Star 2021-05-28

Dineo Faku dineo.faku@inl.co.za MR PRICE shares leapt by nearly 12 percent on the bumper annual divi- dend declared during 53 weeks ended April 3 and as it announced it had gained market share despite Covid-19 restrictions that rocked the retail sector during the year under review. The share price closed the day 11.2 percent higher at R220.47. Durban-based Mr Price, whose brands include Mr Price, Mr Price Home and Sheet Street, said it had lost R1.8 billion in sales during the year under review, reflecting the impact of level 5 lockdown measures to stop the spread of the Covid-19 pandemic. Retailers were forced to close their retail outlets as the country went into a hard lockdown in April and May, resulting in a 50.4 percent plunge…

32.37% of shareholders vote against re-election of Thulani Gcabashe at AGM Dineo Faku dineo.faku@inl.co.za IN a show of low confidence, 32.37 percent of Standard Bank shareholders voted against the re-election of group chairperson, Thulani Gcabashe, during the company’s 52nd annual general meeting (AGM) held virtually yesterday. Gcabashe and Standard Bank have faced pressure from shareholder activism and environmental rights groups who want the group to abandon the funding of projects that are detrimental to the environment in Mozambique, Tanzania and Uganda. One of the groups, Just Share, believed that reasons for the votes against the Gcabashe were likely to emerge in the coming months when asset managers released their voting rationales and records. “It will be interesting to see whether this unusually high level of votes against the re-election…

Siphelele Dludla siphelele.dludla@inl.co.za The rand yesterday continued its impressive rally, rising to an over 2-year high to touch R13.68 in intraday trade against the dollar before moderating 0.02 percent to R13.77 by 5pm. This was the rand’s highest level since February 2019, aided by the dollar languishing near four-month lows despite its steady gains against the major currencies. The rand has been supported by the Fed’s dovish stance, rising commodity prices, the positive outlook delivered by the SA Reserve Bank last week and after credit rating agencies affirmed South Africa’s sovereign rating and outlook. TreasuryONE’s Andre Cilliers said conflicting views on whether the rise in inflation in the US was transitory or not, as well as comments from senior Fed officials that the discussion around tapering needed to begin,…

EDWARD WEST edward.west@inl.co.za PEPKOR Holdings said yesterday that positive trading momentum had continued in all its business post the March 31 year-end and some 22 new stores would be added this year. The group, a value retailer of clothing, footwear and homeware (CFH), as well as furniture and consumer digital equipment and accessories, lifted headline earnings per share of continuing operations by a whopping 50.6 percent during the six months to March 31. Investors took heart at the good results, and the share price was up 4.55 percent to R18.60 yesterday morning, far outstripping the 0.39 percent rise in the JSE All Share Index at the same time. The share closed the day at R19.39 on the JSE. Revenue was up 8.1 percent to R36.5…

Edward West edward.west@inl.co.za Diversified investment group African Equity Empowerment Investments (AEEI) achieved stable results through the six months to February 28, underpinned by resilient balance sheet strength. AEEI’s revenue, headline earnings and net assets decreased slightly by 9 percent despite the tough economic environment and the Covid-19 pandemic directly overlapping the reporting period, Strong cash balances resulted in the declaration of a dividend of 30 cents a share, well up from 10 cents the prior year. CE Valentine Dzvova said: “While businesses are firmly hitting back at the impact of the coronavirus, operating any business in this climate is not without considerable challenges. AEEI’s response necessitated a focus on protecting its core investments through strategic cost efficiencies, while also investing for future growth, and optimally managing the working capital,…

Edward West edward.west@inl.co.za AFRIMAT chief executive Andries van Heerden is bullish about the pro- spects for the industrial materials and bulk commodity mining group’s 2022 financial year. The group yesterday reported a 27 percent increase in headline earnings per share to 441.7 cents for the year to February 28. A final dividend of 112c per share was declared, up 38 percent on the payout last year. The net debt:equity ratio improved to 3.8 percent from 8.2 percent. Net cash from operating activities was up 13.4 percent to R767.6 million. The share price was up 2.6 percent to R51.50 yesterday morning, bringing to 66 percent the increase in the price over the past year. The share closed at R50.60 on the…