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The Daily Update: 9 May

June 17, 2024
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FinMeUp
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FinMeUp

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

 

South Africa

Karooooo Limited- Unaudited Fourth Quarter and Full Year 2023 Results

  • 1 717 077 Cartrack subscribers, up 13% compared to FY 2022
  • Net Cartrack subscriber additions of 191 105, down 13% compared to FY 2022
  • Total revenue increased by 28% to ZAR3 507 million
  • Subscription revenue increased by 17% to ZAR3 010 million
  • Operating profit increased by 26% to ZAR882 million
  • Earnings per share increased by 27% to ZAR19.29
  • Karooooo is well-positioned for growth, with a strong balance sheet and healthy cash position, and expects marketing and sales investment to generate robust results in the future.
  • A dividend of 85 U.S. cents per share will be paid to shareholders from retained earnings in July 2023

Sibanye Stillwater Limited

  • The company has made significant progress in the fatal elimination strategy and the green metals strategy, while strategic diversification and growth have mitigated against a challenging macroeconomic and regional operating environment.
  • Its SA gold operations have returned to profitability, while the SA PGM operations were impacted by pullback in PGM prices and localized operational challenges.
  • Recycling throughput was down due to low vehicle scrapping, with improving outlook as new auto sales show signs of recovery.
  • Group liquidity was enhanced through successful refinancing and an increase of the USD revolving credit facility to USD 1 billion.
  • Adjusted EBITDA of R27.9 billion ($1.8 billion), an increase of 67% YoY.
  • Sibanye's net debt reduced to R1.6 billion ($100 million), and liquidity improved.
  • Platinum Group Metals (PGM) production increased by 11% YoY.
  • Gold production was up 3% YoY.
  • The Group produced 3.3 million ounces of PGM and 1.2 million ounces of gold during the quarter.
  • Sibanye continued to advance its green metals strategy during Q1 2023 with the construction of the Keliber lithium refinery commencing in March 2023.
  • The acquisition of Sandouville is another key component of Sibanye's strategic growth in Europe.
  • Sibanye is progressing studies to unlock the potential of Sandouville as the base to establish European autocatalyst recycling operations.
  • Sibanye reinforced its position in tailings waste retreatment through a successful takeover bid for New Century Resources Limited in March 2023.

 

The U.S.

PayPal Earnings

  • EPS of $1.17 beating expectations of $1.10.
  • Revenue of $7.04B beating expectations of $6.98B.

Palantir earnings

  • EPS of $0.05 beating expectations of $0.04.
  • Revenue of $525M beating expectations of $505.94M.
  • Palantir now anticipates that they will remain profitable each quarter through the end of the year.

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