On March 17, 2025, South Africa’s banking sector witnessed a significant leadership transition as Kenny Fihla, Deputy Chief Executive of Standard Bank Group Ltd., resigned to assume the role of CEO at Absa Group Ltd., effective June 17, 2025. This move, announced abruptly on a Sunday night, marks a pivotal moment for both institutions, reflecting evolving dynamics in the competitive landscape of African finance. Fihla’s departure from Standard Bank, where he spent 18 years and was widely regarded as a potential successor to Group CEO Sim Tshabalala, has sparked discussions about succession planning, strategic priorities, and Absa’s ambitions to reclaim…
Author: Staff Writer
Outsurance Group has delivered impressive earnings growth in the first half of its financial year, driven by stronger premium growth, higher investment income, and a significant drop in natural peril claims. The improved performance saw normalised earnings rise by 52.9% to R2.16 billion for the six months ending December. The company also declared an interim dividend of 88.6 cents per share, marking a 44.8% increase. The group’s property and casualty division experienced a 17.4% rise in gross written premiums, boosted by steady organic growth across its various segments. Outsurance SA and Youi particularly benefited from disciplined cost control, while fewer…
Standard Bank has posted a 4% increase in headline earnings for the 2024 financial year, largely driven by continued growth in its balance sheet and improved performance across its key divisions. The group recorded R44.5 billion in headline earnings, with earnings per share rising to R26.91. Although net operating profit dipped slightly to R43.73 billion, the group declared a total dividend of R15.07 per share — a 6% increase from the previous year. The bank’s net interest income climbed to R101.25 billion, reflecting growth in corporate lending, particularly in the energy and infrastructure sectors. While credit demand among South African…
Exxaro Resources has reported a sharp decline in profits, with headline earnings falling 36% for the year ending December 2024. The decrease was largely attributed to escalating logistics costs, which surged by R1.55 billion as the company grappled with rising distribution expenses. Despite a 5% increase in revenue to R40.7 billion, net operating profit dropped 28% to R10.6 billion. The company’s overall coal production declined by 7%, reaching 39.5 million tonnes due to reduced demand from Eskom. However, export sales showed a notable 37% rise, climbing to 7 million tonnes. This was largely due to improved performance from Transnet Freight…
Vukile Property Fund has successfully acquired the Bonaire Shopping Centre in Spain for €305 million (R6.1 billion), marking its largest deal to date. The purchase was completed through Vukile’s subsidiary, Castellana, following a delay caused by severe floods in 2024. Bonaire, one of Spain’s major shopping centres, was secured from Unibail-Rodamco-Westfield (URW) after the deal was temporarily put on hold. The acquisition was financed using €200 million generated from Castellana’s sale of its stake in Lar España, a Spanish retail property investor. This strategic move allowed Vukile to redeploy funds swiftly into Bonaire without cash losses. The shopping centre reopened…
Kholiwe Makhohliso has stepped down as the Managing Director of SAP Southern Africa, ending her two-year tenure with the global software company. SAP confirmed her resignation and acknowledged her contributions during her time in the role. The company stated that leadership announcements regarding her replacement would be made in due course. Makhohliso, a seasoned IT executive with over two decades of experience, succeeded Cathy Smith as SAP’s Managing Director in 2023. Her extensive background includes leadership roles across both public and private sectors, starting her career as an auditor before transitioning into IT, consulting, and sales for major corporations such…
A recent survey conducted by KPMG Germany and the Southern African-German Chamber of Commerce and Industry (AHK Southern Africa) reveals that German businesses operating in South Africa and neighbouring regions are optimistic about growth prospects in 2025. The survey, conducted late last year, found that 64% of German companies in South Africa anticipate increased sales, while 48% expect improved profits. The positive outlook is linked to the recent political stability following South Africa’s 2024 elections, which brought about a Government of National Unity. Companies believe this new administration could foster reforms that boost economic growth. Despite this optimism, businesses remain…
Daybreak Foods’ CEO, Richard Manzini, has stepped down after just over a year in the role. His resignation, announced in February, was attributed to pursuing a new opportunity aligned with his personal and professional goals. Manzini’s departure leaves the state-owned chicken producer seeking a new leader, marking the fifth leadership change since 2021. Manzini had been tasked with turning around Daybreak’s struggling operations, which included efforts to secure a R250-million loan to expand and improve facilities. Despite these plans, the company continues to face financial challenges. The Public Investment Corporation (PIC) maintains full ownership of Daybreak on behalf of key…
Pam Golding Properties recently experienced a cybersecurity breach in which an unauthorised third party gained access to certain client information stored on its customer relationship management system. While the real estate company has assured clients that no banking details, financial data, or sensitive commercial records were compromised, the breach did expose some personal details such as names, contact numbers, and, in some cases, identity numbers. Pam Golding Properties acted swiftly upon discovering the breach by blocking the hacker’s access and launching an internal investigation. The company has confirmed that not all client records were affected, thanks to prompt security measures.…
Many organisations generate and store sensitive information, such as old client files, previous employees’ records, or financial figures, that ultimately need to be responsibly discarded. With data breaches and privacy concerns continuing to rise, securely destroying this information has become paramount. According to the Protection of Personal Information Act (POPIA), businesses that process citizens’ personal information must take all necessary steps to safeguard it. To comply with the POPIA, the destruction of data must be done in a way that prevents its reconstruction in an intelligible form. Non-compliance with these regulations can lead to substantial fines and reputational damage for an…