Telkom on the up even as the economy tanks

TELKOM raised its full-year dividend by a record percentage as it enters a new phase of growth by giving more autonomy to its four business units. The payout to shareholders increased 56% to R4.22 a share, and earnings per share excluding one-time items rose 12% to R7.31.

STEINHOFF International Holdings said first-half earnings rose 13% as the acquisitive retailer that was started in South Africa posted revenue and margin growth across its household goods and general merchandise business.

SOUTH Africa entered recession for the first time in eight years, data from Stats SA showed, after the economy contracted in the first quarter, led by weak manufacturing and trade. The economy contracted by 0.7% after shrinking by 0.3% in the fourth quarter of last year.

CEMENT maker PPC posted a 93% plunge in full-year earnings due to a liquidity crisis following a cut in its credit rating to junk status by S&P Global Ratings. Headline earnings per share were 7c from 107c in the same period the year before.