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South African News and Market Update: Tongaat Hulett reports total

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

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South African News and Market Update: FirstRand expects half-year profit

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.

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South African News and Market Update: Spar slips more than

Spar's share price fell more than 7% on Wednesday after the company reported weak financial results for the 2021 financial year ended September 30. While the group described its "robust performance" despite "numerous challenges" during the year, the market reacted to the fact that it could only report revenue growth of 2.9% (to R127.9 billion). "Mixed performance across the regions resulted in an operating profit of R3,4 billion, down 1,5% on the previous year," the group said in its Sens results statement. "At constant exchange rates, revenue increased 3.9%, highlighting the impact of the stronger rand on the

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South African News and Market Update: Vodacom adds 6,2 million

Vodacom Group - the JSE-listed telecoms giant that is looking to transform itself into a technology company - announced in its latest results released on Monday that the company added 6.2 million new customers in the six months ended 30 September 2021. This is across the group's business in Africa, including Safaricom on a 100% basis. This addition brings Vodacom's customer base to 129.9 million, within striking distance of the 130 million mark, which is likely to be surpassed in the current financial year. South Africa's largest mobile network operator also said in the results that it had added an additional 1.1 million data