The Public Investment Corporation (PIC), a major shareholder in Daybreak Foods, has supported placing the troubled poultry producer under business rescue to avoid liquidation and protect 3,000 jobs. The PIC believes the company, which supplies around 7% of South Africa’s poultry, can still recover. A business rescue practitioner will now assess Daybreak’s operations and develop a turnaround plan, working closely with the restructured board. The PIC has already provided R74 million in emergency funding to address immediate cash shortages and stabilise the business. Daybreak’s financial troubles became public last year when it failed to pay suppliers and staff on time.…
Author: Staff Writer
Famous Brands, the company behind popular fast-food chains like Steers, Debonairs Pizza, and Wimpy, managed to increase its earnings despite tough economic conditions. For the year ending February 2025, the group reported an 11.9% rise in headline earnings per share (HEPS), reaching 520 cents. Revenue grew by 3.2% to R8.3 billion, while operating profit jumped 12.6%. The company also announced a final dividend of 195 cents per share, bringing the total payout for the year to 345 cents. However, not all divisions performed equally well—retail sales dropped by 6.6%, partly due to a competitor’s return to the potato chips market…
Astral Foods, South Africa’s largest poultry producer, faced significant financial challenges in the first half of the 2024 financial year. The company reported a nearly 50% drop in profit, largely due to pressure on margins in its poultry division. Higher production costs, including expensive feed, could not be passed on to consumers because of intense competition in the market. As a result, the company effectively subsidised chicken production, eating into its earnings. Adding to its difficulties, Astral suffered a cybersecurity incident in March, which disrupted operations and cost the company around R20 million in lost revenue and recovery expenses. The…
Netcare Limited, a leading South African private healthcare provider, released its interim financial results for the first half of the 2025 financial year (H1 2025), showcasing resilience and operational efficiency despite a complex macro environment. The results highlight Netcare’s ability to navigate sectoral challenges, including the looming implementation of the National Health Insurance (NHI) and seasonal fluctuations, while continuing to invest in strategic growth and patient-centered care. Netcare reported a positive financial performance, driven by increased activity levels and operational efficiencies. Acute hospital occupancy improved by 120 basis points to 63.2% from 62.0% in H1 2024, reflecting robust demand for…
WeBuyCars, South Africa’s leading used-car retailer, delivered strong first-half earnings, with core headline earnings rising by 26.4% to R508.2 million. The company credited its growth to a strategic expansion drive, which boosted sales volumes, increased average selling prices, and improved cost efficiency. Despite issuing new shares before its 2024 listing—which slightly diluted earnings per share—the business maintained solid performance, with core headline earnings per share (HEPS) still growing by 1.6%. Revenue hit a record R13.1 billion, up 15.2%, as the company bought 92,339 vehicles (a 12.9% increase) and sold 91,392 (a 13.5% rise). A key highlight was November 2024, when…
Vodacom Group reported a strong financial performance for the year, with normalised earnings growing by 7.8% to R55.5 billion. This improvement was driven by a particularly robust second half, as highlighted by CEO Shameel Joosub. The company’s service revenue rose by 11.2% to R120.7 billion, supported by growth in key markets such as Egypt and Tanzania, as well as steady performance in South Africa. Despite currency fluctuations affecting reported earnings, the underlying business showed resilience, with headline earnings per share increasing by 1.3%. Egypt emerged as a standout market, with service revenue surging by 45.2% in local currency, thanks to…
Delivery Ka Speed, a fast-growing and 100% Black-owned logistics and supply chain company, has officially launched operations in the Western Cape. Known for its expertise in last-mile delivery and its strong track record serving township and underserved areas. This marks a major milestone in its mission to deliver inclusive, efficient, and community-driven logistics solutions nationwide. Founded in 2021 by entrepreneur Godiragetse Mogajane, Delivery Ka Speed has rapidly gained recognition for its innovative approach to logistics, particularly in areas often overlooked by traditional providers. While the company has built its brand by mastering the complexities of township delivery, its services extend…
South African emergency response start-up Aura has raised R270 million in a Series B funding round to fuel its expansion into the US market. The investment was co-led by the Cathay AfricInvest Innovation Fund and Partech, bringing the company’s total funding to €21 million. Founded in 2017 by Warren Myers, Ryan Green, and Adam Pantanowitz, Aura’s platform connects users in emergencies with the nearest vetted private security and medical responders. The company already operates successfully in Africa and the UK, with clients including Uber and insurers Momentum and Outsurance. Aura’s technology aggregates a network of over 3,000 security and ambulance…
Discovery Green and Sasol have launched Ampli Energy, a first-of-its-kind renewable energy solution designed for small businesses. Unlike traditional models requiring long-term contracts or infrastructure investments, Ampli offers flexible, grid-delivered clean power with no upfront costs. Businesses receive monthly cashback rewards for using renewable energy, along with Renewable Energy Certificates (RECs) to offset carbon emissions. Early adopters include Nando’s, NetFlorist, and NGOs like Reach for a Dream. The partnership leverages Sasol’s 69MW Msenge Emoyeni wind farm in the Eastern Cape, with plans to expand capacity to 450MWh annually—an investment of up to R2.5 billion. Energy is wheeled via Eskom’s grid, bypassing…
South Africa’s state-owned Land Bank is negotiating to secure up to $1 billion in new funding as it continues recovering from a 2020 default. CEO Themba Rikhotso revealed the lender has received an indicative term sheet from a development finance institution and will seek Treasury approval by month-end. The bank, which supports the agricultural sector, has reduced its debt from R45 billion to R9.4 billion since its default but remains financially constrained after years of underinvestment and mismanagement. The funding talks come as the Land Bank works to stabilize its operations, including hiring a new head of funding and exploring…