Cape Times 2023-10-20

DISCOVERY founder and CEO Adrian Gore’s remuneration fell to R27.91 million in the 2023 financial year from R28.3m a year before, even though the group performed well, because he mostly only partially met his individual performance targets. The group’s normalised headline earnings per share were up a healthy 32% to R7.68bn in the year to June 30. Gore’s base salary increased by 7% to R7.99m from R7.61m in 2022, but the main difference between the remuneration was a decline to R9.15m in the performance-based cash bonus from R9.6m in 2022, and to R9.15m in the long term incentive plan from R9.6m the year before. The group remuneration report provided further details of Gore’s individual performance, with the overall comment being that he only partially met his individual targets during…

GLOBAL oil prices have eased from a two-week high yesterday as the US dollar firmed and supply from Venezuela came back on stream, ignoring the lingering tensions in Israel and Gaza. The price of Brent crude fell to below $91 (R1 717) per barrel yesterday, giving back some gains from Wednesday in a likely technical correction, while investors continued to assess the supply outlook. Oil prices rallied to two-week highs on Wednesday as an escalating turmoil in the Middle East stoked fears about disruptions to global supplies, and as the US reported a larger-than-expected inventory draw. However, the market retreated slightly yesterday as Opec+ showed no signs of supporting Iran’s call for an oil embargo on Israel. The US also issued a six-month licence authorising transactions in Venezuela’s oil…

The country was the source of five of the 10 largest deals by value seen in sub-Saharan Africa SOUTH Africa has emerged as the top hot spot for deal-making on the continent, as investors prefer its sophisticated financial and renewable energy sector, with Nigeria a distant second, fresh findings by accountancy and advisory firm, KPMG, under its inaugural Doing Deals in sub-Saharan Africa (SSA) Report show. According to the International Monetary Fund this month, South Africa will overtake Egypt and Nigeria to become Africa’s largest economy next year when it is expected to raise gross domestic product to $401 billion (R7.56 trillion), just ahead of the other two top regional economies. New data from KPMG has also revealed South Africa as the top preferred destination for investment and…

ATTACQ, the major development partner in Waterfall City, is poised for further growth, despite both local and international headwinds. Attacq chairperson Pierre Tredoux said in the property firm’s annual report, released this week, amid global and distinct local challenges, Attacq’s portfolio was strategically positioned to leverage opportunities as the Waterfall City precinct further established itself as South Africa’s economic hub. “Guided by our strategic priorities, ongoing innovation, and astute capital allocation, Attacq has the resilience and agility to navigate change and, indeed, to flourish within it,” he said. This as the global economy remains in constant flux, influenced by geopolitical tensions, supply chain disruptions, high inflation and rising interest rates, resulting in increased living costs and complexities for businesses, consequently impacting consumer purchasing power worldwide. “In South Africa, the…

TOTAL returns delivered by listed Real Estate Investment Funds (Reits) have mostly disappointed so far in 2023, but Liberty Two Degrees (L2D), Fortress, Heriot and Attacq produced double digit returns. This was according to the latest Rode’s Report on the property market for the third quarter. It said L2D’s total return was boosted by strong share price and distribution growth – its distribution or dividend grew 7.4% in the half-year to June 30 compared with a year before. The distribution payout ratio also remained 100%, in contrast to many other REITs. “That said, L2D’s distribution was still 36% lower than in the half-year ended June 2019, before the Covid pandemic. Its retail portfolio (61% of lettable area) in South Africa shone with a low vacancy rate of 2.9%, below the…

MONDI, theUK-based global packaging and paper producer, saw its share price slide 6.8% to close at R290 on the JSE yesterday, after it said challenging market conditions persisted in the three months to September 30, and selling prices had fallen. “Market demand has remained soft with lower average selling prices largely mitigated by lower input costs and tight fixed cost control,” its directors said in the trading statement. The firm reported a 42% plunge in underlying earnings before interest, tax, depreciation and amortisation (Ebitda) to €261 million (R5.2 billion) for the third quarter that ended September 30, from €450m in the same quarter last year. Compared to the second quarter to June 30, underlying Ebitda dropped 21% from €329m. “Demand has remained subdued in the third quarter with…