Star 2024-11-12

South Africa’s largest mobile operator, Vodacom, has announced a dividend of 285 cents per share for the six months ending September 30, marking a 6.6% decrease from the previous period. This comes as the company reports a significant decline in headline earnings per share (HEPS), which saw a drop of 19.4%, coming in at 353 cents per share. Vodacom’s dividend policy is to pay at least 75% of group headline earnings to shareholders in the form of dividends. “Given the expected phasing impact of the currency depreciation in Ethiopia on headline earnings for the full financial year, the board declared an interim dividend of 285 cents per share equating to an 86% payout,” it said. Yet, Vodacom continues to invest. “Despite the pressures associated with this economic cycle, we will…

The IPO is the second and final step of the two-step recapitalisation plan by parent Pick n Pay Boxer Superstores, Pick n Pay’s discount grocery store chain, will list on the JSE on November 28, with a secondary listing on A2X, at a price of between R42 to R54 per share, according to the pre-listing statement released yesterday. As part of the widely anticipated Initial Public Offering (IPO), Boxer’s parent company, Pick n Pay Group, which is in the midst of a restructuring after stores in its core brand started making losses, aims to raise between R8 billion and R8.5bn through an offer of up to 202.4 million Boxer shares, or around 40% of its total issued share capital. These values imply a total market capitalisation for Boxer of between…

The Upstream Petroleum Resources Development Act signed into law by President Cyril Ramaphosa on October 31 creates a robust energy sector framework for South Africa by promoting investment and diversification, said analysts yesterday. However, environmental rights groups have raised alarms, expressing concerns that the law prioritises fossil fuel exploration and development at a time when climate change demands urgent action. According to the government, this new act is designed to facilitate the “orderly development of petroleum resources” and ensure “equitable access to, and sustainable development” for previously disadvantaged groups and the state. The legislation ambitiously merges exploration and production rights, aiming to address long-standing licensing challenges through a structured application system via controlled licensing rounds. Law firm Cliffe Dekker Hofmeyr (CDH) said the signing of the new law “is part…

The rand plunged to its lowest in one month, falling more than 2% to nearly breach the R18-mark to the US dollar yesterday as the greenback continued to strengthen amid Trump-driven optimism and anticipated economic data. The domestic currency took a hammering yesterday, falling 2.3% to R17.94/$1 by 6pm, its lowest since September 11, as the dollar rose to its highest level since early July, extending a six-week winning streak after a nearly 0.6% gain last week. According to market analysts, “Trump trades” remained prevalent as traders anticipate that US President-elect Donald Trump’s policies on taxation and deregulation will favour businesses and likely drive inflation higher, limiting the US Federal Reserve’s capacity to lower interest rates. With support for Trump coming partly from the US Midwest, previously a strong manufacturing…

South Africa, as a leading industrialised country in Africa, is reported to be the largest carbon emitter on the continent, with these emissions largely stemming from coal. South Africa generates more than two-thirds of its energy requirements from coal, and coal contributes significantly to the country’s gross domestic product (GDP). Coal accounted for at least R200 billion to South Africa’s GDP, whilst creating direct employment of more than 100 000 people in the 24/25 financial year. Coal has been the main source of energy from the time it was commercially mined near Molteno, Eastern Cape, in 1864. Since then, coal has been the backbone of South Africa’s manufacturing and mining industry, fuelling the creation of industrial giants such as Iscor (now ArcelorMittal), Eskom and Sasol, and mining conglomerates like Anglo…

Raubex Group, the JSE-listed infrastructure development and construction materials supply company, celebrated its 50th year by lifting its interim dividend a sturdy 49.2% to 94 cents after strong financial performances from its diversified operations for the six months ended August 31, 2024. Headline earnings a share increased 49.8% to 284.3 cents. Operating profit was up 34.7% to R846.2 million. Revenue increased 29.7% to R10.95 billion. Cash from operations surged 111.5% to R1.54bn. Despite a share price dip of more than 5% to R44.93 yesterday, it remains 79.2% higher than the R25.02 it traded at a year ago. “It is fitting that during this period of our 50th birthday, our share price also traded above R50 a share,” said CEO Felicia Msiza. “Raubex’s results testify to the perseverance and resilience…