The South African government has disbursed R6 million from the R500 million Spaza Shop Support Fund (SSSF), aimed at helping locally owned township and rural spaza shops. The fund provides grants and low-interest loans of up to R300,000 per shop for stock, infrastructure upgrades, and Point of Sale (POS) systems. However, progress has been slow due to verification processes, including citizenship checks and health inspections. The National Empowerment Fund (NEF) and Small Enterprise Development Finance Agency (SEFDA) are administering the fund, ensuring shops meet hygiene and regulatory standards. Meanwhile, South Africa is preparing to host the first Global Small and…
Author: Staff Writer
Lewis Group has delivered an impressive financial performance for the year ending March 2025, reporting strong growth across multiple areas of its business. The company’s total revenue rose by 13.5% to R9.3 billion, supported by a 9.2% increase in merchandise sales, which reached R5.1 billion. A major driver of this growth was a notable surge in credit sales, which jumped by 12.1%, while cash sales grew at a slower pace of 3.4%. The group also saw a 19.1% rise in other revenue streams, such as interest income, service fees, and insurance products, all benefiting from its expanding credit business. Operating…
Air France is delighted to announce the return of its seasonal direct flights between Cape Town and Paris for the 2025/2026 summer season, making it even easier for travellers to explore the best of both worlds. From 15 December 2025 to 12 January 2026, Air France will operate daily nonstop flights between the Cape Town and Paris, just in time for South Africa’s summer season and Europe’s peak holiday period. The daily service will be operated by the state-of-the-art Airbus A350, offering South African travellers a comfortable and stylish journey with the hallmark French flair Air France is known for. From…
Zeda, the company behind Avis and Budget car rentals, reported a slight drop in revenue for the first half of its financial year, as corporate clients postponed fleet upgrades due to economic pressures. Revenue fell by 1.6% to R5.2 billion, with SMEs in mining and transport also cutting back on spending. However, the leasing division performed well, growing revenue by 5.6% to R1.4 billion, supported by corporate and heavy commercial fleet demand in Africa. Despite challenges, Zeda maintained a strong order book in heavy commercial vehicles, showing resilience in this segment. The car rental business saw a 4% decline in…
Suzuki Auto South Africa, in partnership with real estate group Fortress, has officially broken ground on its new head office and distribution centre at Longlake Logistics Park in Gauteng. The sod-turning ceremony, held on 21 May, marks a major milestone for the Japanese carmaker, celebrating 17 consecutive years of sales growth and reinforcing its long-term commitment to the South African market. The company will relocate from its current headquarters at Linbro Business Park to a custom-designed 24,507m² facility that will accommodate its expanding operations and workforce. Construction is scheduled for completion by mid-2026. “We set out to deliver more than…
African Bank has reported strong financial results for the first half of its financial year, with a notable increase in both customer numbers and profits. The group’s customer base grew by 6% to 6.1 million, while net profit after tax rose by 15% to R202 million. This growth was driven by a 20% increase in net advances, reaching R39.1 billion, with business and commercial loans surging by 49%. Personal banking saw a smaller rise of 3%, reflecting a strategic shift towards more diversified lending. The bank’s interest income climbed by 6% to R3.7 billion, supported by the expansion of its…
In an era where financial scrutiny is higher than ever, the accuracy and consistency of financial reporting have become non-negotiables, as investors, regulators and stakeholders demand reliable financial disclosures, placing significant pressure on finance teams and auditors alike. In the midst of this, automation is stepping in as a powerful ally, transforming financial reporting processes to improve data integrity, enhance audit confidence, and ultimately drive greater transparency and trust in financial statements. The role of automation in financial reporting accuracy Financial reporting has traditionally been a labour-intensive process, requiring teams to manually gather data from various sources, input it into…
Quantum Foods has delivered a stellar first-half performance, with headline earnings per share (HEPS) skyrocketing by 244% to 74.8 cents. The poultry producer attributed this sharp rise to recovering production volumes, stronger demand for layer livestock, and improved operational conditions in key markets. Revenue climbed 20% to R3.6 billion, while operating profit before capital items jumped 234% to R205 million. Despite the impressive turnaround from a R44.2 million profit in the prior period to R150.1 million, the company opted against declaring an interim dividend. The group benefited from several tailwinds, including the absence of avian flu outbreaks, reduced load-shedding disruptions,…
Standard Chartered hosted the Treasury Leadership Forum 2025 on Tuesday, 20 May, at the Four Seasons Hotel, Johannesburg. The exclusive event brought together senior executives, financial decision-makers, and industry thought leaders to explore strategies for Africa’s potential to leverage innovation, energy transition, and digital transformation in building a resilient economic future. Bruce Whitfield, business journalist, speaker, and author, moderated the forum, leading discussions on Africa’s financial and economic landscape. Mxolisi Mgojo, President of Business Unity South Africa and Co-Chair of the B20, delivered the keynote address. His speech, Global Partnerships for Inclusive Prosperity – The B20 Imperative, emphasised the role of…
The government has agreed to give ailing state-owned logistics group Transnet a R51bn guarantee facility, the transport ministry said on Thursday. Transnet has struggled to provide adequate freight rail and port services for years because of equipment shortages and maintenance backlogs linked to underinvestment, with cable theft and vandalism also damaging the rail network. The support package comprises a R41bn guarantee for Transnet’s funding requirements in the 2025/2026 and the 2026/2027 financial years and a R10bn guarantee to help it service debt and make capital investments. Transnet said the support would allow it to build on progress with strategic rail…