Bell Equipment, a leading manufacturer and distributor of material handling equipment, faced a challenging financial year ending December 2024, with revenue falling by 13% to R11.7 billion. Declining demand across construction and mining industries led to a 37% drop in operating profit, which stood at R754.4 million, while total profit fell 41% to R471 million. However, the company managed to generate a net cash inflow of R458 million, a stark turnaround from the previous year’s outflow of R504 million. Improved working capital management and reduced capital expenditure contributed to this positive cash flow, allowing the company to resume dividend payments…
Author: Staff Writer
MultiChoice, Africa’s biggest pay TV company, is facing ongoing challenges that have led to a significant drop in subscribers and earnings. The company, which operates DStv, has seen its subscriber base shrink from over 23 million to 19.3 million in less than two years. This decline comes amidst a tough economic climate, with households feeling the pinch of a cost-of-living crisis. Many families have cut back on entertainment spending, while rising inflation has increased MultiChoice’s operating costs across its 50 markets. Additionally, changing consumer habits, with a shift towards gaming and social media, have added pressure on the business. The…
Telkom has successfully concluded the sale of its masts and towers business, Swiftnet, receiving R6.575 billion in cash. This transaction significantly boosted the company’s earnings, with basic earnings per share expected to rise 300% to at least 1,542c for the year ending March 2025. Headline earnings per share (HEPS), which exclude one-off items, are projected to increase by 10% to a minimum of 413.6c. The sale was finalized on March 17, following the fulfillment of all suspensive conditions. Swiftnet, which owns around 3,900 commercial masts and towers in South Africa, was acquired by a consortium comprising an infrastructure fund managed…
PPC, South Africa’s largest cement producer, is set to build a new R3 billion cement plant in the Western Cape, partnering with China’s Sinoma Overseas Development Company. This state-of-the-art facility will be located at PPC’s Riebeek West site and is designed to operate far more efficiently than its existing plants. The new plant is expected to cut production costs by at least 30% and produce cement with the country’s lowest carbon footprint. As a result, PPC believes the plant will improve its competitiveness by recovering lost customers and expanding its reach to areas such as the Northern and Eastern Cape.…
Naspers has revealed its plans to appoint Phuthi Mahanyele-Dabengwa, its current South Africa CEO, as an executive director on its board. Mahanyele-Dabengwa, who has held her role since 2019, is a prominent business leader with significant experience. In addition to her position at Naspers, she also serves as an independent nonexecutive director at Vodacom and holds seats on the United Nations’ Global Compact Network SA board and the SA BRICS Business Council. Her appointment to the Naspers board is set to take effect from 1 April. Furthermore, the company intends to nominate her for a seat on the board of…
Artificial Intelligence (AI) has been making waves in an increasing number of industries at an accelerating pace. As data-driven investors at Prescient Investment Management (Prescient), we’re constantly evaluating the impact of these changes on global markets. In late January 2025, an unexpected player shook up the AI landscape: DeepSeek – a Chinese AI startup that blindsided the industry with an ultra-efficient, open-source model that rivalled the performance of the best existing AI systems. This wasn’t just another incremental improvement in AI—it was a paradigm shift. DeepSeek’s breakthrough challenged fundamental assumptions about AI development costs and computing requirements, undermining the notion that only…
The wait is over – Nedbank Pitch & Polish is returning for its 15th season, once again offering ambitious business owners across South Africa the opportunity to compete for a life-changing prize worth R1 million. For the past 15 years, Pitch & Polish has been more than just a pitching competition. It has been a launchpad – equipping over 11 000 entrepreneurs with the skills, mentorship and exposure they need to refine their pitches, improve their chances of securing funding and take their businesses to new heights. More than a competition – Pitch & Polish is a game changer At its…
Members of Parliament have strongly urged authorities to prevent the closure of Ithala Bank, a KwaZulu-Natal-based financial institution facing provisional liquidation. The Prudential Authority of the South African Reserve Bank has applied for the bank’s liquidation due to its financial instability, claiming this step is necessary to safeguard approximately 257,000 depositors. While the National Treasury has pledged to protect retail depositors’ funds, the KwaZulu-Natal government has requested R2.4 billion to guarantee these deposits. Despite these efforts, Ithala has opposed the liquidation application and is seeking legal intervention to continue operations. Lawmakers have insisted that rather than shutting down the bank,…
Transnet has reached a three-year wage agreement with the SA Transport and Allied Workers Union (Satawu), offering above-inflation salary increases despite its ongoing financial struggles. The deal, signed late on Wednesday following tense negotiations, will see workers receive a 6% increase in the first and second years, followed by a 5.5% increase in the final year. This amounts to a total wage hike of 17.5% over three years. The agreement includes adjustments to basic salaries, pension contributions, 13th cheque payments, as well as medical aid and housing allowances. Transnet, which reported a R2.2bn loss in its latest financial results, stated…
Glencore has announced plans to cut its coal production in response to declining global coal prices. The commodity giant intends to reduce output at its Cerrejon mine in Colombia by 5 to 10 million tons, adjusting production to between 11 and 16 million tons for the year. This move aims to stabilise the market after coal prices hit their lowest levels since mid-2021. The sharp price drop has been attributed to record production in India and China, which has led to significant stockpiling in both countries. As a result, Australia’s Newcastle coal futures have fallen to around $100 a ton,…