The Daily Update: 21 February

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

South Africa

Sasol Limited- Interim Results Announcement for the six months ended 31 December 2022

• Sasol's earnings for the period were mixed, with support from oil and refining tailwinds but offset by lower volumes and higher feedstock costs.
• The Chemicals business was negatively impacted by global economic growth, disrupted supply chains, depressed chemical prices, and higher input costs.
• Sasol's South African value chain was muted due to operational variability and lower productivity and coal quality in its Mining operations, leading to lower volumes for the six months.
• Sasol's Earnings before interest and tax (EBIT) of R24,2 billion remained in line with the prior period, with a strong pricing environment offset by lower volumes and increasing input cost pressures.

Super Group Limited- Unaudited interim results for the six months ended 31 December 2021

• Revenue increased by 34.6% to R29.12 billion.
• EBITDA increased by 24.2% to R4.11 billion.
• Operating profit increased by 26.1% to R2.00 billion.
• Profit before taxation increased by 29.0% to R1.58 billion.
• EPS increased by 31.6% to 250.3 cents.

City Lodge Holdings Limited- Trading statement

• Basic and diluted EPS is expected to be between 16.0 cents and 17.8 cents, representing an increase of between 371% and 402%.

Adcock Ingram Holdings Limited- Unaudited interim results for the six months ended 31 December 2022 

• Revenue grew by 8% to R4 676 411 000.
• Gross profit grew by 8% to R1 640 236 000.
• Trading profit grew by 15% to R623 462 000.
• EPS grew by 20% to 289.9 cents per share.

Aveng Limited- Interim Condensed Consolidated Financial Statements for the six months ended 31 December 2022

• Group revenue grew to R15 billion from R13 billion.
• EPS fell from 43 cents to 38 cents per share.
• Net cash position excluding IFRS 16 remained flat at R2.1 billion.
• Net asset value per share increased to 2 980 cents per share from 2 873 cents per share.

Kumba Iron Ore

• Kumba produced a resilient performance and strong high-grade iron-ore demand despite lower iron ore prices and operational challenges.
• The average realised FOB export price of $113/wmt was 13% higher than the benchmark.
• The company achieved an adjusted EBITDA of R37.3bn ($2.6bn) and headline earnings of R56.19/share, which will result in total shareholder dividends of R14.5bn for the year.

Sibanye Stillwater Limited- Trading statement and production update

• EPS is expected to be between 618 cents and 683 cents per share, representing a decrease of between 40% and 46%.
• Sibanye-Stillwater's production from SA PGM operations for 2022 was slightly below annual guidance due to ongoing load curtailment, copper theft, and safety-related stoppages.
• The SA gold operations (excluding DRDGOLD) were suspended for three months during H1 2022 due to industrial action resulting in a 50% decline in production for 2022.
• Production rates have been normalised during Q1 2023, and production for 2023 is expected to be significantly higher.

The U.S.

Tesla

• Teslas Model 3 now sells for $4,930 less than the average new vehicle sold in the U.S.

Microsoft & Nintendo

• Microsoft and Nintendo signed 10 year agreement to make Call of Duty available on Nintendo devices

Meta & Tencent

• Meta is in talks with Tencent to start selling its Oculus VR headset in China.

Home Depot Earnings

• EPS of $3.30 beating expectations of $3.27.
• Revenue of $35.83B missing expectations of $35.9B.
• Home Depot raised its quarterly dividend to $2.09 per share up 10% from its previous dividend of $1.90 per share.

Walmart Earnings

• EPS of $1.71 beating expectations of $1.52.
• Revenue of $164.1B beating expectations of $159.6B.
• Walmart raised its quarterly dividend to $0.57 per share up from $0.56 per share.
• Walmart sees its FY24 EPS coming in between $5.90-$6.05 below expectations of $6.50.