The Daily Update: 26 June

April 16, 2024

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.

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