
<p>KAMPALA, May 3 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s largest telecommunications firm MTN Uganda&nbsp;MTNU.UG&nbsp;said on Tuesday its first-quarter pretax profits jumped by a fifth from the same period of last year, partly boosted by higher data sales.</p>



<p>In the first three months of this year the firm&#8217;s pretax profit rose 20.2% to 143.7 billion shillings ($40.65 million) from the same quarter in 2021, as revenue from internet connection data ballooned 45% to 115.6 billion.</p>



<p>&#8220;We continued to drive digital inclusion and affordability by reducing the price of our lower-tier internet bundle packages,&#8221; the firm said in commentary accompanying the results.</p>



<p>MTN Uganda, which is majority owned by South Africa&#8217;s MTN Group&nbsp;MTNJ.J, listed its shares on the Uganda Securities Exchange (USE) in December after a deeply undersubscribed initial public offering.</p>



<p>Last year, MTN Uganda reported a 6.6% jump in pretax profit compared with the previous period, helped by higher data sales and faster uptake of its fintech services. In Uganda it chiefly competes with a local subsidiary of India&#8217;s Bharti Airtel&nbsp;BRTI.NS.</p>



<p>MTN Uganda said the outlook for its business was difficult, clouded partly by the global economic consequences of the war in Ukraine.</p>



<p>&#8220;Recent macroeconomic developments point to a more challenging trading environment for our business,&#8221; it said.</p>



<p>&#8220;Higher inflation of essential commodities and fuel has been exacerbated by the war in Ukraine, which is also putting pressure on supply chains.&#8221;</p>



<p>($1 = 3,535.0000 Ugandan shillings)</p>


UGANDA-TELECOMMUNICATION-FINE-BUSINESS

MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales￼

<p><iframe loading="lazy" src="https://www.youtube.com/embed/EKUhrPRO74Y" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Standard Bank has reported a 52 per cent rise in headline earnings per share, year-on-year, for the six months ended June. The numbers reflect recovery trends; with client demand and activity improving, and credit charges declining. As a result, the group has declared an interim dividend. Sim Tshabalala, CEO at Standard Bank joins CNBC Africa for more&#8230;.</p>


Standard Bank CEO discusses company’s half-year performance

Standard Bank CEO discusses company’s half-year performance, growth opportunities

<p><iframe loading="lazy" src="https://www.youtube.com/embed/0mpBlgAZfi8" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Boosted by the higher gold price, Gold Fields has more than doubled its earnings, for the six months ended June. As a result, the company has declared an interim dividend. The gold miner has also maintained its production and cost guidance for the full year. Gold Fields CEO, Chris Griffith joins CNBC Africa for more&#8230;.</p>


Gold Fields interim HEPS more than double

<p>Royal Bafokeng Platinum reported a 446 per cent jump in headline earnings per share, for the six months ended June.  The company’s earnings were supported by strong metal prices and growth in the business. Royal Bafokeng Platinum CEO, Steve Phiri spoke  to  CNBC Africa&#8217;s Zinathi Gquma.</p>



<p><em>Full interview transcript below:</em></p>


		
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<p><strong>Steve Phiri&nbsp; </strong>00:00</p>



<p>Yes, thanks. Thanks very much. Well, really, it&#8217;s, it&#8217;s amazing isn&#8217;t it that you come with a set of results, and the market seems not to like the results. But the last thing as a CEO and as management is to try to read the market, especially the performance of the share price on a particular day, because then you become an analyst, and you start speculating what the reasons are, when the positives are there to judge and the negatives are hidden somewhere. So I really don&#8217;t know. However, with the few people that have spoken to me as a data magnet, they expected us to pay 100% of free cash flow, just like our pure Anglo Platinum date. So for me, I&#8217;m not disappointed Actually, I&#8217;m excited that a small company like ours, is be packed in the same bracket as Anglo platinum. And therefore, we are expected to punch above our weight, and we&#8217;re up for a challenge. But there is nothing negative about the results, nothing negative about what we paid. We paid 50% of free cash flows. And we sitting again, on on a on an ice by far this is an intern was out. And we already said that we paying an interim result, I mean dividend and on a full year basis that will be reviewed, so that it reflects a full year dividend itself. So if somebody pays 100%, I don&#8217;t need to pay 100%. Each company differs from another based on the circumstances and what faces the company going forward. But the fundamentals in the business are quite strong. And we look forward to even stronger second half of the year, even a better dividend for the full year.</p>



<p><strong>Zinathi Gquma&nbsp; </strong>01:45</p>



<p>You talk about not punching above your weight as the millennials and Gen Z does say, stay in your lane. But just looking at that.</p>



<p><strong>Steve Phiri&nbsp; </strong>01:56</p>



<p>We are trying to punch above our weight and we enjoy this punching above our weight because it&#8217;s good to be compared with the best. You don&#8217;t want to be the best amongst the poor. Yeah.</p>



<p><strong>Zinathi Gquma&nbsp; </strong>02:10</p>



<p>And just looking at that interim dividend that you paid 1.5 billion Rand made an interim dividend. I mean, What message does this send to your shareholders about future returns?</p>



<p><strong>Steve Phiri&nbsp; </strong>02:24</p>



<p>Well, the message should say like our full year dividend in March this year, the message is say this company is on an upward trajectory, there is stability coming through, and they can look forward to good performing sustainable business so far as dividends is a concern. So it&#8217;s investable very much. So,</p>



<p><strong>Zinathi Gquma&nbsp; </strong>02:47</p>



<p>of course, as expected from a platinum mining company, those earnings largely driven by the higher PGM prices. We have seen recently those PGM prices pulling back a bit. In your view, do you think that that&#8217;s a temporary move? Or could we see a more permanent pullback in those PGM prices?</p>



<p><strong>Steve Phiri&nbsp; </strong>03:09</p>



<p>While we did know that these prices will pull back, but to what extent do they pull back? And what what is the danger zone of pulling back at this stage, the prices are still good, there&#8217;s still a very big room for a very big margin. And, and the name of the game now is to control the cost and remain profitable. And even at this level, even lower levels will remain profitable. Yeah. But those big tries not stay forever at those levels.</p>



<p><strong>Zinathi Gquma&nbsp; </strong>03:41</p>



<p>Yeah. And in that scenario, where those prices do pull back on a more permanent basis, how are you going to make sure that you keep the momentum into the future? Our market analyst actually did note the high the high jump in your EBITDA. And he was also concerned or he was asking if you can keep this momentum going into the second half of the financial year.</p>



<p><strong>Steve Phiri&nbsp; </strong>04:09</p>



<p>Yeah, through operational efficiencies, and we are working quite hard on operational efficiency efficiencies, so that we keep healthy margins and we can live with even lower prices, any business that does not survive in poor pricing environment, it does not belong to be in that in that sector itself. So if you can survive poor operating and pricing environment, then you will thrive in in in good times to come. And we have proven that even in the past when prices were so low, and we are building a project of 13 billion plus we survived and that&#8217;s where we are now and we are ramping up into a very good, good pricing environment. So yeah, you have to survive in bad times.</p>



<h3 class="wp-block-heading" id="h-read-anglo-american-pays-out-record-4-1-bln-to-shareholders-for-first-half"><a href="Read: Anglo Earnings"><strong>Read: </strong></a><a href="https://www.cnbcafrica.com/2021/anglo-american-pays-out-record-4-1-bln-to-shareholders-for-first-half/"><strong>Anglo American pays out record $4.1 bln to shareholders for first half</strong></a></h3>



<p></p>


		
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Key Speakers At South Africa’s 2017 Mining Indaba

Royal Bafokeng Platinum delivers blowout quarter supported by strong metal prices

<p><iframe loading="lazy" src="https://www.youtube.com/embed/wt4V9mCAyKM" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Omnia has reported a 154 per cent  jump in headline earnings per share for the year ended March. This is from the prior comparable period. Throughout the Covid-19 pandemic, the chemicals group continued its delivery of essential services. Omnia has returned over R1 billion to shareholders through dividends. Omnia CEO,  Seelan Gobalsamyjoins CNBC Africa for more&#8230;.</p>


Omnia delivers full-year earnings surge


<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1137319123-820x536.jpeg" alt="" class="wp-image-398225" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1137319123-820x536.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1137319123-300x196.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1137319123-768x502.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1137319123-1536x1003.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1137319123-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A worker scans the barcode of a stock item ready to pack and dispatch inside a Jumia Technologies AG distribution warehouse in Lagos, Nigeria, on Friday, April 12, 2019. Jumia shares soared by 75 percent on their first day of trading in New York, as investors rushed to buy into the companys plans to extend online shopping services across Africa. Photographer: George Osodi/Bloomberg via Getty Images</figcaption></figure>



<p>LAGOS, Feb 24 (Reuters) &#8211; African e-commerce giant Jumia said on Wednesday its cost cuts helped it reduce fourth quarter losses by 47% from a year ago as revenues continue to slide, showing that its path to profitability was on course.</p>



<p>Jumia, the first Africa-focused tech start-up to list on the New York Stock Exchange, is selling fewer expensive one-off products such as electronics and focusing on cheaper but frequently ordered items like beauty and cleaning supplies. It is also cutting fulfilment and advertising costs.</p>



<p>Revenue slid to 41.8 million euros in the fourth quarter, down from 49.3 million euros in the 2020 period. But Jumia reduced its adjusted loss in earnings before interest, taxes, depreciation and amortization (EBITDA) to 28.3 million euros.</p>



<p>Co-CEO and founder Jeremy Hodara said this proved the company&#8217;s strategy was paying off.</p>



<p>&#8220;We grew where we wanted to, and very efficiently,&#8221; Hodara said.</p>



<p>For the full year, revenue slid nearly 13%, to 139.6 million euros and adjusted loss EBITDA fell by 34.5% to 149.2 million euros.</p>



<p>Jumia outlined long-term hopes of expanding into new markets, including Ethiopia, the Democratic Republic of Congo and Angola, and said that payment platform JumiaPay and Jumia Logistics could be spun off.</p>



<p>But Hodara said no such plans would be considered until the company became profitable.</p>



<p>&#8220;We have to make sure that Jumia is a business that can make money,&#8221; Hodara said.</p>



<p>Jumia&#8217;s share price was steady around $48 at 1550 GMT, having gyrated dramatically since its listing at $14.50 on April 26 2019, valuing the firm at $1.1 billion. It hit a peak of $49.77 shortly after listing but later plunged close to $2 a share after a negative short seller report.</p>



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<p>In December 2020, the company raised €203 million in a primary offering.</p>



<p>Last year it also exited three countries and closed its travel unit to focus on profitability. ($1 = 0.8244 euros) (Reporting By Libby George;Editing by Elaine Hardcastle)</p>



<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html</p>


Jumia Surges On U.S. Debut As Africa’s Amazon Goes Public

African online retailer Jumia’s losses narrow after cost cuts


<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-820x547.jpeg" alt="" class="wp-image-398112" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Lesetja Kganyago, governor of South Africa&#8217;s reserve bank, pauses during a news conference on the closing day of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 24, 2020. | <strong>Gem Atkinson/Bloomberg via Getty Images</strong></figcaption></figure>



<p>By Emma Rumney</p>



<p>JOHANNESBURG, Feb 23 (Reuters) &#8211; At least two of South Africa&#8217;s major banks are likely to declare dividends after the central bank last week eased guidance on payouts, analysts and investors said.</p>



<p>The South African Reserve Bank had in April advised banks not to pay dividends or bonuses to preserve capital during the coronavirus crisis, prompting lenders to put distributions on hold even as some signalled they had adequate resources to pay.</p>



<p>The move will have left bank boards scrambling to make a decision just ahead of their financial results, with lender FirstRand for instance left with just over a week before it is due to report.</p>



<p>But analysts and investors told Reuters that at least two of the country&#8217;s big four lenders, and perhaps all of them, will ultimately opt to pay out.</p>



<p>David Talpert, analyst at Avior Capital Markets, said Standard Bank and FirstRand were the best positioned to declare a dividend because they had more capital.</p>



<p>Standard Bank already said last year it was discussing a possible dividend declaration in March with the SARB. Another lender, Investec , opted to declare a dividend in November despite the guidance.</p>



<p>&#8220;We expect Absa and Nedbank to hold off on dividends until the second half of the year, as while their&#8230; capital levels are well above regulatory minimums, they are at the end of their internal target ranges,&#8221; Talpert added.</p>



<p>A top investor who asked not to be name agreed with his view, but said all four could make a payment.</p>



<p>FirstRand and Nedbank declined to comment. Standard Bank, Absa, and Capitec had no immediate comment or did not immediately respond to requests.</p>



<p>South Africa&#8217;s banks have all suffered as hefty provisions for bad debts carved a chunk out of profits, but their capital levels remained robust and many say the credit situation is improving.</p>



<p>The SARB said in its guidance banks should consider a number of factors, including current and projected capital levels, internal targets and future risks, when making dividend decisions to ensure they have enough capital to support the economy amid high uncertainty.</p>



<p>Stuart Theobald, chairman of Intellidex, said he expected all big four banks to declare a payout, with lenders keen to protect the investment case for their shares.</p>



<p>&#8220;I expect, however, that (the payouts) will be less than their historic dividend policies as banks will need to be cautious in the face of the lingering uncertainties over the pandemic.&#8221; (Reporting by Emma Rumney; Editing by Jan Harvey)</p>



<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html</p>


Closing Day Of The World Economic Forum (WEF) 2020

At least two S.African banks likely to pay dividends after Central Bank eases guidance

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-820x547.jpeg" alt="" class="wp-image-397971" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-768x513.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Emissions rise from towers at the Sasol Ltd. Sasol One Site in Sasolburg, South Africa, on Wednesday, Aug. 7, 2019. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, February 22 (ANA) – Integrated energy and chemical company Sasol said on Monday its headline earnings per share increased by more than 100 percent to R19.16 (US$1.29) in the six months ended December compared with the same period the previous year.</p>



<p>Sasol said despite a 23 percent decrease in the rand/barrel oil price, its adjusted earnings before interest, taxes, depreciation and amortisation decreased by only six percent.</p>


		
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<p>“This achievement is as a result of a strong cash cost, working capital and capital expenditure performance in response to the challenging environment,” it said.</p>



<p>The company said it had decided not to pursue a rights issue given the current tough macroeconomic outlook and the significant progress made on its response plan initiatives.</p>



<p>While cash flows were impacted by low crude oil prices, softer chemical prices, plant downtime and the impact of Covid-19, its cash conservation initiative and asset divestment programme enabled the company to repay approximately R28 billion (US$1.9 billion) of debt.</p>



<p>“Given our current financial leverage and the risk of a prolonged period of economic uncertainty, the board believes that it would be prudent to continue with the suspension of dividends,” Sasol said.</p>



<p>“We expect the balance sheet to regain flexibility following the implementation of our comprehensive response plan strategy.”</p>



<p>Last Friday Sasol approved the final investment decision on the Mozambique Production Sharing Agreement (PSA) license area, a project estimated to cost US$760 million.</p>



<p>On Monday, it said the project would entail Mozambique in-country monetisation of gas through a 450 megawatt gas-fired power plant and a liquefied petroleum gas facility in the same time frame.</p>



<p>“The balance of the gas produced will be exported to South Africa to sustain our operations,” said Sasol.</p>



<p>“The PSA development underpins Sasol’s gas transformation strategy by securing additional gas supply from southern Mozambique into Sasol’s gas value chain starting 2024 and serves as a cornerstone in addressing Sasol’s sustainability agenda.”</p>



<p>– African News Agency (ANA), Editing by Stella Mapenzauswa</p>

Sasol Ltd.’s South Africa Plants Threatened By Emission Standards

Sasol Interim Earnings More Than Double

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-453523122-820x547.jpeg" alt="" class="wp-image-397850" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-453523122-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-453523122-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-453523122-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-453523122-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-453523122-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Pedestrians pass a window display of mannequins at a Truworths International Ltd. fashion store in Sandton, South Africa, on Tuesday, Aug. 12, 2014. | <strong>Dean Hutton/Bloomberg via Getty Images</strong></figcaption></figure>



<p>JOHANNESBURG, Feb 19 (Reuters) &#8211; South Africa&#8217;s Truworths International is entering the highly competitive budget clothing market with a new brand to be launched in 15 stores, looking to adapt to changing shopping habits since the emergence of the novel coronavirus.</p>



<p>The global apparel industry is reeling from a punishing 2020, when shops were forced to close to prevent the spread of the virus and consumers switched formal dresses for sweat pants. Shoppers also prioritised essentials over clothes.</p>


		
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<p>The move will help attract young, casual yet fashionable, but on a budget, shoppers into Truworths&#8217; stable of high priced formal and glamorous clothing brands.</p>



<p>Announcing details of Truworths&#8217; many new store concepts and brands at a results presentation, group CEO Michael Mark told analysts that the aspirational value-brand, to be called Primark, &#8220;won&#8217;t be at a low margin. We&#8217;re an aspirational business and we prefer higher margins.&#8221;</p>



<p>Truworths Primark brand has no connection to UK&#8217;s AB Foods&#8217; Primark.</p>



<p>The 15 stores will be launched in the next three or four months and the brand is &#8220;strategically aligned with suppliers that can react and respond with short lead times,&#8221; he said.</p>



<p>South African fashion retailers are trying to improve their ability to quickly deliver batches of the latest designs to consumers by producing clothes locally, at a time when retailers are struggling to adapt to changing shopping habits.</p>



<p>In a sign of how retailers are adapting to changing lifestyles in the COVID-19 pandemic, the owner of Identity clothing brand and Earthchild kids brand is also potentially exploring an athleisure brand.</p>



<p>&#8220;We would always see it be fashion orientated rather than very performance orientated but that&#8217;s a work in progress,&#8221; Truworths Africa Deputy Managing Director Sarah Proudfoot said.</p>



<p>Even as Truworths is planning to launch new young shopper-focused and casual brands in the next few months, Mark does not believe that the casual wear trend is here to stay because people will return to offices, attend functions and entertain again.</p>



<p>&#8220;My view is that the trend towards casual wear is a very powerful one but we doubt it&#8217;s permanent. It doesn&#8217;t mean smart, structured formal wear and glamour wear is finished forever, never, it just might not come back so fast,&#8221; he added.</p>



<p>Truworths reported a 7% decline in half-year headline earnings per share on Thursday. (Reporting by Nqobile Dludla; editing by Grant McCool)</p>



<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html</p>

Retail At South Africa’s Third-Largest Clothing Retailer Truworths International Ltd.

South African retail group Truworths to enter budget clothing market with 15 stores

<p>JOHANNESBURG, Feb 15 (Reuters) &#8211; Shoprite Holdings Ltd said on Monday its profits for the half year that ended Dec. 27 will be higher by between 12.5% and 22.5% compared with the same period a year ago.</p>
<p>Adjusted basic headline earnings per share (HEPS) &#8211; the main measure of corporate profit in South Africa &#8211; will be between 400.1 cents ($0.2762) and 435.7 cents, the company said, driven mainly by sales in its local market.</p>
<p>Home market sales, which account for over three quarters of the company&#8217;s total sales, grew by 5.6% for the half year, said Shoprite, the country&#8217;s largest retailer by market capitalisation.</p>
<p>The biggest sales driver was Shoprite&#8217;s furniture business, comprising OK Furniture and House &amp; Home, where sales increased by 15.7% from the year ago period.</p>
<p>South African retailers, suffering even before the coronavirus had hit the country, got a fresh lease of life last year when consumers showed a renewed interest in furniture and home ware products as people started spending more time at home.</p>
<p>Shoprite did not say if the trend was sustainable.</p>
<p>Sales from Checkers and Checkers Hyper &#8211; Shoprite&#8217;s retail outlets aimed at bigger cities &#8211; reported sales growth of 11.1%., the company said.</p>
<p>Shoprite will announce first-half results on March 16.</p>
<p>($1 = 14.4854 rand) (Reporting by Promit Mukherjee. Editing by Jane Merriman)</p>
<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html</p>
<p>&nbsp;</p>
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Inside A Shoprite Holdings Ltd. Supermarket

Retailer Shoprite sees half-year profits growing by up to 22.5%

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<p>Releasing its interim results this morning, Vodacom has reported a rise of 15.7 per cent in headline earnings per share. The company added 4.1 million customers, to serve a combined 120 million customers across the group. Vodacom declared an interim dividend of 415 cents per share up 9.2 per cent. Vodacom CEO, Shameel Joosub joins CNBC Africa for more.</p>


Vodacom reports 15.7% jumps in H1 earnings as pandemic boosts growth

Vodacom reports 15.7% jump in H1 earnings as pandemic boosts growth

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<p>Cartrack has reported solid results amid the COVID-19 crisis as it more than quadrupled its interim dividend and a 21 per cent increase in its headline earnings per share. The group’s South African services saw an increase in subscription revenue growth of 17 per cent and its revenue grew 16 per cent to R1.08 billion. Cartrack CEO, Zak Calisto joins CNBC Africa for more.</p>


Cartrack impresses with solid H1 earnings. Here’s how the business navigated COVID-19 headwinds


<p>JOHANNESBURG, Aug 17 (Reuters) &#8211; South African petrochemicals group Sasol reported an annual loss on Monday, hit by a writedown of 111.6 billion rand ($6.43 billion) and a drop in oil and chemical prices due to the coronavirus outbreak.</p>



<p>The world’s top producer of motor fuel from coal reported a loss of 91.3 billion rand for the full year ended June 30, compared with earnings of 6.1 billion rand in the prior year.</p>



<p>But core headline earnings per share, the primary profit gauge in South Africa that strips out certain once-off items, fell 61% to 14.70 rand ($0.85) for the year from 37.65 rand a year earlier.</p>



<p>Sasol said earnings were severely impacted by a collapse in oil prices and the economic impact of COVID-19 in the second half of the year despite good production and higher oil prices in the first half of the year.</p>



<p>The company said it recorded impairments of 111.6 billion rand, with 72.6 billion rand related to its base chemicals business and 38.8 billion rand related to other assets mainly in South Africa.</p>



<p>Earnings were further impacted by 3.9 billion rand in depreciation charges and 6.0 billion rand in finance charges for the year as its Lake Charles Chemicals project (LCCP) units reached beneficial operation, Sasol said.</p>



<p>Investors have been concerned by the company’s debt, largely due to delays and cost overruns at LCCP in Louisiana, that forced its former joint chief executive officers to resign in a bid to restore shareholder confidence.</p>



<p>Sasol said total debt for the year stood at 189.7 billion rand, compared with 130.9 billion rand a year earlier.</p>



<p>The petrochemical firm said it would continue to suspend dividends to protect liquidity amid ongoing economic uncertainty.</p>


oil-rig-industry-oil

Africa’s Sasol swings to $5.3 bln annual loss on lower oil prices, write down

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<p>Peregrine Holdings reported a 15 per cent increase its assets under management to R142 billion, while the group’s profit for the year slumped by 37 per cent to R328 million. The company has not declared a final dividend and expects markets volatility to last between 6 and 12 months. Peregrine Group CEO, Robert Katz joins CNBC Africa for more.</p>


COVID-19: Peregrine Group CEO on how to look at the FY numbers

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<p>Hospitality Group Tsogo Sun Hotels reported a 31 per cent plunge in full year headline earnings per share, with Covid-19 resulting in demand from international tourist retracting in the fourth quarter, due to global lock-downs.</p>


Tsogo Sun Hotels FY profits plunge

Tsogo Sun Hotels FY profits plunge, COVID-19 lock-downs weigh

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<p>Nampak swung to a half year loss of R2.4 billion as revenue plunged and it impaired its Angola and Nigeria assets by R3 billion, which is four times its market value. The also warned that future profits were in South Africa were at risk from the ban on alcohol sales due to Covid-19 lock-downs. Nampak CEO, Erik Smuts joins CNBC Africa for more.</p>


Nampak swings into H1 loss

Nampak swings into H1 loss, suffers R3bn impairment


<p>Report by Catherine Clifford</p>



<p>Twitter and Square co-founder and CEO <a href="https://www.cnbcafrica.com/news/2020/04/08/twitter-ceo-jack-dorsey-pledges-1-billion-of-square-stake-for-covid-19-relief-efforts/">Jack Dorsey</a> is worth $4.9 billion, according to Forbes.</p>



<p>But the 43-year-old college drop-out says he plans to give away all of his money within his lifetime.</p>



<p>Why?&nbsp;</p>



<p>“I live by the principle of everything is connected, so if someone is in pain, I’m in pain, ultimately, over time,” Dorsey told former Democratic presidential hopeful and universal basic income advocate Andrew Yang on an episode of the “Yang Speaks” podcast published Thursday.</p>



<p>“I want to make sure that I’m doing whatever I can in my lifetime to help that through my companies’ works, through my own personal giving,” Dorsey told Yang.&nbsp;</p>



<p>On April 7, pledged (on Twitter, of course) to transfer $1 billion worth of his shares of Square to fund a combination of <a href="https://www.cnbcafrica.com/videos/2020/05/21/covid-19-working-from-home-presents-new-cyber-security-challenges-for-firms/">Covid-19</a> relief efforts, universal basic income and support for girls’ health and education. At the time, that was approximately 28% of his net worth.</p>



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">I’m moving $1B of my Square equity (~28% of my wealth) to <a href="https://twitter.com/hashtag/startsmall?src=hash&amp;ref_src=twsrc%5Etfw">#startsmall</a> LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: <a href="https://t.co/hVkUczDQmz">https://t.co/hVkUczDQmz</a></p>&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1247616214769086465?ref_src=twsrc%5Etfw">April 7, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>“I’m in a situation that I never imagined when I was a kid or [even] when I was 25,” Dorsey told Yang. “I didn’t have any aspect of what money would mean until I was, probably 35.” (Dorsey’s first appearance on the Forbes billionaires list was in 2012.) </p>



<p>“I’m so grateful, but part of gratitude is not just saying I’m grateful, it’s doing,” Dorsey told Yang.&nbsp;</p>



<p>For Dorsey, that means giving his money to worthy causes.&nbsp;</p>



<p>“I want to give out all my money in my lifetime. I want to see the impacts, selfishly, in my lifetime,” Dorsey told Yang. “I want to make sure that we’re helping people.”</p>



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<iframe loading="lazy" title="Jack Dorsey breaks down the future of tech  w/ Andrew Yang" width="500" height="281" src="https://www.youtube.com/embed/qkt-iphB40U?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<p>Dorsey is publicly tracking his $1 billion donation via a Google Document. Because the contribution is in stock and the value of the stock has increased, the donation is currently worth more than $1.5 billion, according to the Google Doc. So far, $200 million of the stock has been liquidated into cash for dispersal, Dorsey said.</p>



<p>As of Thursday, Dorsey has distributed a bit more than $85 million, according to the Google Doc.</p>



<p>The unconventional tech billionaire did not want to start a foundation because he doesn’t want to pay the overhead expenses involved with running a philanthropic organization, he told Yang.&nbsp;</p>



<p>Giving away his money feels good, Dorsey says, in the same way that creating Twitter and Square and seeing the tech tools being used for the first time feels good.</p>



<p>“When you build something like a Twitter or Square, the greatest value is actually seeing someone else use it. That’s what drives us. It feels electric,” Dorsey said. “The first time we saw tweets from Iran, it felt electric. It felt amazing.” And it felt just as amazing when his mom texted him to tell him that the coffee shop she goes to in St. Louis had started using Square.</p>



<p>“That electricity that I feel in those moments is the same that I’m feeling right now when I give and when I know that these organizations that we’re giving to are focused on real impact and doing things that are bigger than all of us and especially me,” Dorsey told Yang.&nbsp;</p>



<p>One of those organizations is Yang’s. Dorsey dispersed $5 million to Yang’s Humanity Forward initiative, an organization which advocates for the benefits of universal basic income. That money will be given in $250 microgrants to those in need, Yang said.</p>



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Here’s our podcast talking about it and a few other things: <a href="https://t.co/x90i2I89No">https://t.co/x90i2I89No</a></p>&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1263459839360897024?ref_src=twsrc%5Etfw">May 21, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/05/21/twitter-ceo-jack-dorsey-on-giving-away-his-billions.html">https://www.cnbc.com/2020/05/21/twitter-ceo-jack-dorsey-on-giving-away-his-billions.html</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


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Earnings

MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales￼

Standard Bank CEO discusses company’s half-year performance, growth opportunities

Gold Fields interim HEPS more than double

Royal Bafokeng Platinum delivers blowout quarter supported by strong metal prices

Omnia delivers full-year earnings surge

African online retailer Jumia’s losses narrow after cost cuts

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Retailer Shoprite sees half-year profits growing by up to 22.5%

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Cartrack impresses with solid H1 earnings. Here’s how the business navigated COVID-19 headwinds

Africa’s Sasol swings to $5.3 bln annual loss on lower oil prices, write down

COVID-19: Peregrine Group CEO on how to look at the FY numbers

Tsogo Sun Hotels FY profits plunge, COVID-19 lock-downs weigh

Nampak swings into H1 loss, suffers R3bn impairment

Here’s why Twitter billionaire Jack Dorsey wants to give all his money away

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MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales