Santam, South Africa’s largest short-term insurer, more than doubled its interim profit for the six months ending in June, reaching R1.37bn. Key points Despite the struggling economy and a competitive local insurance market, Santam remains resilient but anticipates ongoing difficulties in the operating environment. Load-shedding and weather-related events have further increased the potential impact on claims. Nevertheless, Santam’s strong interim profit growth reflects its ability to navigate challenging conditions and maintain its position in the market.
Author: Staff Writer
Northam Platinum has sold its entire 3.3% stake in larger rival Impala Platinum (Implats), generating a total cash inflow of R3.1bn. Key points: RBPlat, formed as a joint venture between Anglo American Platinum and Royal Bafokeng Resources, will delist from the JSE after the completion of the deal. CEO Steve Phiri will step down from his position at RBPlat, marking the end of his decade-long tenure at the company. The tie-up between Northam Platinum and Implats represents a significant development for both companies, with Implats aiming to acquire competitive assets to further strengthen its position in the market.
Specialist engineering group Murray & Roberts (M&R) anticipates a more than 100% decline in earnings for the year ending June. M&R aims to focus on reducing debt, increasing liquidity, and operational efficiency while delivering projects to grow earnings from a pre-pandemic baseline. The company reported a net debt position of R2bn in March but maintains a healthy order book of R16bn. Due to debt levels, M&R does not anticipate declaring a dividend this year. The annual financial results for the year ending June 30 will be released on Wednesday. Despite the challenges ahead, M&R remains optimistic about its future prospects…
Zambia’s Minister of Technology and Science, Felix Mutati, has called on African countries to embrace Malawi’s ‘Data Must Fall Mantra’ to lower data costs and improve data accessibility across the continent.
The South African National Roads Agency (Sanral) has suspended its chief financial officer (CFO), Inge Mulder, and head of supply chain management, Inba Thumbiran, amid ongoing conflicts between management and the board over procurement policy.
Kenya ranks fourth in Africa in terms of fintech funding received, behind Nigeria, Egypt, and South Africa. The report indicates that payments and remittances, as well as lending and financing, continue to dominate the African fintech landscape, attracting the majority of investor interest. However, invest tech and personal finance have experienced significant growth in market share. Despite Kenya’s strong fintech presence, the country saw only one fintech startup acquisition during the review period, in contrast to South Africa and Nigeria. The report highlights the rapid growth of Africa’s fintech ecosystem, with projections indicating that sector startups could generate up to…
During the debut of Ford’s Mustang GTD in Carmel, California, CEO Jim Farley expressed the brand’s ambition to challenge and outdo Porsche’s racing Porsches with their own version of a high-performance coupe.
AdvTech, a JSE-listed private education provider, achieved impressive financial results for the period ending June 2023. The company experienced higher revenues, profits, and dividends, leading to a surge in its share price, reaching an all-time high and closing at R20.70 per share. This marks a significant increase of more than 25% in the past year and over 200% in the last decade. Key points: CEO Roy Douglas expressed optimism about AdvTech’s position to benefit from the growing demand for education, both in South Africa and the rest of Africa, and emphasized the company’s commitment to enhancing its resourcing footprint in…
Products & Services Bureau Ltd (PSB) has launched a digital platform called Tenderite to combat corruption and fraudulent practices in institutions.
Italtile reported a slump in performance for the year ending June 2023 due to deteriorating trading conditions and reduced consumer affordability for home-improvement projects.