South Africa has secured a $1.5 billion (R26.5 billion) loan from the World Bank to tackle its struggling infrastructure and kickstart economic reforms. The funding aims to address the country’s chronic energy shortages, inefficient freight transport systems, and slow transition to renewable energy. With growth stagnating and unemployment remaining stubbornly high, the loan provides critical financial support to modernise key sectors and stimulate much-needed investment. The funds will primarily benefit struggling state-owned companies Eskom and Transnet. Eskom will use its share to strengthen the electricity grid and integrate more renewable energy, while Transnet plans to upgrade port and rail networks…
Author: Staff Writer
The Gautrain is celebrating 15 years of operation, having transformed public transport in Gauteng since its launch in 2010. Over the past decade and a half, Africa’s first rapid rail network has carried more than 200 million passengers, earning a reputation for reliability, safety, and efficiency. The system currently employs around 1,200 people and has spurred significant economic growth, particularly through property development near its stations. Gautrain Management Agency CEO Tshepo Kgobe highlighted the project’s role in connecting communities and driving job creation, while also looking ahead to future expansions that could further reshape mobility in the province. A key…
Coronation Fund Managers, one of South Africa’s largest asset managers with nearly R700 billion in assets, has announced that its Chief Financial Officer, Mary-Anne Musekiwa, will be stepping down at the end of November to pursue an international career opportunity. Musekiwa, one of the few high-ranking women in the asset management sector, joined Coronation in 2019 after serving as CFO at FirstRand’s DirectAxis. During her tenure, she played a key role in the company’s financial strategy, including a landmark Constitutional Court tax victory that saved Coronation R800 million. Under Musekiwa’s leadership, Coronation also made significant progress in transformation, increasing its…
Fishing group Oceana reported a sharp decline in half-year profits, with headline earnings per share (HEPS) dropping 43.9% to 324.9 cents. The slump was mainly due to weaker global fish oil prices, triggered by the recovery of Peru’s anchovy stocks, which boosted supply. Despite this, the company saw a 2.9% rise in revenue to R5.2 billion, driven by strong sales in canned foods, fishmeal, and wild-caught seafood. However, its US-based Daybrook business suffered from lower fishmeal and fish oil prices, dragging down overall profitability. One bright spot was Oceana’s Lucky Star canned foods division, which delivered record sales of 5.1…
PPC, the South African cement producer, has reported a strong financial performance for the 2025 fiscal year, crediting its strategic turnaround plan for significant improvements in margins and cash flow. Despite a slight dip in overall revenue, the company saw a 28% rise in EBITDA to R1.59 billion, while headline earnings per share more than doubled to 40 cents. The success was driven by cost-cutting measures, including a 5.8% reduction in cost of sales and an 8.2% drop in administrative expenses. CEO Matias Cardarelli highlighted that these gains were achieved even without major growth in the markets where PPC operates,…
MultiChoice, Africa’s largest pay-TV operator, has announced an expected 62-66% improvement in its full-year headline loss per share, narrowing from the previous year’s 715 cent loss. The group cited challenging economic conditions including currency weakness, high inflation, and persistent load-shedding, combined with structural shifts in the entertainment industry. Rising competition from streaming platforms, social media consumption, and rampant piracy have significantly impacted performance, alongside heavy investment costs for its Showmax streaming service. To counter these pressures, MultiChoice implemented strict pricing controls, explored new revenue streams, and optimized costs. These measures, along with a profit from selling 60% of NMS Insurance…
Outsurance has emerged as South Africa’s top performer in total shareholder returns (TSR) over the past five years, according to the Boston Consulting Group’s 2025 Value Creators report. The insurance group delivered an impressive 38% TSR, outpacing other local heavyweights like Harmony Gold (25%) and Gold Fields (17%). Despite most SA companies struggling to match global peers, Outsurance stood out as a rare success story, joining global “Highflyers” in the report. The group, now valued at R120 billion, was originally a FirstRand start-up and has seen its share price surge over 350% since 2020. The insurer’s strong performance was bolstered…
American Resources Corporation (NASDAQ: AREC) (“American Resources”), through its holding in ReElement Technologies Corporation (“ReElement”), a leading U.S. innovator in rare earth element (REE) and critical mineral refining, announced today that Novare Holdings Proprietary Limited (“Novare”), a South African-headquartered institutional investment firm, has committed to be the anchor investor in ReElement’s private capital raise. This commitment will help unlock approximately $150 million in combined equity and debt financing to expand ReElement’s refining operations at its 42-acre Marion, Indiana supersite – revitalizing the former RCA-Thomson television factory, once a symbol of American industrial strength. ReElement is proud to revive the facility…
South African fashion retailer Mr Price has reported a strong financial performance, with headline earnings per share (HEPS) rising 10.7% to 1,424 cents for the year ending March 2025. The group’s total revenue surpassed R40 billion for the first time, climbing 7.9% to R40.9 billion, while retail sales grew 7.8% to R39.4 billion. A particularly robust second half, which saw sales increase by 9.9%, helped drive profitability, with operating profit reaching a record R5.8 billion. The company gained market share across all major segments, with apparel contributing nearly 80% of retail sales and homeware showing a 6.4% recovery. Telecoms sales…
Harmony Gold has announced a nationwide safety stand-down across all its South African mines following a fatal accident at its Joel Mine in the Free State. The incident, caused by a fall of ground, claimed the life of an employee, marking the tenth fatality at the company’s operations this year. CEO Beyers Nel expressed deep sorrow over the loss, emphasising the company’s commitment to safety and the wellbeing of its workforce. In response to the tragedy, Harmony has designated June 5 as a “Day of Safety,” halting operations to engage with employees and reinforce safety protocols. Nel stressed that the…