rand Merchant Investment Holdings Limited (RMI) announced in a Sens update on Wednesday that it had made a profit of R8.7 billion from the successful sale of its 30% stake in UK short-term insurer Hastings Group to Nordic insurance group Sampo.
Chinese internet giant Tencent Holdings has invested in South African digital bank TymeBank. CDC Group has also invested to take the bank's Series B capital raising to US$180 million (R2.9 billion). Tencent and CDC's investments amount to an additional US$70 million, TymeBank said in a statement on Tuesday. CDC Group is the UK's development finance institution. The closing of the investments is subject to customary conditions precedent and regulatory approvals. Tyme, which has roots in South Africa, is using the Series B funding to expand TymeBank locally and to fund GOTyme in the Philippines, where it has
JSE-listed sugar producer and land developer Tongaat Hulett on Monday reported a total loss of up to R266 million in a trading statement for the six months to September 30, 2021. The Durban-based group, which is due to release its latest interim results on Thursday (Dec. 9) highlighted hyperinflation in Zimbabwe, as well as unrest in KwaZulu-Natalin July and Covid-19 pressure, as the main reasons for the expected loss. For its 2020 half-year, Tongaat Hulett an adjusted profit of R241 million, and the turnaround appeared to remain on track despite the Covid-19 pandemic. Tongaat Hulett noted in its trading statement that for the latest
Absa expects annual profit to more than double in the year to December 31, it said on Friday, citing cost controls and lower bad debts. Read more.
Fashion retailer TFG (The Foschini Group), through its Labs division, is buying online shopping and delivery platform Quench to expand its e-commerce business. Read more.
Ster-Kinekor's journey to recover from the financial fallout of the Covid 19 pandemic has been slightly delayed as recovery expert Steyn Smyth has requested an extension to the deadline for the publication of the recovery plan until 21 January 2022. Read more.
South African lender FirstRand said on Tuesday that its profits are expected to rise by more than 30% in the six months to December 31. The company cited higher retail loan growth and falling loan impairment charges as reasons. The bank said earnings per share, the key profit metric in South Africa, will be at least 258.6 cents in the period, up from 198.9 cents a year earlier. A more detailed explanation on the increase will follow, it said, adding that the bank continues to provision conservatively due to uncertainty. Read more.
South Africa's Standard Bank said on Monday that the performance of its loan portfolio in the 10 months to the end of October had been better than expected, with earnings recovering from the impact of the pandemic. Read more.
JSE-listed Tsogo Sun Gaming's half-year results released on Thursday show the group has put its 2020/2021 loss-making year behind it, as the gaming giant reported a jump in profits and a reduction in debt. Read more.
