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The Daily Update: 2 March

June 17, 2024
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FinMeUp
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FinMeUp

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

 

South Africa

Impala Platinum Holdings Limited- Interim Results for the six months ended 31 December 2022 and Cash Dividend Declaration

  • Revenue grew by 3.9% to R57 797 million.
  • Gross profit fell by 4.2% to R17 194 million.
  • EBITDA grew by 2.1% to R24 506 million.
  • Free cash flow fell by 27.4% to R11 001 million.
  • Basic EPS fell by 2.7% to 1 648 cents per share.
  • The company maintained its FY2023 production parameters but saw a 9% decrease in refined and saleable 6E production to 1.48Moz.
  • The board of directors declared a dividend of 420 cents per share and will be paid on Monday 27 March 2023.

Curro Holdings Limited- Results For The Year Ended 31 December 2022

  • Revenue increased by 17.3% to R4 156 million.
  • EBITDA grew by 17.4% to R926 million.
  • EPS decreased by 7.4% to 40.1 cents per share.
  • The board has declared a final gross dividend of 11.08 cents per share and will be paid on Monday, 17 April 2023.

Grindrod Limited- Provisional Reviewed Results and Dividend Announcement for the year ended 31 December 2022

  • Revenue grew by 58% to R7 405 million.
  • EBITDA grew by 32% to R2 174 million.
  • Cash generated from operations grew by 62% to R1 688 million.
  • The board has declared a final gross dividend of 22.20 cents per share as well as a gross preference dividend of 421 cents per share. Both dividends will be paid on Monday, 27 March 2023.

Santam Limited- Audited Summary Consolidated Financial Statements for the year ended 31 December 2022 and declaration of Dividend

  • Group gross written premium grew by 18% to R49 627 million.
  • Conventional gross written premiums grew by 8% to R35 418 million.
  • Basic EPS fell by 27% to 1 816 cents per share.
  • Gross claims paid of R29.8 billion.
  • Return on shareholders funds of 18.8%.
  • The board has declared a final gross dividend of 845 cents per share and will be paid on Monday, 27 March 2023.

FirstRand Limited- Unaudited interim results and cash dividend declaration for the six months ended 31 December 2022

  • The group's return on equity was 21.8%, which is within their target range of 18% to 22%.
  • FirstRand experienced a 15% increase in normalised earnings due to strong operational performances, good topline growth, and excellent ongoing growth from the deposit franchise.
  • The credit performance was better than anticipated, except for in RMB and the UK operations. Cost growth is a key focus area for the group. 
  • Despite the record dividend payout, FirstRand grew net asset value period-on-period.
  • Group NII (net interest income) increased by 13%, due to strong growth in advances, deposit gathering, and the endowment benefit.
  • Lending NII increased by 5%, mainly due to strong growth from RMB and the WesBank corporate book.
  • FNB and WesBank's retail advances continued to grow, but at the expense of margin.
  • Aldermore's NII benefited from strong growth in advances, particularly in residential mortgages.
  • The group's transactional NII increased by 22%, driven by growth in FNB retail and commercial customers, corporate and retail transactional deposit products, and deposit endowment.
  • The group's deposit gathering strategies added materially to growth in NII, with momentum in savings and investment products and increased primary-banked relationships resulting in a significant increase in average deposits.

MultiChoice Group Limited

  • MultiChoice has partnered with Comcasts NBCUniversal and Sky to create a new streaming service for sub-Saharan Africa.
  • The new service, called Showmax Group, will be 70% owned by MultiChoice and 30% owned by NBCUniversal.
  • It will use Peacock's technology and offer a combination of local and international content, including live English Premier League football.
  • Showmax Group aims to become the leading streaming platform in Africa, competing with the best in the world.
  • The agreement involves funding commitments from both parties in proportion to their shareholdings.
  • The service will be powered by Peacock's technology and use the well-known Showmax brand.

Sasfin Holdings Limited- Unaudited Condensed Consolidated Interim Results for the six months ended 31 December 2022

  • EPS fell by 19.69% to 220.57 cents per share.
  • Total income grew by 12.62% to R705 203 000.
  • Group income fell by 19.69% to R67 876 000.
  • Return on equity fell by 273 bps to 7.97%.
  • Total assets grew by 10.65% to R13 573 billion.

 

The U.S.

Tesla

  • Tesla is focused on developing their charging infrastructure in commercial parking.
  • Tesla are aiming to cut it's next generation vehicle assembly costs by 50% and it's manufacturing footprint by 40%.
  • Elon Musk and Tesla have mentioned electrified planes and boats for the future.
  • Tesla estimate it would take $10 Trillion of manufacturing investment to get to a sustainable energy economy.

Salesforce Earnings

  • EPS of $1.68 beating expectations of $1.40.
  • Revenue of $8.38B beating expectations of $7.84B.
  • Salesforce just increased its share buyback program to $20B.

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