The Daily Update: 26 June

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

South Africa

Renergen Limited- Quarterly Update

• Renergen received approval for a US$ 500 million loan for Phase 2 of their project from the US DFC and a US$ 250 million loan approved by Standard Bank.
• They secured an agreement with Timelink Cargo for the supply of LNG in Phase 1, starting in Q4 of FY24.
• LNG production increased by 12.8% compared to the previous quarter, reaching 823 tons.
• There was a leak found in the vacuum circuit of the helium cold box, which is being repaired and is expected to resume performance testing in October 2023.
• A new well called Morpheus was drilled, producing helium with a concentration of 3.2% and a flow of 70,000 standard cubic feet per day.
• The Phase 2 development of the Virginia Gas Project is not affected by the helium cold box repair.
• Further studies will be conducted to map the geology of the field section where the new well was drilled.
• The cost of drilling the Morpheus well so far is ZAR1.8 million.

PPC Limited- Financial Statements for the Year Ended 31 March 2023

• Despite challenging times, the company reduced its debt.
• Increased demand through infrastructure programs and a stronger economic climate is needed to utilize capacity in the primary market.
• The company received cash dividends from Zimbabwe and CIMERWA (Rwanda).
• Group revenue marginally increased, while EBITDA margin and earnings per share decreased compared to the previous year.
• A distribution of R200 million through a share repurchase program was approved by the board.
• The SA obligor group's revenue increased by 1%, while EBITDA and margins declined.
• PPC Zimbabwe experienced slower recovery and received dividends, while CIMERWA Rwanda showed volume growth and increased EBITDA.
• The company remains focused on capital allocation and cash generation.
• Impairments, finance costs, and taxation affected the financial results.
• The company's net cash inflow remained positive, and capital investment decreased.
• The SA obligor group's gross debt declined, and unrestricted cash holdings decreased.
• South Africa and Botswana Cement sales volumes declined, but selling prices increased.
• Aggregates, readymix, and ash businesses saw volume and revenue decreases.
• PPC Zimbabwe faced challenges due to kiln shutdown and power interruptions, resulting in lower volumes and revenue.
• CIMERWA Rwanda experienced volume growth and increased revenue.

Invicta Holdings Limited- Results for the year ended 31 March 2023

• Shareholder's equity increased by 13.8% to R5 339 135 000.
• Revenue increased by 8.1% to R7 769 948 000.
• Profit for the period decreased by 35.2% to R587 245 000.
• Profit for the period from continuing operations increased by 12.8% to R587 245 000 in 2023.
• Net asset value per ordinary share increased by 23.1% to 4,634 cents.
• Dividend per share increased by 11.1% to 100 cents.

Stadio Holdings Limited- Dealings in securities

• An Independent Non-Executive purchased 40 000 shares for a total value of R180 176.00.