After successfully unbundling its food services business and listing it as Bid Corporation (Bidcorp) on the JSE, industrial conglomerate Bidvest Group is gunning for bolt-on acquisitions and further expansion into international markets. Dirk van Vlaanderen comments. View article
Upmarket food and clothing retailer Woolworths will focus on bringing its prices down in certain categories after it forecast another hellish year for consumers. While the company targets high-end consumers, even they are feeling the effects of a weaker rand and high interest rates. Simon Anderssen comments.
Sun International is two thirds of the way through a gigantic programme of global expansion, corporate renewal and portfolio streamlining. Positive results seem just around the corner, but a plethora of risks facing the business may cause further bumpiness along the road. Dirk van Vlaanderen comments. View article
Metair, the battery and automotive component maker, grew revenue 13.7% to R4 billion for the six months to June, but the costs of supporting a new model launch by dominant customer Toyota halved profits in the period. Simon Anderssen comments. View article
Although it saw a 16% rise in credit impairments for the six months to June, Standard Bank has not burnt its fingers on home loans, unlike rivals that reported results recently. Meyrick Barker comments.
Mpact, the diversified JSE-listed packaging maker that was spun out of Mondi five years ago, posted mixed results in the six months to June. This came as a couple of dismal trading updates in past months spooked the market. Dirk van Vlaanderen comments.
Massmart’s share price was hit by profit-taking after the retailer released an interim trading statement, in which it said earnings were expected to grow strongly despite a marked slowdown in the local economy. Dirk van Vlaanderen comments. View article
Old Mutual’s first half profits declined for the first time in five years, burned by significant once off items. Rand weakness relative to the first half of 2015 hurt profits but, even on a constant currency basis, pretax adjusted operating profits fell 9% to £708m for the six months to June. Justin Floor comments.
Mondi continued its strong financial performance across all of its key metrics in the six months to June, with underlying operating profit of €529m rising 8% on the same period in 2015. Dirk van Vlaanderen comments.
If Anglo American doesn’t want to keep Kumba Iron Ore, why should any other investors want it? At Kumba’s interim results last week, outgoing CEO Norman Mbazima reiterated the reasons Anglo American CEO Mark Cutifani had previously given for selling Kumba, which related to the nature of the assets and the long-term fundamentals for iron ore. Abdul Davids comments. View article
Barclays Africa, whose Absa bank is SA’s second-largest retail home loan provider, has reported a 77% surge in soured home loans – the first large bank to put a number on rising mortgage arrears as high interest rates make it increasingly difficult for households to afford their loan repayments. Meyrick Barker comments.
MTN SA will spend more than R300 million on a revamp of its 430 stores as part of a turnaround plan for the business, which reported weaker results for the six months to June. The aim is to digitise the stores to enable customers to do self-service, and to respond faster to queries. Aslam Dalvi comments. View article