Vukile Property Fund (JSE: VKE), the leading specialist retail real estate investment trust (REIT), delivered a strong pre-close trading update for its financial year ended 31 March 2025, underscoring its dealmaking dexterity, strategic expansion and robust operational delivery. Vukile confirmed it is on track to meet its full-year guidance of 2% to 4% growth in funds from operations (FFO) per share and 6% growth in dividends per share (DPS). Reflecting strong business momentum and high-quality earnings, Vukile also provided preliminary guidance on FFO and dividend per share growth for FY26 of at least 6%, based on conservative assumptions and without…
Author: Staff Writer
naamsa’s latest new vehicle sales report revealed an encouraging performance characterised by steady sales despite significant pressures emanating from ongoing global friction. With an overall sales surge of 49 493 units (12,5%) in comparison to March 2024 and an impressive export performance of 9 354 units, the local auto industry demonstrated resilience, proving its potential to ensure sustenance and industry growth while navigating a challenging landscape. Leading the charts for new vehicles sales in March is the passenger car segment with a total of 33 447 units, an increase of 6 756 cars when compared to the March 2024 performance.…
PwC has suffered another legal loss in its long-running battle with Choppies, a major supermarket chain listed on the Johannesburg Stock Exchange (JSE). The Botswana High Court dismissed an attempt by PwC and its audit partner, Rudi Binedell, to overturn a previous court decision in favour of Choppies. The ruling strengthens the retailer’s R650 million damages claim, which stems from the suspension of its shares in 2018 after financial results were delayed. Choppies claims that PwC and Binedell acted negligently, resulting in massive financial losses and a 75% drop in its share value. The delay also led to the company…
Absa has raised its minimum monthly pay to R20,833, positioning itself among South Africa’s leading banks in terms of fair remuneration. The bank, in its 2024 annual report, emphasised its commitment to ensuring equitable salaries across all markets where it operates. The latest increase brings the annual minimum salary to R250,000, an 8.7% rise from the previous year. This increase outpaces the overall wage adjustments for employees under the bank’s bargaining unit. Competitor Standard Bank has set its minimum annual pay at R258,000, while Investec maintains a similar threshold to Absa’s. Insurance firms, including Santam and Old Mutual, pay significantly…
Sephaku Cement (SepCem) reported an after-tax profit of R42.6 million for the financial year ending December 31, 2024, slightly up from R41.9 million in 2023. This was achieved despite a 4% drop in sales volumes and a 1.4% decline in revenue, which fell to R2.79 billion from R2.82 billion in the previous year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped 11.2% to R320.7 million. The company experienced strong EBITDA growth in the first half of 2024, increasing to R146.7 million from R106.9 million in 2023. However, unplanned kiln stoppages for repairs in the latter half of the year…
The retail sector was rocked this week as Paul Marchant, the long-standing CEO of Primark, resigned abruptly following an admission of an “error of judgment” in a social interaction with a woman. The incident, which occurred late last year, prompted an investigation by Primark’s parent company, Associated British Foods (ABF), a £14 billion conglomerate. The probe, conducted by external lawyers, concluded that Marchant’s behaviour fell short of the high standards expected by ABF, leading to his immediate departure on 31 March 2025. This marks a dramatic end to Marchant’s 15-year tenure, during which he transformed Primark into a global fast-fashion…
Standard Bank has raised its sustainable finance commitment to R450 billion by 2028, up from its previous target of R250 billion by 2026. This move aligns with the bank’s broader strategy to support Africa’s energy transition and infrastructure development. Since 2022, the bank has already mobilised R177 billion, including R50.6 billion in 2023 and R74.3 billion in 2024. The bank remains committed to achieving net-zero financed emissions by 2050, engaging with clients on sector transition pathways and advocating for supportive regulatory frameworks. While it continues to fund new oil and gas projects, these investments will be strictly managed with robust…
Renault and Nissan have agreed to loosen their long-standing partnership, reducing their cross-shareholdings from 15% to 10%. This marks another step in their restructuring efforts, as Nissan prepares for leadership under its new CEO, Ivan Espinosa. The decision also means Nissan will no longer be required to invest €600 million in Renault’s electric vehicle subsidiary, Ampere. The move aligns with Renault’s strategy of reshaping its global operations while allowing Nissan to focus on its turnaround plan. As part of the agreement, Renault plans to buy out Nissan’s majority stake in their joint venture in India, Renault Nissan Automotive India. This…
Mondi, the UK and JSE-listed paper and packaging giant, has finalised the acquisition of Schumacher Packaging’s Western Europe assets, a move set to enhance its corrugated packaging operations. The deal, first announced in October, includes Schumacher’s German, Benelux, and UK-based corrugated converting and solid board operations. While the purchase price remains undisclosed, the assets had an enterprise value of €634 million at the time, financed through Mondi’s existing financial resources. This acquisition bolsters Mondi’s operational reach, reinforcing its position in the Western European market and offering strong vertical integration opportunities for its packaging business. The acquisition complements Mondi’s existing corrugated…
The new Volvo EX90, the Swedish brand’s all-electric luxury SUV, redefines the segment with its arrival in South Africa. Crafted with sustainability and safety in mind, the EX90 attracts those who appreciate sophisticated design and quiet luxury. Offered in Ultra specification with the Twin Performance electric drivetrain, the EX90 is powered by dual electric motors, delivering power to all four wheels through a single-speed automatic transmission. Built from the ground up on the SPA2 platform, the EX90 prioritises comfort and safety, with an active chassis and air suspension ensuring an exceptionally smooth and refined ride. “The Volvo EX90 represents the…