Star 2024-09-06

SANLAM reported a robust operating performance for the six months to June 30, based on continued implementation of strategy over four years that has seen organic growth complemented with acquisitions, CEO Paul Hanratty said yesterday. The net result from financial services (NRFFS) increased by 19% to a new high of more than R7 billion. This reflected strong trading performances across the group, advantages of scale and market positions, diversification by geography and line of business, and continued focus on operational efficiency, the group said in a statement yesterday. The interim dividend was passed. Hanratty said in an online presentation the results were achieved in a local economy that was indicating a small recovery so far, and renewed optimism, a step-up in the other African economies where the group operates,…

THE PORT OF East London has received two tugboats, marking the completion of Trans- net National Ports Authority’s (TNPA) R1 bil- lion investment towards the Marine Fleet Renewal Programme aimed at boosting tugboat availability and enhancing shipping operations. The two tugs are in addition to five tugs which were delivered at the Port of Durban last month. TNPA’s Marine Fleet Renewal Programme, which is a key element of the Transnet Recovery Plan, is critical in driving shipping efficiencies and reliability, whilst positioning the ports as competitive and a catalyst for economic growth. Tugs are designed to provide marine services, includ- ing safe navigation of vessels, pilotage, towage and waterside pollution combat. The two tugboats (tugs), delivered by Damen Shipyards Cape Town, comprising modern technology solutions are built with an…

AIRPORTS Company South Africa (Acsa), which reversed its loss-making position in the 2023/24 year to March, anticipates passenger travel through its airports to return to 2019 levels in the current fiscal year. Speaking during the results presentation yesterday, Acsa CEO Mpumi Mpofu said 8.5 billion people flew out of global airports in 2023, 93.8% of the 2019 pre-pandemic level, and a 27.2% gain on 2022 as China reopened. “Today marks a good day for all of us at Airports Company. We are going to present to you a success story. We have reached the years of trials and tribulations as the result of Covid,” said Mpofu as the company’s previous loss turned into a profit. In the current year, Mpofu said there was an expectation that levels will return…

AUTOZONE’s business rescue practitioners (BRPs) are confident they have secured an investor requiring the closure of only nine underperforming branches in southern Africa with the loss of 46 jobs, as labour demurs to the plan set for creditors’ approval next week. In a plan published for creditors’ scrutiny, Matuson and Associates BRPs Piers Marsden and Jenna Osborne said they were confident the plan, which would reward each AutoZone employee with R32 000 in hardship compensation, would gain traction with shareholders, creditors and workers. “If the sale process is implemented, the BRPs will seek to obtain the sale of the business or the divisions as going concern or through the acquisition of the company’s shares, thereby resulting in many jobs being preserved. Employees who are retrenched, if any, would be…

INVESTMENT inflows for the mining sector have continued to plummet, worsening the industry’s woes from poor rail and port performance, the Minerals Council South Africa said yesterday, with the sector’s poor performance partly dragging down the country’s GDP performance. The latest data from Stats SA showed South Africa’s resources sector recording weaker growth in the quarter to June, alongside motor trade and freight transport. Mining production for the quarter slipped by 0.9%, with downward pressure from iron ore, coal, diamonds and gold, despite higher output of platinum group metals, chromium ore, nickel, manganese ore and copper. Amid a sustained electricity supply, the Minerals Council South Africa said yesterday the industry was battling “weak fixed investment” inflows. “Investment by general government, state-owned enterprises and the private sector were all lower in…

IN THE COSTANTLY changing world of investments, gold has remained a reliable choice for more than 5 000 years. It is not just a shiny metal – it is a long-standing store of value, offering stability during turbulent markets. When markets become volatile, many investors turn to gold as a safe haven. Unlike paper currencies, which can lose value through inflation, or equities, which can plummet during market crashes, gold has consistently held its value throughout geopoliti- cal upheavals and economic downturns. Central banks worldwide hold more than 35 000 tons of gold, underscoring its importance as a global asset. Gold’s low or negative correlation with traditional investments like shares and bonds makes it a valuable tool for diversifying portfolios. It is traded 24 hours a day across…