COMPANY NEWS IN BRIEF

Woolworths hikes dividend by 250%Following crippling lockdown restrictions in Australia the first half of its financial year, Woolworths saw a strong recovery in sales in its businesses Down Under in the past few months.Its embattled South African Woolworths clothing business is also showing signs of life, with sales gaining momentum.For the year to end-June, Woolworths’ total turnover grew by 1.4% to R87 billion, but business picked up in the second half with sales climbing 4.9% as lockdown restrictions eased in Australia.Online sales – which grew by 16% over the past year - now contribute 12% to its total sales.Its headline earnings per share rose by almost 7% over the past year, and the group is paying a total dividend of 229.5c per share – almost 250% more than its dividend last year of 66c.After struggling with a crippling debt burden following its R21.4 billion takeover of David Jones in 2014, Woolworths says it ended the year with a robust balance sheet and a net cash position of R229 million. This was partly thanks to a R1 billion dividend paid out by David Jones, which was used to help settle its debt. David Jones will pay out another A$50 million to Woolworths following year-end.Its Woolworths fashion, beauty and home business in South Africa, which has been underperforming for many years, saw its sales grow by 6.5% in the last six months. -Fin24Grindrod Shipping poised to join JSE exodusGrindrod Shipping could soon join the growing list of South African companies leaving the JSE, should an acquisition bid by Guernsey-based shipping company Taylor Maritime Investments (TMI) succeed.This week, TMI made a cash offer to Grindrod Shipping shareholders. TMI is proposing US$26 per share for the Singapore-based company, which owns a core fleet of 31 ships and more than 30 drybulk carriers.Grindrod Shipping was founded in 1910 in Durban, by Captain John Grindrod, as a clearing and forwarding agency. It is the second company to announce its possible delisting from the JSE this week.On Monday, Massmart's parent company Walmart, said it will make an offer to buy out the 49% stake it doesn't already own in the local retailer. The US company plans to then delist Massmart as part of its restructuring strategy.The JSE has seen a number of South African companies exit the exchange for various reasons, including acquisitions by foreign companies. In 2021, 25 companies delisted from the JSE, with at least 20 companies exiting since 2019.-Fin24July unrest knocks Cashbuild's earningsCashbuild's revenue dipped 12% in its financial results for the year ended 26 June, following a previous year of record DIY projects that helped boost sales.The building materials retailer, which has 318 stores across southern Africa, released its results on Wednesday. Revenue ticked in at R11.1 billion, down from R12.6 billion the year before. The downward trend was similar for operating profit which was 16% lower at R876 million, and headline earnings which were 33% lower at R436 million. Headline earnings per share was at 1 929 cents compared to 2 872 cents in the previous period.The group noted that the results were not comparable to the year before – when Cashbuild experienced "record trading conditions" linked to home improvements at an "all-time high" amid Covid-19 lockdowns."The growth seen by most DIY retailers last year, especially within Cashbuild where we reported an increase in revenue and headline earnings of 25% and 151%, was as expected, not maintained," said CEO Werner de Jager.The group at the time had also issued a higher final dividend last year of 2 935 cents – which is why this year's dividend has been reduced by more than half to 1 264 cents. -Fin24Sasfin suspends two employeesJSE-listed banking and financial services group Sasfin says it has put two of its employees on precautionary suspension as it probes their relationship with cut-price cigarette producer Gold Leaf. Last week, the SA Revenue Service (SARS) won a court bid to freeze the assets of Gold Leaf and its two directors, Simon Rudland and Ebrahim Adamjee.The tax agency has accused the tobacco group of owing up to R3 billion in back taxes, including interest and penalties payments. Gold Leaf has denied the claims. Sasfin said it closed the accounts of Gold Leaf and associated companies in 2017 when it discovered "suspicious transactions," which it said it reported to authorities. It added it only became aware of allegations made by SARS this year that some of its employees may have conspired with Gold Leaf. "Sasfin then commissioned its own independent investigation into this matter which is ongoing; Sasfin has shared evidence that was identified through this investigation with SARS," it said.- Fin24

COMPANY NEWS IN BRIEF

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Namibian Sun 2026-08-03

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COMPANY NEWS IN BRIEF

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Namibian Sun 2026-08-03

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