The Daily Update: 25 May

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

South Africa

Southern Sun Limited- Financial Statements for the year ended 31 March 2023

• Occupancy rate for the year ended March 31, 2023, was 51.5%, showing an increase of 68.3%.
• EBITDA amounted to R1.4 billion, indicating a growth of 137.3%
• Net debt decreased to R1.3 billion, showing a reduction of 49.6% compared to the previous year.
• Income for the year amounted to R5 480 million, reflecting an increase of 49.4%
• Basic profit per share was 68.7 cents, representing an increase of 748%
• Trading levels improved, especially in the second half of the financial year, as travel patterns normalized and demand for conferences and events increased.
• The group has focused on strengthening its balance sheet, reducing debt levels, and prioritizing customer satisfaction while prudently managing liquidity and capital allocation.

Lewis Group Limited- Results announcement for the Year ended 31 March 2023

• Total revenue increased by 3.1% to R7.5 billion.
• Gross profit margin was 40.6%.
• Earnings per share decreased by 5.7% to 689 cents
• The group's debtors' book showed good growth and collection rates improved, resulting in a reduction of the debtors' impairment provision.
• Credit sales grew by 18.1%, while cash sales declined by 16.3%.
• The group opened a net of 21 new stores and revamped 150 stores during the year.
• Despite cost pressures, the group's gross profit margin strengthened.
• The group's debtors' book continued to improve, with the level of satisfactory paid customers increasing to 80.4%.
• The group repurchased 5.5 million shares during the year, and the balance sheet remains strong.
• The current tough retail conditions are expected to worsen, but management is confident in the group's medium-term prospects.
• A final gross cash dividend of 218 cents per share has been declared.

Tsogo Sun Gaming Limited- Results for the year ended 31 March 2023 and cash dividend

• Income for the year ended March 31, 2023, was R11.3 billion, showing a 27% increase.
• Operating costs increased by 27% to R7.3 billion.
• Earnings per share increased by 25% to 167 cents
• The final dividend per share was declared as 57 cents, experiencing a significant increase of 200%.
• The group refinanced R2.6 billion of its debt and has no short-term debt.

Reinet Investments S.C.A.- Results for the year ended 31 March 2023 and proposed dividend

• The net asset value of Reinet Investments was EUR 5.7 billion, representing a compound growth rate of 8.8% per annum in euro terms since March 2009, including dividends paid.
• The net asset value per share at March 31, 2023, was EUR 31.46, compared to EUR 31.99 in the previous year.
• Reinet completed its fifth share buyback program, repurchasing 2.5 million ordinary shares for EUR 49 million, excluding transaction costs.
• Commitments of EUR 332 million were made during the year for new and existing investments, including EUR 278 million committed to Coatue funds.
• Dividends received from British American Tobacco amounted to EUR 122 million.
• Reinet paid a dividend of approximately EUR 51 million, or EUR 0.28 per share (excluding treasury shares) during the year.
• A proposed dividend of EUR 0.30 per share, representing a 7% increase from the prior year, is to be paid after the 2023 annual general meeting.

African Media Entertainment Limited- Trading statement

• EPS is expected to be between 450 cents and 520 cents, representing an increase of between 21% and 40%.

The U.S.

Nvidia Earnings

• EPS of $1.09 beating expectations of $0.92.
• Revenue of $7.19B beating expectations of $6.5B.
• Nvidia say they expect their Q2 revenue to be $11B, above estimates of $7B.
• Nvidia's CEO has said that Nvidia have revolutionized computers for the first time in 60 years.