South Africa’s agricultural sector has achieved a record-breaking export milestone, with overseas sales climbing by 3% to nearly $14 billion (R258 billion) in 2024. This marks the sixth consecutive year of growth despite challenges such as a midsummer drought that impacted grain and oilseed production. According to a report by the Agricultural Business Chamber of South Africa (Agbiz), the country’s strong fruit harvest, livestock recovery, and carryover grain reserves from the previous season played a vital role in boosting exports. African countries remained the largest market, accounting for 44% of South Africa’s agricultural trade, followed by Asia and the Middle…
Author: Staff Writer
South Africans are being urged to stay vigilant as banking fraud reaches alarming levels, with criminals impersonating financial institutions through social media and fake mobile apps. Standard Bank has issued a strong warning about scammers creating fraudulent profiles and WhatsApp groups to trick customers into revealing sensitive information. A recent case involved a fake investment app, SBG SI Trader, which falsely claimed to be affiliated with Standard Bank and its securities division. Fraudsters use deception tactics to convince victims that their accounts are under threat, coercing them into providing login credentials, PINs, or one-time passwords (OTPs). These details are then…
South Africa’s National Health Insurance (NHI) scheme is facing a significant legal challenge from the Hospital Association of South Africa (HASA), representing major private healthcare providers such as Netcare, Life Healthcare, and Mediclinic. HASA argues that the NHI is unconstitutional and financially unsustainable, with no clear funding plan from the government. The group contends that the scheme’s implementation could result in a funding shortfall that threatens access to healthcare rather than improving it. Estimates suggest the NHI could cost an extra R200 billion per year, requiring substantial tax increases. However, even with these additional funds, per capita healthcare spending under…
RCL Foods has posted a strong set of half-year results, largely driven by impressive performances in its groceries and baking divisions. For the six months ending December 2024, revenue from continuing operations increased by 5.4% to R13.6 billion, while earnings before interest, tax, depreciation, amortisation, and impairments rose by 25.1% to R1.55 billion. Headline earnings per share (HEPS) from continuing operations surged by 38.8% to 109.4 cents. The company, which owns popular brands like Ouma Rusks, Selati Sugar, and Nola, declared a dividend of 20 cents per share. These results come despite challenging market conditions, with the business successfully navigating…
Santam, one of South Africa’s leading insurers, has reported a significant rise in annual profits despite facing substantial claims linked to extreme weather events. For the financial year ending December 2024, the company saw a 21% increase in insurance revenue, reaching R52.3 billion. Headline earnings per share (HEPS) surged by 51% to R34.77, while overall profit climbed to R4.35 billion from R3.38 billion in the previous year. The insurer attributed this performance to strategic underwriting actions, premium adjustments, and higher efficiency in managing claims. However, weather-related catastrophe claims amounted to R748 million, highlighting the growing impact of climate-related risks on…
Over the past couple of years, a string of companies have been booted off from the Johannesburg Stock Exchange (JSE) for a number of reasons. From big names to small players, these firms have left investors in the dark—and the JSE isn’t happy. To date, nine culprits stuck in suspension limbo, and now AYO Technology Solutions has joined the club after missing its latest annual report deadline on February 26, 2025. Here’s the rundown of the 10 companies currently on the JSE’s naughty step for delayed financials.
South Africa’s President Cyril Ramaphosa is eager to strike a wide-ranging deal with the US to boost trade and diplomacy, as tensions grow between the two nations. Speaking at a Goldman Sachs event, he made it clear he’d rather focus on a solid agreement than defend South Africa’s actions. Ties soured after Trump stopped nearly all US aid, upset over new land policies and South Africa’s stance against Israel in a global court. This move left a R7.5 billion gap in the country’s HIV programs. Ramaphosa stressed that in today’s linked world, both sides need to work together, even if…
Negotiations surrounding South Africa’s 2025/26 budget remain tense, with the Treasury moderating its proposed VAT increase to 0.75 percentage points. However, the DA remains steadfast in its opposition to any VAT hike. Discussions also involve potential adjustments to the fuel levy and tax band compensations. A key point of contention is a DA proposal for a Government Employees Pension Fund (GEPF) payment holiday, which could provide over R60 billion in one-time relief. While this addresses the 2025/26 funding gap, it doesn’t offer a permanent funding solution. The Treasury, seeking to fund recurring expenditures like public servant salaries and social grants, faces the…
Ayo Technology Solutions has been suspended from trading on the JSE due to its failure to publish its annual report for the year ending August 2024. This suspension is the latest challenge for the company, which is part of Iqbal Survé’s Sekunjalo group. Ayo’s share price has plummeted to 40 cents, a significant drop from its 2017 peak of R45. Ayo CEO Amit Makan expressed regret over the suspension but assured stakeholders of the company’s commitment to transparency. He attributed the delay to the need for an external quality review process, which is being conducted by their auditors, Crowe JHB Inc. Ayo…
Rolls-Royce shares soared to a record high, surging 15%, after the company announced increased midterm targets and a £1 billion share buyback. The company’s strong results, driven by improved engine performance and cost-cutting measures, exceeded expectations. This positive performance reflects the successful turnaround strategy implemented by CEO Tufan Erginbilgic. The company also reinstated its dividend, declaring 6 pence per share after a five-year hiatus. Rolls-Royce has accelerated its progress, achieving its previous midterm targets two years ahead of schedule. The company now forecasts midterm underlying operating profit of £3.6 billion to £3.9 billion. Profit for the current year is expected…