Star 2022-10-26

SUPER Group’s directors scored handsomely from performance bonuses in the financial year to June 30 (excluding share awards), and their combined remuneration increased 52.8% to R31.75 million, the annual report showed yesterday. Admittedly, the logistics and mobility solutions group operating in sub-Saharan Africa, the UK, Europe and Australasia did perform well in the year to June 30, 2022, and appear to warrant higher performance bonuses. Headline earnings a share increased 33.4% to 380.7 cents, the dividend was raised 34% to 63c – only the second year in 12 the group has paid a dividend – while revenue was 17% higher at R46.24 billion. Net asset value per share increased by 18.7% to R38.40. The percent growth of these key metrics seems well below the percentage increases…

SOUTH Africa’s business cycle index fell for the second month in a row in August as slowing global growth, and higher interest rates suppressed the leading indicator. The South African Reserve Bank (SARB) said yesterday that the composite leading business cycle indicator declined by 2.3% month-on-month in August following a 1% fall in July. It was the second consecutive month of decreases in the index and the most in 13 months, as nine of the 10 available component time series were down, while only one component increased. The SARB said the largest negative contributors were a decline in the number of residential building plans approved and a narrowing of the interest rate spread. The positive contribution came from an increase in the volume of orders in manufacturing. Investec chief economist…

It will need around R24 million to replace more than 12km of electric cables TRANSNET Freight Rail (TFR) has said that it will need around R24 million to replace more than 12km of electric cables it lost due to vandalism and theft during the recent 12-day workers’ strike. The state-owned logistics firm experienced a spike in incidents of cable theft and infrastructure vandalism due to low levels of security staff during the strike. The group said that most of the cable theft occurred on the container corridor – which runs between commercial hub Johannesburg and the port of Durban. During a media briefing yesterday, TFR chief executive Sizakele Mzimela said cable theft increased dramatically during the strike, and it had continued to “seriously hamper” the movement of trains. Mzimela…

APPLE was cutting back production of its iPhone 14 Plus and was increasing the output of the more expensive iPhone 14 Pro because of lukewarm demand for the mid-range model, market research firm TrendForce said yesterday. The share of the more expensive iPhone 14 Pro series had increased to 60% of the total output from the initially planned 50%, and it could rise to 65% in the future, the report said. Apple did not immediately respond to a request for comment. The TrendForce report said rising US interest rates could crimp consumer spending, undermining the demand for iPhones in the first quarter of 2023. This could lead to a 14% year-on-year drop in production to 52 million units. Analysts have in the past said iPhone 14’s Pro and Pro Max…

THE FOSCHINI Group (TFG) saw retail turnover growth of 31% in its second quarter to September 30, compared to the same time a year ago, a solid performance considering the rising financial pressure on consumers in Australia, the UK and in South Africa. Diluted headline earnings per share were expected to increase between 8% and 28%, to between 423.1 cents and 501.5c, the group said in a trading statement yesterday. Consumers continued to head in-store post-Covid, with group online retail turnover subdued in the second quarter, declining by 6.9% compared to the same quarter in 2022, the group said. Online retail turnover’s contribution to total retail turnover for the quarter was 8.1% compared to 11.4% at the same time last year. “Overall, the group continued to build on the…

MTN HAS FAILED in its appeal to overturn a private ruling by the SA Revenue Service (Sars) on a tax dispute with the sale of its prepaid vouchers. The Supreme Court Appeal (SCA) this week squashed the appeal. Sars had directed that the sale of its prepaid vouchers fell under section 10 (19) of the Value Added Tax Act, and not section 10 (18), thereby attracting VAT payment. MTN had approached the SCA seeking an order declaring that the Sars ruling was incorrect and should be set aside. MTN’s bone of contention was that VAT should not be accounted for when the said voucher was sold to the subscriber. According to the judgment, historically, the sale of the pre-paid vouchers was dealt with by MTN as falling under section 10(19)…