Star 2023-10-30

‘Strategic thrust is a response to the weak, long-term economic prospects in South Africa’ Growthpoint Properties, one of the biggest commercial property owners in South Africa, plans to increase its exposure to the positive performances of the KwaZulu-Natal and Western Cape coastal regions, and reduce exposure to the Gauteng market, specifically Sandton. The group has a R197 billion portfolio in South Africa, rest of Africa, Australia, Poland, Romania and the UK, with 45.8% of the value located in this country. It also owns 50% of the V&A Waterfront in Cape Town. Gauteng, and specifically Sandton, is considered to be the commercial heartland of South Africa. “This strategic thrust is a response to the weak, long-term economic prospects in South Africa,” Growthpoint’s board said in its 2023 annual report, released…

Bidvest delivered a “hat-trick“ of 20% growth for three years in succession and created 6 000 jobs in 2023, chief executive Mpumi Madisa said in the group’s 2023 annual report, posted last week. Bidvest, valued at R88.5 billion, is a leading South African services, trading and distribution group. Madisa said that for three years in succession, Bidvest had delivered growth in headline earnings per share in excess of 20%, which, when considering the current market environment, was an exemplary achievement. Over the past year, each of the group’s seven divisions delivered double-digit percentage growth in trading profit. Six of the seven divisions generated a return on funds employed in excess of 30%, again demonstrating the group’s focus on maximising shareholder returns, she said. “Our strategic focus on…

Finance Minister Enoch Godongwana has issued a stark warning that South Africa could go over the fiscal cliff by March 2024 if it does not make additional borrowings as the government finances have severely deteriorated on the back of rising expenditure and dwindling tax revenues due to weak economic growth. Delivering the keynote address at the annual Kgalema Motlanthe Foundation Investment Growth Forum on Friday night, Godongwana explained a Catch-22 situation in which the country found itself. Godongwana said the government needed to increase its borrowing to prevent drastic reductions in expenditure. “The first thing we've done is to manage this in a more prudent way through a combination of cutting expenditure and bumping up borrowing,” Godongwana said. “We’ve been forced to bump up borrowing a bit more than we…

Premier Fishing & Brands, in conjunction with Cape Gulf Brands, is bringing two South African favourites back to the dinner table: Redro fish spread and Peck’s Anchovette. Pick n Pay announced on Friday that it is working closely with the two companies to relaunch the popular fish spread products, after they were discontinued nearly two years ago. They will be exclusive to Pick n Pay stores. The endearing 1980s Redro advert, featuring a little boy who affectionately referred to everything he loved – including his pet dog, his cat, his tricycle and even his mother – as “Wedwo”, after his favourite spread, still lingers in the minds of many South Africans. Afrinat managing director Sam Sidar said the two brands, rich in healthy omega fatty acids,…

THE SECOND half of financial year 2024 should represent a significant inflection point for Aspen Pharmacare and form the foundation for sustain- able future earnings growth, according to chief financial officer Sean Capazorio in the company’s 2023 annual report, released on Friday. This as chief executive officer Stephen Saad said Aspen aimed to build and advance its commercial pharmaceuticals footprint with a focus on emerging markets, with a particular focus on further developing in China. Capazorio said that in delivering an exceptional performance in the second half of 2023, the group had achieved a solid set of results for the year. “The positive strides made in bolstering our product portfolio and securing contracts to utilise its sterile manufacturing capacity positioned the group for strong performance in second half financial year…

JSE-LISTED City Lodge Hotels, a South African-based hotel group with 59 hotel properties across Botswana, Mozambique, Namibia and South Africa, has handsomely rewarded its top executive teams for steering the group through torrid Covid-19 tough times. Looking at remuneration, chief executive Andrew Widegger was paid R11.2 million, from R6m the prior year, an 86% leap; chief financial officer Dhanisha Nathoo was paid R4.8m, from R2.8m the prior year; and chief operations officer Lindiwe Siddo got paid R4.9m, from R2.9m the prior year. According to City Lodge Hotels annual report 2023, released last week: “The world is changing rapidly. The impact on South Africans in particular is palpable. The cost of living is skyrocketing, load shedding is a regular affliction, and deteriorating infrastructure often results in an erratic water supply.”…