Spar’s revenue surges by R5.48bn
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◆ Spar Group: The retail company, in its first-half 2020 results, indicated that its revenue rose to R59.75 billion from R54.27bn in the corresponding period of the previous year. Its diluted earnings per share (Eps) decreased 24.8 percent from the same period of the prior year to 388.50 cents. Spar was bracing for “unprecedented” pressure on consumers as a result of the Covid19 pandemic, with the virus already partially responsible for profits falling by more than a quarter in its half-year to end March.
Investec: The financial services group, in its 2020 financial year results, stated that its net interest income increased to £853 million (R18.2bn) from £816.65m in the previous year. Its diluted EPS rose from the prior year to 114.40 pence. Investec said growth in client-related revenues was more than offset by a deteriorating global economic backdrop in its year to end March, when Covid-19 cost it £105m in lost profits.
◆ Afrimat: The building materials and industrial minerals group, in its 2020 financial year results, reported that its revenue advanced 11.4 percent from the preceding year to R3.3bn. Its diluted EPS stood at 337.70c compared with 219.50c in the previous year. Afrimat was optimistic about its profit margins as governments move to stimulate pandemic-hit economies through infrastructure spending.
◆ Hospitality Property Fund: The real estate investment trust, in its 2020 financial year trading update, stated that the company has resolved not to declare a dividend for the six months to end March, which meant that no distribution would be released for the year-end results at March 31, due to the impact of Covid-19.
◆ Netcare warns of steep drop in earnings: Private hospital group Netcare flagged a drop of as much as 20 percent in Eps in the half year, blaming in part new accounting rules on how it treats its leases.
◆ Tsogo Sun warns profits will fall due to tough economy: South Africa’s largest hotel group, Tsogo Sun, expects revenue to have increased marginally by between 1 percent and 3 percent for the year to end March.
◆ Vodacom: Vodacom has created a stand-alone South African unit, in a move meant to simplify its structure following the recent expansion of its African portfolio.
◆ Cell C: South Africa’s third-largest mobile operator, Cell C, has received approval from the Competition Commission for its recapitalisation. ◆ Tradehold: Tradehold, which has property investments in South Africa and the UK, said it had reduced its dividend as the company looks to preserve cash amid the uncertainty of Covid-19.
◆ Burger King: Leisure and gaming company Grand Parade Investments said the terms of the sale of its South African Burger King licence were being renegotiated due to the Covid19 pandemic.
◆ Quantum Foods: Western Capebased poultry and animal feeds business Quantum Foods said a bigger-than-expected fall in egg prices weighed on its first-half performance, with the group cutting its interim dividend by a quarter.