Cape Times 2023-11-14

SHOPRITE Holdings’ sales at a group and core South African Supermarkets segment level increased 18.6% and 19.9% respectively in the quarter to September 30, well ahead of selling price inflation and the market as a whole. Africa’s biggest grocery store group said in an update yesterday that the elevated level of sales growth was influenced by reporting against trade impacted by the July 2021 social unrest. “The group continues to raise the bar in pursuit of delivering the lowest prices, unmatched availability and market-leading innovation. “Ably supported by the expertise embedded across our supply chain, our trading divisions have begun the execution of our festive season plan to provide our 28.5 million Xtra Savings customers with unsurpassed value and incredible ranges,” the update said yesterday. At Supermarkets RSA, the…

AECI AIMS TO double the profitability of its core mining and chemicals business by 2026 and become a global top three integrated mining explosives and chemicals solutions provider by 2030. The ambitions were laid out at a recent capital market day, where AECI CE Holger Riemensperger announced a revised strategy, which aims to extract value from its underlying operations. Businesses deemed non-core in the new strategy – Much Asphalt, Animal Health, Schrim, Sans Fibers and Bever- age – would be exited over a period. AECI is a diversified chemicals solutions company employing 7 168 people at more than 100 sites, with a presence in 22 countries. “AECI is more than a business. It is a South African institution. At our core, we enable safe mining operations. “While some synergies…

Clarification about AgriBEE requirements for agricultural exports issued THE DEPARTMENT of Agriculture, Land Reform and Rural Development (Dalrrd) would continue to ensure all farmers enjoy access to EU and UK markets, according to the department’s Minister, Thoko Didiza. Yesterday, the government issued a statement in which it said it was clarifying incorrect views about the AgriBEE requirements for agricultural exports to the EU and UK. It said the department had recently published two gazettes outlining the procedure for exports from the Southern African Customs Union and Mozambique to the EU and the UK, respectively, to take advantage of preferential tariff rate quotas for certain agricultural and agro-processed products. “The weekend newspapers misrepresented the government’s message about the procedure and annual application for export permits to the EU and UK markets,”…

SOUTH African markets yesterday shrugged off the impact of the US credit ratings downgrade, with stocks edging higher while the rand remained stable. Moody’s Investor Services on Friday cut the US credit outlook to negative from stable, prompted by a rise in downside risks to the the world’s largest economy’s fiscal strength as the US has a debt burden of $33.6 trillion. The JSE All Share Index rose 0.7% higher to 71 890 points yesterday, tracking global peers ahead of key inflation data releases due this week, including US inflation and unemployment rate and retail sales for South Africa. On the corporate front, the JSE was buoyed by mining stocks with Harmony Gold leading the pack at 8% higher to R91.27 per share followed by resource-linked firms…

HARMONY Gold Mining Company surged 8.04% to close at R91.27 on the JSE yesterday, after reporting a 17% increase in gold production, to 13 223kg in the three months to September 30, while operating cash flows were also much higher. There was a 33% increase in gold revenue, to R14.78 billion. The average gold price received increased 18%, to R1 127 208/kg from R955 010/kg, the miner said an operational update yesterday. Operating free cash flow increased 278%, to R3.24bn from R857 million, driven by higher recovered grades at Mponeng, Moab Khotsong and Hidden Valley. “The first quarter saw a continuation of the strong operating performance across all our operations … this was mainly due to higher average recovered grades from our South African…

SHARES in food manufacturing company, Premier Group traded nearly flat on the JSE yesterday after the company announced it was skipping an interim dividend despite raising revenues and headline earnings per share for the period to the end of September. Trade in the company’s shares started in March this year, with its share price up 11.94% in the past six months. However, trade in shares in Premier, which started off as a bakery in Cape Town in 1824, closed marginally down by 0.74% at R60 on the JSE yesterday. This was after it announced that it was not paying a dividend for the six months to September 30, a period in which its headline earnings per share increased by 0.8% to 331 cents per share. Operating profit was 33.3%…