Rainbow Chicken has reported a significant improvement in profitability at the halfway mark of its financial year, with headline earnings per share (HEPS) soaring from 2.46 cents a year ago to 35.64 cents. The group attributed this success to a combination of operational efficiencies, stronger agricultural performance, and a disciplined cost-management approach. Lower commodity prices and a reduction in costs related to load-shedding and Avian Influenza also contributed to the positive results. Revenue increased by 8.9% to R7.89 billion, driven by higher sales volumes and improved product mix management. Meanwhile, earnings before interest, tax, depreciation, and amortisation (EBITDA) more than…
Author: Staff Writer
Following the local debut of the segment-leading Range Rover Sport SV EDITION ONE, the much-anticipated Range Rover Sport SV EDITION TWO is now available in South Africa. Only 23 examples of Range Rover’s flagship high-performance luxury SUV are available to order through select JLR retailers in South Africa. Range Rover Sport SV is the most powerful and dynamic Range Rover Sport, blending supreme performance and dynamism with unmatched capability, refinement and reductive design. Headlining its performance credentials is the potent 467kW, 750Nm2 4.4-litre Twin-Turbo MHEV V8 petrol engine. The revered powerplant endows Range Rover Sport SV with the capability to accelerate…
The South African government has confirmed that the United States has formally withdrawn its pledged $1.5 billion in support for the country’s Just Energy Transition Partnership (JETP). The decision, communicated by the US Embassy on 28 February, follows executive orders issued by President Donald Trump earlier this year. The withdrawal affects both grant funding and potential commercial investments that were originally intended to help South Africa shift from a coal-dependent energy system to a more sustainable, renewable-based model. The US was one of the founding members of the International Partners Group (IPG), which launched the JETP in 2021 alongside the…
A major standoff is brewing between Transnet and its two largest labour unions, the South African Transport and Allied Workers Union (Satawu) and the United National Transport Union (Untu), over wage increases. The unions are demanding pay hikes far above inflation, with Satawu calling for a 17.5% increase over three years and Untu seeking 12% in a single year. In contrast, Transnet has proposed a more conservative offer of inflation plus 4.5% in the first year, followed by inflation plus 0.5% for the next two years, amounting to a total increase of 14.5%. With inflation currently around 3%, the unions…
Public health advocates are urging Finance Minister Enoch Godongwana to increase South Africa’s sugar tax and extend it to fruit juices, arguing that such a move could generate at least R8.6 billion annually while also tackling rising obesity and diabetes rates. More than a dozen healthcare organisations and over 100 health professionals have signed a petition supporting this measure, including key research bodies such as the SA Medical Research Council/Wits Centre for Health Economics and Decision Science (Priceless SA) and the Progressive Health Forum. However, despite growing pressure from health experts, the minister’s draft budget scrapped the planned April 1…
South Africa’s current account deficit saw a significant reduction in the fourth quarter of 2024, dropping to R31.6 billion from a revised R55.6 billion in the previous quarter. The improvement was largely driven by a stronger trade surplus, which rose from R200.4 billion to R232.9 billion due to higher export volumes and stronger commodity prices. While imports also increased, they grew at a slower rate than exports, further supporting the trade balance. As a percentage of GDP, the deficit improved to 0.4%, down from 0.8% in the third quarter. However, despite the positive trade balance, the country’s income account deficit…
FirstRand has posted a 10% increase in earnings for the first half of its financial year, driven by the strength of its diversified portfolio across South Africa, broader Africa, and the UK. Headline earnings reached R20.96 billion, with headline earnings per share rising to 374.4 cents from 341.4 cents a year ago. The group declared an interim dividend of 219 cents per share, also reflecting a 10% increase. The improved performance was largely due to stronger-than-expected credit performance, particularly in South Africa’s retail sector and the UK market. FirstRand’s return on equity stood at 20.8%, well within its target range…
Nigeria’s competition watchdog, the Federal Competition and Consumer Protection Commission (FCCPC), has taken legal action against MultiChoice Nigeria and its CEO, John Ugbe, for allegedly violating regulatory directives. The dispute arises from the company’s decision to increase subscription prices for its pay-TV services, DStv and GOtv, despite an explicit directive from the FCCPC to maintain existing pricing until a regulatory review was completed. MultiChoice proceeded with the price adjustment on 1 March 2025, prompting the commission to file charges at the Federal High Court in Lagos for non-compliance and obstruction of its inquiry. The lawsuit marks another chapter in the…
Nedbank Group and Norwegian investment firm Norfund have announced a R573-million investment in Pele Energy Group, acquiring a substantial minority stake in the South African renewable energy company. This investment forms part of a broader financial transaction in which Pele secured $135 million (R2.5 billion) in structured loans from Nedbank, Norfund, and the Industrial Development Corporation (IDC). The funding will provide Pele with the financial backing needed to expand its clean energy projects and raise an additional R2 billion to R3 billion over the next two years. Pele Energy is capitalising on the growing demand for independent energy generation in…
Spur Corporation has reported strong financial results, with its Panarottis brand emerging as the top performer, recording a 14% increase in restaurant sales. The group’s strategy of expanding into smaller towns has proven successful, with 11 new Panarottis outlets opening in traditionally competitive locations. The group’s RocoMamas brand also showed robust growth, with an 8.4% rise in sales. Overall, the company achieved an 11.5% increase in headline earnings to R144 million, despite intensified competition in the casual dining sector. Spur’s commitment to rebranding and repositioning Panarottis has led to franchisees investing R42 million in upgrades, further strengthening the brand’s market…