Star 2024-06-25

JSE-listed RCL Foods, which is set to spin Rainbow Chickens out of its stable and list it on the bourse on July 26 is expecting headline earnings per share (Heps) to be 75% higher for the year to June. RCL Foods yesterday said this expected earnings surge would be mostly driven by Rainbow Chickens and its groceries units. In a trading statement, RCL said earnings per share across all its operations should be at least 125% higher year-on-year when compared with the 69.3 cents per share reported in 2023. The difference between the two measurements, it said, was that Heps stripped out the profit on the sale of the Vector segment and insurance proceeds in respect of the fire damage at its Komatipoort raw sugar warehouse, which occurred during…

JSE-LISTED investment holding company Ethos Capital is unbundling its stake in Brait plc, while Peter Hayward-Butt, the company’s co-CEO who also heads up Brait, has resigned from the posts and will be replaced by Anthonie de Beer at the beginning of next month. Ethos’s interest in Brait was held through TRG Africa Direct Investment Fund and TRG Africa Fund VII. The shares in Brait are now being offloaded to Ethos Capital shareholders. Brait plc is an investment holding company whose ordinary shares are primary listed on the Euro MTF market of the Luxembourg Stock Exchange, with its secondary listing on the exchange operated by the JSE. As part of the Brait unbundling, Ethos yesterday said it had received an in-principle approval from Rand Merchant Bank (RMB) to “amend the company’s…

NASPERS’s full-year earnings more than doubled as its e-commerce businesses became profitable six months ahead of schedule and from a higher contribution from China’s Tencent, which accounts for the bulk of earnings and revenues. The technology investor that also controls the Netherlands-based technology group Prosus said its core headline earnings per share, a key indicator of operating performance from continuing operations rose to 1 148 US cents for the year to March 31, from 546 US cents a year ago. Anchor portfolio manager Mike Gresty said while it had been evident at the interim stage that the e-commerce businesses would reach profit- ability earlier than envisaged in the original guidance, it was nevertheless a milestone to have achieved this. So long as the e-commerce portfolio was largely unchanged, the…

THE ELATION seen in the markets and reflected in the local currency after the news that the country would have a Government of National Unity (GNU) has worn off as the ANC and DA – South Africa’s two largest parties – seemingly hit an impasse over key Cabinet positions. This comes as disagreements continue to delay the constitution of the GNU as the DA demanded the Deputy President position along with 11 Ministers, Deputy Ministers and the right to appoint their directors-general, while President Cyril Ramaphosa said the GNU cannot be preoccupied with jockeying for positions, tussles over appointments or squabbles within and between parties. As a result, market gains have been eroded as investors become rattled over the uncertainty in determining key leaders for the new administration. The rand,…

AS PART OF its mandate to transform the sector, the Property Practitioners Regulatory Authority (PPRA) recently announced a proposal that all real state agents should meet a level 8 Black Economic Empowerment (BEE) requirement to be eligible to receive a Fidelity Fund Certificate certificate. While level 8 is the lowest level of BEE compliance possible, with level 1 being the highest, many small and medium-sized entities have expressed concerns about the new proposal, stating that failure to comply could lead to business closures. It’s no secret that the fiercely competitive nature of the real estate market presents significant hurdles for black real estate brokers seeking entry into profitable sectors, hindering their growth potential and undermining principles of inclusivity and fairness. If BEE is not the answer, what can be done?…

Hyprop Investments is seeing renewed optimism within South Africa’s economy post the May 29 elections and the subsequent consummation of a government of national unity (GNU), with retail vacancies at its properties narrowing, and rental collections going up. Earlier this year, analysts warned that SA Real Estate Investment Trusts (Reits) were in for a bumpy ride from retailers facing headwinds. However, with the elections passing without much negative incidences, prospects for the SA retailers, especially value grocers and clothing and apparel retailers have brightened. For Hyprop, the post-election period is ushering in renewed optimism, despite logistical constraints that industry players nonetheless are hopeful will be resolved under expected policy reforms. “In South Africa, despite the power and water-supply concerns, and the challenges of the tough economic conditions, there is renewed…