Ethiopian Airlines Group and the African Development Bank (AfDB) have partnered to build Africa’s largest airport, a R140 billion project designed to significantly expand Ethiopia’s aviation capacity. The new airport, known as Bishoftu, will be located near Addis Ababa and aims to increase the country’s annual passenger capacity from 17 million to over 60 million by 2040. While the Ethiopian finance ministry confirmed the agreement, it did not disclose the specific funding amount that AfDB will contribute. Ethiopian Airlines CEO Mesfin Tasew previously announced that authorities had secured the airport site and were working on relocating farmers living on the…
Author: Staff Writer
FlySafair is preparing for wage talks with the trade union Solidarity, set to begin on Thursday. The negotiations aim to improve salary packages and working conditions for pilots, following concerns that the airline risks losing skilled personnel to better-paying international opportunities. Solidarity’s aviation representative, Remon Viviers, highlighted that pilots face mounting pressures that are driving them to consider jobs abroad. While the union hasn’t disclosed its wage demands, Viviers stressed the importance of securing competitive salaries and improving pilot wellbeing to stabilise the airline’s workforce. Solidarity remains committed to ensuring FlySafair maintains its reputation as a reliable airline. The talks…
Pietermaritzburg-based aluminium manufacturer Hulamin has reported a decline in its full-year earnings, citing operational challenges and a fire at its can-end finishing line as key factors. The company’s attributable profit dropped to R246 million from R272 million previously. Normalised headline earnings per share (HEPS) fell by 45% to 42 cents, while basic HEPS declined 28% to 64 cents. Hulamin’s revenue dipped slightly by 1% to R13.6 billion, and its normalised earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased by 12% to R544 million. The company did not declare a dividend. The year started positively for Hulamin, with improved market…
Sun International, the owner of Sun City, is seeing substantial growth, particularly in its online gambling division, Sunbet. In 2024, the group reported a 5.1% rise in continuing income, reaching R12.6 billion. This success was largely driven by Sunbet, which saw a remarkable 60.6% increase in its revenue, surpassing the company’s targets. The group’s adjusted EBITDA also grew by 3.0% to R3.5 billion, highlighting a solid performance across its operations. While the online gambling sector has soared, it has faced growing scrutiny from civil society and political bodies, with concerns about its social impact. In response, Sun International is making…
Thungela Resources, South Africa’s largest coal exporter, has declared R1.5 billion in dividends for 2024, despite facing a challenging year marked by falling profits and ongoing rail issues. The company announced a dividend of R11 per share, bringing its total payout for the year to R13 per share. In addition, Thungela unveiled plans for a R300 million share buy-back programme to be executed during 2025. The miner’s annual profit declined by 29% to R3.55 billion, attributed to weaker coal prices and logistical setbacks. Despite these hurdles, Thungela achieved impressive production growth. In South Africa, export saleable production rose by 11%,…
MultiChoice South Africa has announced updated DStv prices for 2025, with several packages set to increase. The adjustments, revealed on Monday, apply to both satellite and streaming services. For satellite subscribers, the Premium package will rise from R929 to R979, while Compact Plus moves from R619 to R659. Compact subscribers will see a modest increase of R10, raising the package price to R479. Family and Access packages will also increase by R10 and R11, respectively, while EasyView will rise by R1. The Access Fee will go up by R5, while the Add Movies package will decrease significantly, dropping from R79 to R49. Streaming Services have fewer changes. While DStv Stream and Showmax will maintain their current prices,…
MTN has announced an increase in its dividend for 2024, despite reporting a significant drop in earnings and facing major financial challenges. The telecom giant faced a 15.4% decline in reported service revenue, down to R177.8 billion, largely due to currency depreciation and an R11.7 billion impairment in conflict-affected Sudan. As a result, MTN reported a net loss of R11.2 billion, marking a sharp contrast from the R4 billion profit recorded the previous year. Basic earnings per share fell by over 100% to a loss of R5.31. However, headline earnings per share stood at 98c — a 68.9% drop —…
In this exclusive email interview, we sit down with Jobin Joejoe, the Managing Director of Sony Middle East and Africa (MEA), to explore his inspiring journey, leadership insights, and vision for the future. With a career rooted in a childhood fascination with Sony and a passion for sales, Joejoe has risen to helm one of the most dynamic regions for the global tech giant. I’m a big believer in destiny and I think this is a classic example. As a child, I was extremely fascinated by Sony, further supported by my interest in sales. Fast forward to 2007, the opportunity…
iKhokha, the fintech company dedicated to fostering growth for South African small businesses amid challenging macroeconomic conditions, hosted its first iKhokha Elevate event in Durban on Wednesday, 12 March. The event, which saw hundreds of merchants attending in person and thousands more joining online, centered around discussing the challenges and successes of small businesses. It also marked the official launch of iKhokha’s full business ecosystem, reinforcing their mission to become the leading operating system for SMEs in South Africa. As a start-up founded in 2012, iKhokha is today one of the fastest growing fintech companies in Africa and is redefining…
The recent re-tabling of the National Budget Address made one thing abundantly clear: National Health Insurance (NHI) is still more of an aspiration, than a reality. The absence of any direct mention of NHI in the speech is more telling than many South Africans realise. One has to search the accompanying medium term expenditure framework to find references to NHI. It speaks volumes about the financial and practical roadblocks ahead. As the private sector, we have long cautioned that any attempt at universal healthcare must be rooted in feasibility, not just intent and empty political rhetoric. With no NHI in…