Lesaka Technologies has finalised its acquisition of Recharger, a leading prepaid electricity submetering and payments business, in a deal worth R507 million. The transaction, structured as a combination of cash and shares, is being settled in two stages. The initial payment, completed on 3 March 2025, included R153 million in cash and 1.09 million Lesaka shares valued at R98 million. The remaining balance, consisting of R175 million in cash and shares worth R75 million, is due by 3 March 2026. Additionally, Lesaka extended a R43 million loan to Recharger to settle an outstanding debt at the time of closing. This…
Author: Staff Writer
The National Student Financial Aid Scheme (NSFAS) has announced the appointment of Waseem Carrim as its acting CEO, effective immediately. His appointment follows the conclusion of the term served by former administrator Freeman Nomvalo. With a strong background in financial management and leadership, Carrim is expected to guide NSFAS through its transitional period. The board has expressed confidence in his ability to stabilise the organisation and drive it towards becoming a globally recognised benchmark in student funding. Carrim brings extensive experience to the role, having previously served as both CFO and CEO of the National Youth Development Agency (NYDA). During…
Discovery Bank has reported exceptional growth for the second half of 2024, with revenue increasing by 42% year-on-year to R1.1 billion. This surge was driven by a 32% rise in customers, reaching 1.09 million, and a 35% increase in accounts, which grew to 2.61 million. Originally aiming to reach the 1-million-client milestone by 2026, the bank exceeded expectations by achieving this goal in August 2024. Operating profit before new business acquisition costs reached R69 million, a significant improvement from the previous interim period’s loss of R154 million. Additionally, its overall operational loss shrank by 57%, from R339 million to R145…
Cashbuild, one of South Africa’s leading building materials retailers, reported a steady financial performance for the six months ending in December. The company recorded a 5% increase in revenue, reaching R6.1 billion, while headline earnings per share grew by 4% to 572.8 cents. Despite these gains, the group faced a challenging economic environment, with operating profit rising to R174 million from R50 million in the previous period. However, excluding prior period goodwill and trademark impairment losses related to P&L Hardware, operating profit actually declined by 7%. The company maintained its interim dividend at 326 cents per share, unchanged from the…
Microsoft has announced that Skype, once the leading internet-based phone and video service, will be discontinued in May. The company has advised users that they will soon be able to log in to Microsoft Teams’ free version using their Skype credentials. This decision marks the end of an era for a platform that revolutionised online communication in the mid-2000s. Microsoft acquired Skype in 2011 for $8.5 billion, its largest acquisition at the time. Over the years, the service was integrated into Microsoft’s ecosystem, including Office and Windows Phone. However, with Microsoft shifting its focus to Teams, Skype’s relevance has declined…
Woolworths Holdings saw a 24.8% decline in headline earnings per share (HEPS) for the first half of its financial year, mainly due to weaker performance in its apparel division. While group turnover and concession sales increased by 5.7% to R40.3 billion, slower-than-expected sales in Fashion Beauty Home (FBH) and the Country Road Group (CRG) negatively impacted profit margins. Additionally, increased operating expenses related to the company’s transformation initiatives contributed to a 6.4% drop in adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) to R4.5 billion. Although profits for the period improved to R2.2 billion due to a lower tax…
Arizona has taken a major step in reshaping the legal industry by allowing KPMG, one of the Big 4 accounting firms, to establish a law firm in the state. Historically, legal practice in the U.S. has been restricted by Model Rule 5.4, which prevents non-lawyers from partnering in law firms. However, Arizona eliminated this rule in 2021 to increase access to legal services, becoming the first state to do so. Now, KPMG Law US has been granted approval to operate as an independent legal entity, marking a significant shift in how legal and financial services may be integrated. KPMG’s legal…
Nedbank Group has posted a record profit, driven by higher fees and lower credit impairments, reinforcing its position as one of South Africa’s leading financial institutions. The bank reported an 8% increase in headline earnings, reaching R16.9 billion for the year. This impressive performance enabled Nedbank to declare a final dividend of R11.04 per share, bringing the total annual dividend to R20.75. The results come despite a slowdown in net interest income growth, which was impacted by the South African Reserve Bank’s 50 basis point cut in the benchmark interest rate during 2024. While interest income faced pressure, the surge…
Harmony Gold has rewarded its shareholders with a record interim dividend as the gold price rally continues to boost the miner’s financial performance. The company declared a dividend of 227 cents per share for the six months ending in December, significantly higher than the 147 cents declared in the previous year. This translates to a total dividend payout of R1.44 billion, reflecting the company’s strong cash generation. The rising gold price, which surged by 23% over the period, played a crucial role in boosting Harmony’s operating free cash flow by 46% to R10.39 billion. Despite economic uncertainties and production challenges,…
Discovery Holdings has delivered an impressive financial performance for the first half of its financial year, reporting a 34% rise in headline earnings to R4.27 billion. The group’s normalised profit from operations increased by 27% to R7.02 billion, driven by robust growth across its business units. The company’s embedded value surged to R120 billion, marking a 19% annualised return. Shareholders benefited from this strong performance, with Discovery declaring an interim dividend of 87 cents per share. While the UK economic climate remained challenging, the demand for private health insurance remained high, supporting steady business activity in that market. Meanwhile, in…