The Daily Update: 16 August

April 21, 2024

The latest updates from the JSE and NYSE over the past 24 hours.

South Africa

Merafe Resources Limited

  • Ferrochrome production decreased by 9% to 185kt.
  • Revenue increased by 11% to R4,764 million.
  • EBITDA increased by 13% to R1,548 million.
  • HEPS and EPS have grown 13.5%.
  • Net asset value increased by 22% to R5,054 million.
  • Net cash flows from operating activities increased by 6% to R795 million.
  • Net cash increased by 26% to R1,604 million.
  • Interim cash dividend declared: 20 cents per share.

Grindrod Limited

  • HEPS is expected to increase by between 16% and 25%.
  • HEPS from continued operations is expected to grow by between 47% and 57%.
  • Continuing operations exclude Grindrod Bank, which was disposed of on November 1, 2022.

Santam Limited

  • EPS is expected to increase by between 130% and 150%.
  • Increase in HEPS and EPS attributed to improved underwriting results and increased investment income.
  • Net underwriting margin expected to be lower due to adverse weather conditions, exposure to Turkey earthquakes, loss-making business, and large fire claims.
  • Strong investment performance due to returns on local money-market and fixed-interest portfolios, along with decreased foreign bond market volatility and favorable currency exchange rates.
  • Satisfactory gross written premium growth anticipated.
  • Group's economic capital position expected to be within the target range of 145% to 165%

Impala Platinum Holdings Limited

  • Previous trading statement on August 7, 2023, indicated that earnings for the period would be at least 20% lower than the previous year (30 June 2022).
  • EPS expected to decrease by 82% to 88%.
  • HEPS for the period expected to decrease by 39% to 45%.
  • Factors affecting earnings decline include lower revenue due to an 18% drop in achieved dollar metal price, partial offset by a 16% weaker rand, cumulative loss of around 147,000 6E ounces of refined production due to load curtailment and cable theft, higher inflation negatively impacting cash costs,  impact of weaker rand on translated costs of Zimplats and Impala Canada, and lower US dollar rhodium price led to a post-tax write-down of closing inventory, negatively impacting earnings.

KAP Limited

  • Initial trading statement on May 15, 2023, indicated that the company's earnings from continuing operations were expected to decrease by at least 30% compared to the previous financial year.
  • EPS for continuing and discontinued operations is expected to decline by between 71% and 81%.

Sun International Limited

  • Basic EPS is expected to grow by between 71% and 92%.
  • HEPS is expected to grow by between 73% and 98%.
  • Net debt to adjusted EBITDA ratio remained at 1.8x.
  • During the period, SunBet achieved record income and strong growth, while hotels and resorts performed exceptionally well in the first half.
  • Urban casinos experienced income growth, but Sun Slots operations were impacted by ongoing load shedding.

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