Company News in Brief

  • 1 Week Ago - 2024-10-08 00:00:00
EOH expecting profit in R108 million profit

Technology company EOH informed shareholders that they can expect a between 98% and 100% improvement in its loss per share for its year to end-July. its operating profit is expected to be in a range of R108 million and R118 million, and up to 34% decline, but adjusted core profit of between R300 million and R315 million may exceed the prior year's R312 million. The ICT group has spent the past few years pursuing a turnaround after being caught up in dodgy public sector contracts and didn't go into details about its operations on Friday.
-FIN24

Gautrain owners achieve 12th clean audit

The Gautrain Management Agency, an initiative of the provincial government that ensures the light rapid-rail system operates sustainably, said on Friday that it had achieved its 12th-consecutive clean audit for its 2023/24 year. Most notably, the GMA achieved 100% of the outcome indicators in the year, an achievement which was accomplished with a 0.88% under-spend of actual expenditure versus budget. "The audit outcome underscores GMA's consistent and disciplined approach to financial management and good governance," chair Mfanelo Ntsobi said in a statement. "It is a testament to GMA's unwavering commitment to running a clean administration and managing public resources in a responsible and transparent manner." Train service operations achieved an average availability of 99.69% and punctuality of 98.22% in the year.
-FIN24

Metair to pay AutoZone R290 million

Battery maker and automotive components manufacturer Metair announced on Friday it has agreed to pay R290 million in cash to acquire AutoZone, SA's largest privately owned car parts retailer. AutoZone entered business rescue in July after failing to get to grips with its debt pile which was mainly the result of a leveraged buyout of the business almost a decade ago. Absa ultimately refused to give a further extension after debt repayments became due at the end of June. This funding structure impacted AutoZone's ability to invest in working capital sustainably, ultimately impacting its profitability, Metair said.
-FIN24

Northam to build 80MW plant

Platinum group metals miner Northam announced on Friday that it has finalised terms for an 80MW solar plant that will cut carbon emissions at its Zondereinde mine near Thabazimbi in Limpopo by 22%. Further benefits include "significant" cost savings and reduced power supply risk, with construction having commenced and with power expected to be available from December 2025, Northam said in a statement. The group didn't give details in its statement on the financing of the power purchase agreement that has been reached with a consortium, including Stanlib's Infrastructure Fund II, Royal Bafokeng, and Energy Group, which is a specialist advisor and investor in industrial clean energy projects in southern Africa. The project is part of a broader strategy to reduce Northam's environmental impact whilst securing the supply of bulk services, it said, including reduction in carbon intensity by 60% from a 2019 baseline by 2030, while improving power availability and decreasing overall electricity costs.
-FIN24

SA govt seeking finalisation to Insurance Act

The government is seeking further extensions from the courts in two cases in which the National Health Insurance (NHI) Act is being challenged. In the application brought by trade union Solidarity, the government missed another deadline this week to file its answering affidavits. Solidarity said in a statement on Thursday that the case would now proceed unopposed. It filed its papers in the Gauteng North High Court in May. The act, which was signed into law in March, has not yet been promulgated The respondents include President Cyril Ramaphosa, Health Minister Aaron Motsoaledi, and Finance Minister Enoch Godongwana. "The government could not come up with opposing court papers four months later. Solidarity now requests that the matter continue unopposed as the period within which opposing papers had to be filed has been disregarded repeatedly," it said.
-FIN24

Peter Widdows to head OUTsurance

Insurance group OUTsurance announced that Peter Widdows has been appointed chair at its subsidiary in Australia and New Zealand, Youi. This follows an agreement between the current chair, David Foster, and the Youi board of directors to allow him a temporary leave of absence in April. Foster, who was appointed chair in January 2023 is resigning as director with effect from the end of October, the group said, thanking him for his service and wishing him well in his future endevous. As a long-standing director, Widdows was appointed to the Youi board in 2020 and has served on its various sub-committee structures.
-FIN24