Star 2024-05-14

JSE-LISTED Vodacom declared a dividend of 590 cents per share, consistent with its policy of paying 75% of headline earnings per share to shareholders, for the year to March 31, despite suffering what CEO Shameel Joosub called “big knocks”. The mobile telecoms giant – which is still embroiled in a legal battle over the “Please Call Me” service that is again in the Constitutional Court, reported R151 billion in revenue – a 26.4% gain year-on-year, thanks largely to its purchase of the Egyptian operation in 2022 for R41bn. However, one of the big knocks Joosub referred to was the result of devaluing that operation, an exercise that is now over. Net profit was R19.26bn, a 6.4% gain on the prior year, while the key measure of profitability,…

SOUTH Africa’s platinum supply to world markets is projected to fall by 2% this year, hammered by shaft closures, reduced investment, and lay-offs. The World Platinum Investment Council (WPIC) yesterday said that this would affect ramp-up output from some expansion projects. With the world’s largest platinum reserves, South Africa’s platinum group metals (PGM) sector has largely struggled for viability and profitability in the past few months. Continuously depressed PGM prices have had a toll on the industry, with Sibanye-Stillwater recording a $2.58 billion (R47.7bn) loss for 2023. Impala Pla- tinum is also considering shutting some shafts after half-year profits for the period to end December, 2023, slumped to R1.7bn compared to R14.8bn a year earlier. Now the WPIC has projected that the capital and production cuts by South African…

A MEDICAL Technology (MedTech) Master Plan that aims to create 1 000 new jobs and R1 billion in localising goods that would otherwise be imported was launched yesterday by stakeholders representing the government, labour, and industry. This follows what the Department of Trade, Industry, and Competition (dtic) called the success of master plans in several sectors, including the sugar value chain, automotive, poultry, retail/clothing textile footwear leather, and furniture. Minister of Trade, Industry and Competition Ebrahim Patel said the MedTech industry was currently valued at R21 billion, with more than R4bn in exports. Patel said the industry has the potential to be an important economic contributor, not only because of its economic impact but also because it helps to develop security of supply in key medical…

Anglo American is looking for a better valuation – including that of its South African-focused iron ore and platinum group metals units – from BHP after rejecting the Australian resources giant’s revised and improved offer yesterday. BHP has raised the valuation of Anglo American to nearly $43 billion (R805.5bn from R741bn previously) in its revised offer, which was tabled to the Johannesburg- and London-listed diversified mining group on May 7. However, Anglo American yesterday rejected the new offer, which still insisted on the unbundling of Kumba Iron Ore and Anglo American Platinum as conditions precedent, leaving BHP “disappointed” and scrambling for a way forward in its quest to grow its portfolio and exposure in copper. Analysts told Business Report yesterday that the board of Anglo American firmly believed that…

SOUTH African business duo Eldrid Jordaan and Goitse Konopi listed their new technology venture, Suppple, on the Luxembourg Stock Exchange on Tuesday. The market capitalisation is £200 million (R4.69 billion) and the share price £2. The listing enhances Suppple’s financial stability and invest-ment attractiveness, facilitating expansion into new markets and sectors. The listing enhances Suppple’s financial stability and investment attractiveness, facilitating expansion into new markets and sectors. Several years ago, I said the poten- tial demographic dividend of South Africa was poised for a demographic disaster. Jordaan and Konopi are staring the challenge in the face. Through their new company, Suppple, they have focused on the mission of education, health and product safety, especially food. They are putting technology to good use. They have challenged not only South Africa, but…

THE CONGRESS of South African Trade Unions (Cosatu) has escalated the ongoing jobs bloodbath in the mining sector to the Presidency and Cabinet as mineworkers grow increasingly shaken by job losses across the industry. This comes as Cosatu-affiliated National Union of Mineworkers (NUM), marched at the weekend against Sibanye-Stillwater’s pending retrenchments of nearly 4 000 em- ployees from its South African gold mining operations. Anglo American Platinum and Impala Platinum are among the other large South African mining companies that have already said they plan to retrench mine employees and contractors. While the NUM has upped the pressure on Sibanye-Stillwater, with other mining sector labour unions also sharply criticising the corporations for the retrenchments, Cosatu spokesperson Matthew Parks told Business Report in an interview that the union federation has…