'Relief rally' boosts Discovery - Business Day
Delivering the Discovery Group’s results for the six months to December 2016, CEO Adrian Gore said the group had more than R1 billion to fund new business growth. Spend on new initiatives fell 36% to R244 million, accounting for 7% of operating profit, which rose 13% to R3.4 billion.
Justin Floor comments.
Liberty puts on a brave face - Business Day
For the year to December 2016, Liberty’s normalised headline earnings fell 38.8% from the prior period to R2.5 billion, reflecting a 37% drop in operating earnings and a 42% decline in earnings from the shareholder investment portfolio. Justin Floor comments.
AngloGold lifts force majeure on Obuasi mines - Moneyweb
AngloGold Ashanti lifted force majeure on its Ghanaian Obuasi mine after the removal of thousands of illegal miners but said it was too early to determine the extent of damage to the loss-making, mothballed operation. The move is significant for AngloGold, which has said it could sell or redevelop the mine. It also cheered investors by saying it would resume dividends after returning to profit in 2016 thanks to a higher spot gold price and weaker currencies. Mandi Dungwa comments.
Investment drive rewards Mondi - Business Day
Mondi saw another solid performance for the year ended December 2016, pushing underlying operating profit up 3% to €981 million. Cash generated from operations of €1.4 million rose 10%. This reflected the international packaging and paper group’s €800m pipeline of expansionary capital investment. Completed major projects contributed €50m to underlying operating profit in 2016.
Dirk van Vlaanderen comments.
Adcock shares on up and up - Business Day
Adcock Ingram’s result for the six months to end-December revealed that the company became debt-free for the first time since 2011. The share had jumped 3.36% in midday trade as headline earnings per share shot up 49%. Turnover rose 11% to R3 billion as gross profit increased 11% to R1.1bn. The group declared a dividend of 63c per share. Aslam Dalvi comments.
Imperial 'on track' with profit - Business Day
Imperial Holdings says it is still on the road to doubling core profit from its rest-of-Africa businesses, but that it is taking longer than expected. Abdul Davids comments.
Woolworths banks on cosmetics as profits dip - Moneyweb
South African retailer Woolworths Holdings aims to double its market share in beauty products in its home market over the next three years. Simon Anderssen comments.
Amplats works towards dividend - Business Day
Amplats swung out of a deep loss in 2015, when financials were skewed by hefty one-off items, into profit in 2016 as it benefited from positive cash flows from all its mines for the second year running after three years of restructuring, asset sales and containing costs. Abdul Davids comments.