Star 2023-03-07

BIDVEST Group lifted its interim divi-dend by 15% to 437 cents by capitalising on growth and margin strengths in the agriculture, mining, renewable energy and travel and tourism sectors, CEO Mpumi Madisa said. Bidvest’s share price rose by a whopping 15.29% at the JSE yesterday to close at R269.79, having risen throughout the day after the release of robust financial results. Revenue was up 14% to R57.2 billion, while trading profit was up by the same percentage to R5.8bn, indicating the group kept a lid on cost growth overall, despite big increases in for instance, energy and fuel costs. As example, Madisa said they operate 20 factories where back-up diesel generators have essentially become core power, and diesel costs at these factories had increased significantly, she said in…

DUBAI flag-carrier airline Emirates viewed South Africa as a strategically important growth destination and planned to hike its capacity, Afzal Parambil, Emirates’s Southern Africa regional manager said in an interview yesterday. From an outbound perspective, Parambil said Emirates’s performance so far this year in the market had exceeded its expectations and was in line with the current capacity it was operating in and out of its South African gateways. He said last year had seen a phenomenal rebound in travel – a trend that was expected to continue this year. “From March 1, 2023, we have expanded our schedule to and from Johannesburg, with three daily flights operated with an Airbus A380 and Boeing B777 aircraft. “Cape Town went double daily, starting on February 1, 2023. Durban continues to be…

JSE All Share Index gains for second straight session, lifted by industrials SOUTH African markets started the week in divergence as the rand remained subdued while stocks were in the green, but investors were unmoved by the prospect that the appointment of an electricity minister would solve the protracted energy crisis. President Cyril Ramaphosa last night named a new deputy president after the Presidency announced David Mabuza’s resignation, and announced the new position of electricity minister. The rand fell 0.6% to R18.23 against the dollar yesterday, after stabilising over the past week when it was supported by a resurgence in global risk appetites. The rand has been struggling to gain momentum, falling 5.2% month-on-month in February against the dollar, bringing its year-to-date decline to 7.2% against the greenback. The domestic…

PACKAGING firm Nampak’s shares slid yesterday after it again delayed its general meeting to get its debt ducks in a row, saying more details would only be likely at its interim results. The shares slid to an intraday low of 3.2% to 88 cents on the JSE, but recovered to close 2.20% up at 93c. Its meeting scheduled for tomorrow has now been put on hold after having been adjourned on January 18 to allow the board and management to progress discussions with stakeholders, including all group lenders and shareholders, relating to among other items a review of the group’s optimal capital structure and the size of the required rights offer. Nampak wants to hold a R1.5 billion rights offer. This as the company’s net debt burden at…

RCL FOODS, the branded foods, poultry and sugar group, did not declare a dividend in the six months to December 31, and does not foresee a lifting of the tight consumer environment in the short term, CEO Paul Cruikshank said yesterday. The decision not to declare an interim dividend to preserve cash, despite lifting underlying headline earnings per share 21.6% to 62.2 cents, was taken because the separation of the Rainbow and Vector Logistics businesses were still in progress, commodity and other input prices remained high, and consumer trading conditions were tough, he said in a telephone interview. Group revenue increased 17.6% to R20.2 billion driven by higher pricing to counter rising input costs, and higher volumes in Sugar, Rainbow and Vector Logistics. Cruikshank said the sale of…

AVI’S HEADLINE earnings a share increased only 0.6% to 318.9 cents in the six months to December, 31 as it fought crimping demand and rising costs by lifting prices across all its branded food product categories. The interim dividend was raised 1.2% to 172c a share. Gross margins were stable despite cost pressures and operating profit increased by 1.7%, CEO Simon Crutchley and chairperson Gavin Tipper said yesterday. Demand had been constrained by inflation, rising interest rates and unemployment. Increased load shedding disrupted operations. “The protracted load shedding added layers of complexity to our operations, supply chains and distribution logistics. We have invested in back-up power options for a number of years and continue to do so; there is, however, a material cost to this,” the two directors said.…