Pretoria News 2022-05-24

DIS-CHEM pharmacies posted a 30 percent hike in its annual earnings as it continued to expand and saw its revenue exceed the R30 billion mark for the first time, despite a challenging and complex operating environment posed by Covid-19 and the civil unrest last year. Chief executive Ivan Saltzman said: “Over the last financial year, we have navigated a challenging and complex operating environment, progressed strategic initiatives and completed acquisitions that will drive the group forward in years to come. “On the back of significant investments in prior periods, this financial year has been a period of implementation, integration and growth.” The share price rose 2.57 percent to R34.35 in intraday trade yesterday. Dis-Chem, the second-largest retail pharmacy chain in South Africa, in its results for the…

THE World Economic Forum (WEF) has lowered further its global economic growth forecast as the recovery has been disrupted by the war in Ukraine and continued Covid-19 surges, among other shocks. The WEF Davos annual meeting concurred with the latest International Monetary Fund forecast from April which sees global growth dropping to 3.6 percent in 2022 from its January 2022 forecast of 4.4 percent. In its Chief Economists Outlook yesterday, the WEF pointed to five forces that will shape the global economic outlook in 2022. It said that the war in Ukraine, monetary tightening and financial market volatility, fiscal withdrawal, China’s economic slowdown, and pandemic vaccine access had disrupted the recovery. The majority of respondents to the WEF latest survey expected only a moderate economic outlook in all…

THE SA National Roads Agency (Sanral) said yesterday that bids for the R17 billion worth of construction tenders cancelled by its board had to be re-advertised and adjudicated anew within the next four months. Confirmation of the decision to cancel the awarded tenders came as some losing bidders have been criticising the Sanral board for “killing the industry”. For its decision to cancel the tenders, Sanral explained that a key principle, ensuring that design consultants were not involved in the evaluation of bid submissions, had not been upheld. The bidding process for at least three projects that include N2 Wild Coast Mtentu Bridge, R56 Matatiele rehabilitation and Ashburton Interchange had violated public finance management policies, hence the termination of the contracts, Sanral said yesterday. It highlighted that the cancellation…

NETCARE, the private health care and hospital group, lifted adjusted headline earnings a share 28.9 percent to 35.2 cents in the six months to March 31, and expects to return to pre-Covid profitability in the medium term. Chief executive Richard Friedland said yesterday that the financial position of the group should also allow the continuation of dividend payments, barring no unexpected events associated with the Covid-19 pandemic. An interim dividend of 20c a share was declared – no dividend was declared at the same time last year. Earnings before interest, tax, depreciation and amortisation increased 8.1 percent to R1.6 billion, following a steady improvement in the financial performance in the first half and notwithstanding the disruption caused by the Omicron Covid-19 variant during the fourth wave…

THE MARITIME industry has warned that the war in Ukraine since March is likely to exacerbate ongoing supply chain disruption, port congestion and crew crises caused by the Covid-19 pandemic. Allianz Global Corporate and Specialty (AGCS) yesterday said the war had already caused widespread disruption to global shipping, with the loss of life and vessels in the Black Sea, disruption to trade with Russia and Ukraine, and the growing burden of sanctions. The global corporate insurance carrier said the direct impact on shipping from the war in Ukraine had so far been largely contained to the Black Sea. AGCS global head of maritime Captain Rahul Khanna, however, said the war was creating an additional burden on the maritime industry. “Trade with Russia and Ukraine will suffer, adding to already strained…

TRADEHOLD, the investment company that reported a turnaround yesterday, said some of its directors would be part of the purchase of its UK properties, and some of the proceeds will fund a R4 special dividend. Tradehold’s directors said the changes would entail the subsequent listing of Tradehold as a JSE listed Real Estate Investment Trust, and it was hoped it would result in a narrowing of the discount that the share traditionally trades at. Tradehold’s shares surged 7.93 percent to R10.74 yesterday afternoon. For the year to February 28, Tradehold’s intrinsic net asset value was 101.3 pence or R19.98 per share. Subsidiary, Tradehold S.à.r.l., would sell Moorgarth Holdings (Luxembourg) S.à.r.l., as well as Tradehold S.à.r.l.’s loan claims against Moorgarth, to Moorgarth Group Holdings, for £102.5 million (R2.02…