Company News in Brief
PwC shuts operations in nine African countriesPwC shut operations in nine Sub-Saharan African countries last month following a strategic review, the Big Four accounting firm said, in response to a media report that said the company exited over a dozen countries to avoid scandals.
PwC, which operates as a global network of locally owned partnerships, has shut operations in the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), Congo Republic, Republic of Guinea and Equatorial Guinea, it said in a statement, opens new tab published on its website on March 31.
The accounting firm directed Reuters to the statement in response to queries on a Financial Times article published earlier in the day that said PwC had exited multiple countries that were deemed too small, risky or unprofitable.
The decision came due to mounting differences with local partners, who said they lost over a third of their business in recent years after pressure from PwC's global executives to drop risky clients, the FT said, citing people familiar with the matter.
The PwC statement did not give a reason for the move.
The FT report, citing a register of PwC entities and local news reports, said PwC had also cut ties with member firms in Zimbabwe, Malawi and Fiji.
-REUTERS
Insimbi flags 100% fall in headline earnings
Small-cap metal alloys supplier Insimbi Industrial flagged an at least 100% fall in headline earnings per share for its year to end February, from 12.54c previously. The group said it was hit by non-recurring costs and the associated tax implications relating to the repurchase of shares and disposals, year-end impairments and provisions, as well as subdued revenues and margins throughout the year due to local and global market uncertainty, particularly within the aluminium and steel sectors. It also took hits from foreign exchange losses, elevated interest rates, as well as other non-recurring costs incurred due to strategic and operational restructuring.-FIN24
Heineken reports dip in first quarter sales
Dutch brewing giant Heineken on Wednesday reported a dip in first quarter volumes on Wednesday as the timing of holidays in 2025 sapped demand. It also came under pressure in South Africa, where competitors ramped up aggressive discounting and marketing campaigns and where local wine volumes slumped by more than 20%. Still, Heineken said it remains confident in its full-year outlook, despite the threat of a global trade war. The owner of brands including Savanna, Amarula, and Nederburg wine reported that revenue fell 4.9% to about €7.8 billion (about R167 billion) in the three months to end March, when its total consolidated volumes fell 2.4%. But revenue grew 0.9% on an organic basis, which the company uses to reflect performance in local currency terms, while its price mix improved 4.1%. The group said the performance was as expected, with pressure on volumes primarily due to the calendar timing impact of a later Easter, the loss of an extra selling day compared to the leap year in 2024, and the earlier timing of Tet, the celebration of the Vietnamese Lunar New Year.-FIN24
Clicks reports 13% hike in interim dividend
Pharmacy group Clicks announced a 13% hike in its interim dividend after reporting strong margin and earnings growth, saying on Wednesday it has gained market share in its beauty and health categories. The group reported its revenue grew 6.2% to R23.2 billion in the six months to end February, while its retail turnover, which includes Clicks, The Body Shop, M-Kem, and Sorbet corporate stores, came in 6.4% higher. Headline earnings rose 12.9% to R1.4 billion, while headline earnings per share increased 13.2% to 604c. The company's dividend of 238c per share was 13.3% higher than the payout in the same period last year. The group reported "strong growth in front shop health and pharmacy, higher sales of private label products, and increased promotional sales". Its shares have risen by almost 31% in the past year, valuing the group at over R87 billion on the JSE. The group's aggressive expansion continued, with Clicks opening its 950th store in February and increasing its national pharmacy footprint to 740.-FIN24