The Daily Update: 30 May

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

South Africa

Tiger Brands Limited- Results and dividend declaration for the six months ended 31 March 2023

• Tiger Brands' revenue increased by 16% to R19.4 billion.
• Revenue growth was driven by price inflation of 17% but was offset by overall volume declines of 1%.
• The cost of loadshedding and high input cost inflation resulted in a decline in gross margins from 29.2% to 27.0%.
• Group operating income decreased by 9% to R1.4 billion, resulting in a decrease in group operating margin from 8.9% to 7.0%.
• EPS increased by 2% to 749 cents per share.
• The interim dividend remains unchanged at 320 cents per share.
• The company's performance was impacted by loadshedding, high inflation, and lower disposable income affecting consumer behaviour.

Momentum Metropolitan Holdings Limited- Operational update for the nine months ended 31 March 2023

• Momentum Metropolitan achieved solid growth in normalised headline earnings, recording R3 351 million for the nine months ended 31 March 2023, a 29% increase compared to the previous year.
• The Group's PVNBP (present value of new business premiums) declined by 8% to R50.1 billion, primarily due to lower volumes in Momentum Investments and Momentum Metropolitan Africa.
• The value of new business (VNB) also decreased by 8% to R388 million, mainly driven by declines in Metropolitan Life and Momentum Metropolitan Africa.
• The Group achieved an annualized ROE of 18.0%, within the target range of 18% to 20%.

Pepkor Holdings Limited- Interim Results For The Six Months Ended 31 March 2023

• Revenue increased by 4.3% to R43.8 billion.
• Operating profit decreased by 9.8% to R5.1 billion.
• EPS decreased by 10% to 81.1 cents.
• Market share gains were achieved in key product categories.
• Avenida business in Brazil performed above expectations.
• 168 new stores were opened.
• Continued progress in portfolio optimization.
• Pepkor's performance was negatively impacted by the constrained consumer environment and electricity load shedding.
• PEP Africa reported good customer growth and improved profitability.
• JD Group's performance was impacted by weak consumer demand but had growth in new categories and strong online sales.
• Flash performed well and increased profitability.

Afine Investments Limited- Trading statement

• EPS is expected to increase by approximately 5.3%.

Santova Limited- Dealings in securities

• Three executive directors have collectively purchased 135 274 Santova shares for a total value of R1 271 953.20.

Huge Group Limited- Trading statement

• EPS will be between 45.10 cents and 47.14 cents, which will be between 84.96% and 84.28% lower.

The U.S.

Uber

• Uber just unveiled a partnership with Serve Robotics for Serve to deploy its AI-powered robots on Uber Eats in multiple markets across the US.

Nvidia

• Nvidia has announced it is building Israel's most powerful artificial intelligence supercomputer to meet soaring customer demand for AI applications.