Star 2022-05-30

Cash generation across budget retail operator Pepkor was robust in spite of economic headwinds and the group – which also benefited from a Streinhoff settlement payment – reported a sharp 93 percent rise in cash sales to R4.1 billion in the half-year to March 31. The non-recurring settlement payment by Steinhoff, which has a 50.6 percent stake in the budget retailer, emanated from an accounting scam unearthed in 2017. This drove down the share price in Steinhoff, with the company sub- sequently deciding to pay a settle- ment to shareholders for the share losses. The settlement from Steinhoff benefited Pepkor by R429 million or 12 cents per share, the company said on Friday, highlighting that it was “pleased to honour its commitment to shareholders…

NEDBANK Group said on Friday that net-interest income (NII) and non-interest revenue (NIR) grew robustly in the four months to April 30, but it warned global economic growth had begun to slow after March. The share price increased 4.02 percent to R221.61 on Friday afternoon, outstripping a 1.52 percent gain in the All Share Index at the same time, indicating that some investors looked favourably on the prospects outlined in a trading statement that the bank released. The bank said its credit loss ratio was also within the top half of its target range in the first four months, while associate income growth had been strong and expense control was good. “All key financial metrics are currently performing in line with achieving the 2022 full-year financial guidance provided by…

INVESTORS and the business fraternity have gained newfound confidence in the South African government’s fight against grand corruption as investigations against allegations of State capture are bearing fruit. This comes after Friday’s arrests of former bigwigs of Transnet, and their associates who acted as consultants to allegedly fleece the State-owned enterprise of millions of rand. Transnet Freight Rail former chief executive Siyabonga Gama, Transnet group former chief financial officer Garry Pita and Transnet group treasurer Phetolo Ramosebudi were arrested and appeared in court on Friday. Joining them in the dock were Eric Wood, a partner at Regiments Capital and chief executive of the defunct boutique financial advisory firm Tril- lian Capital Partners, and current Trillian Asset Management director Daniel Roy. The five are facing charges of fraud, corruption and money…

African Equity Empowerment Investments (AEEI), the black owned and controlled investment holding company, said on Friday net asset value per share fell 11.49 percent to 1 058.40 cents in the six months to February 28. No interim dividend was declared, so cash could be used to reduce debt. The company has interests in fishing, events and tourism, technology, health and beauty, biotherapeutics and it holds other strategic investments. Directors said they were confident strategies were in place to yield positive shareholder gains in the long term. In the six months, the basic loss per share increased to the equivalent of 23.71c from 12.33c, mostly due to a reduction in operating profits from the technology division due to the impact of the Covid-19 pandemic and a restructuring. Technology…

THE SHARE price in Quantum Foods, the chicken and egg producer, ended on Friday 22.22 percent higher at R5.50 despite the company declaring lower interim earnings, as higher input costs took a toll and weaker egg prices and avian flu hit its business. It said the first six months of the 2022 financial year had been challenging, which saw its headline earnings per share dropping by 41 percent to 15.8 cents owing to higher input costs and as general economic pressures on consumers increased. The company declared an interim gross cash dividend of 8c per share. Group revenue increased by 7 percent to R2.8 billion, from R2.6bn. Operating profit decreased by 51 percent to R36 million, from R74m in the previous corresponding period.…

Who can forget Channing Tatum’s seductive dance moves in the 2012 movie Magic Mike? South African dancer and world championship winner Kalon Badenhorst is following in Tatum’s footsteps, so to speak, after being cast as the lead in the live Las Vegas show. The Durban-born dancer, who is 24, rose to prominence as a 12-year-old finalist on SA’s Got Talent in 2009. And now he is performing on one of the world’s biggest stages. Magic Mike Live is inspired by the global success of Tatum’s two Magic Mike movies. Tatum conceptualised the live shows to continue to predominantly appeal to women, where 13 talented men entertain in a show with dance, music and acrobatic feats – mostly without their shirts. Badenhorst got the gig after he played the role for…