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Company news in brief

Exxaro profit climbs

Exxaro Resources reported a 78% increase in earnings thanks to the exceptional performance of its coal business, driven by a high-quality product mix and increases in export and domestic sales prices, and in spite of logistical challenges.

The group yesterday reported earnings before interest, taxes, depreciation and amortisation (ebitda) climbed to R19 billion in the year ended in December 2022, up from R10.6 billion previously. Headline earnings per share increased 28% to R60.16. Revenue of R46.3 billion was 41% higher.

Exxaro announced a final cash dividend of R11.36 per share, down 39 cents from the final dividend declared in 2021.

"In spite of the obstacles we have faced this year, Exxaro has once again displayed its agility in navigating through the challenging business operating environment," said Exxaro CEO Nombasa Tsengwa.

Ongoing logistical constraints due to Transnet's rail problems continue to substantially impact Exxaro's ability to export coal, with a year-on-year decline of 32% in its export volumes.

However Tsengwa said Exxaro has prioritised short-term solutions to transport product by pursuing alternative markets and logistical channels. "We are also focused on finding permanent logistical solutions which will de-risk our business from the dependency on Transnet," she said. – Fin24



Santam buys MTN's device book

Africa's largest short-term insurer Santam has agreed to buy MTN South Africa's mobile telecommunication firm’s device insurance book, which has just over 400 000 policies and an annual gross written premium value of almost R400 million.

In March, the Competition Commission approved the acquisition without conditions, Santam said in a statement, with regulatory approvals expected to be completed within the next year.

The acquisition, as well as the alliance, is aimed to support MTN South Africa in broadening the reach of device protection to their clients, in line with the importance of devices in the lives of customers.

Tavaziva Madzinga, the Santam Group CEO, said the acquisition was an opportunity to expand the company’s refreshed strategy which seeks to lay a foundation for future growth through partnerships.

An important focus of the strategy is the building of partnerships across various sectors including telecommunications, among others, while putting clients at the centre, he said. – Fin24



Credit Suisse to borrow billions

Credit Suisse announced yesterday that it would borrow almost US$54 billion (R996 billion) from the Swiss central bank to reinforce the group after a plunge in its share prices.

The disclosure came just hours after the Swiss National Bank said capital and liquidity levels at the lender were adequate for a "systemically important bank", even as it pledged to make liquidity available if needed.

Credit Suisse, hit by a series of scandals in recent years, saw its stock price tumble off a cliff Wednesday after major shareholder Saudi National Bank declined to invest more in the group, citing regulatory constraints.

Its shares fell more than 30% to a record low before regaining ground to end the day 24.24% down, at 1.697 Swiss francs.

Credit Suisse's market value had already taken a heavy blow this week over fears of contagion from the collapse of two US banks, as well as its annual report citing "material weaknesses" in internal controls.

Analysts have warned of mounting concerns over the bank's viability and the impact on the larger banking sector, as shares of other lenders sank on Wednesday after a rebound the day before.

Credit Suisse is one of 30 banks globally deemed too big to fail, forcing it to set aside more cash to weather a crisis. – Fin24/AFP

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Namibian Sun 2024-03-01

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H.E. Dr Nangolo Mbumba, President of the Republic of Namibia says they will continue to pursue the second struggle of Namibia Zambian President, Hakainde Hichilema said one road will be named after the late president in Lusaka and the other road will be named after the founding president of Namibia The late President Hage Geingob’s casket was stationed at the Eternal Flame before he was taken to his final resting place The casket will of the late president was lowered with a 21 gun salute Accoutrements will be handed over to the former first lady of Monica Geingos An official luncheon by invitation is scheduled to take place at 14:00 at the State House The foreign dignataries are currently paying their last tribute to the former first lady, Monica Geingos Heroes Acre will be closed to the public, the National Council will announce once it is reopenedSerieA: Internazionale 4 vs 0 Atalanta | Sassuolo 1 vs 6 Napoli FA Cup: Liverpool 3 vs 0 Southampton | Nottingham Forest 0 vs 1 Manchester United | Wolverhampton Wanderers 1 vs 0 Brighton & Hove Albion | Chelsea 3 vs 2 Leeds United | Blackburn Rovers 1 vs 1 Newcastle United | Luton Town 2 vs 6 Manchester City | AFC Bournemouth 0 vs 1 Leicester City Katima Mulilo: 18° | 36° Rundu: 18° | 37° Eenhana: 21° | 37° Oshakati: 23° | 37° Ruacana: 20° | 36° Tsumeb: 20° | 35° Otjiwarongo: 20° | 33° Omaruru: 21° | 35° Windhoek: 19° | 30° Gobabis: 21° | 34° Henties Bay: 18° | 22° Wind speed: 18km/h, Wind direction: S, Low tide: 12:25, High tide: 06:24, Low Tide: 00:25, High tide: 18:45 Swakopmund: 17° | 18° Wind speed: 24km/h, Wind direction: SW, Low tide: 12:23, High tide: 06:22, Low Tide: 00:23, High tide: 18:43 Walvis Bay: 18° | 23° Wind speed: 32km/h, Wind direction: SW, Low tide: 12:23, High tide: 06:21, Low Tide: 00:23, High tide: 18:42 Rehoboth: 20° | 32° Mariental: 25° | 35° Keetmanshoop: 24° | 34° Aranos: 24° | 36° Lüderitz: 15° | 28° Ariamsvlei: 26° | 38° Oranjemund: 15° | 23° Luanda: 27° | 29° Gaborone: 19° | 38° Lubumbashi: 16° | 26° Mbabane: 14° | 32° Maseru: 17° | 32° Antananarivo: 17° | 22° Lilongwe: 18° | 27° Maputo: 21° | 35° Windhoek: 19° | 30° Cape Town: 19° | 23° Durban: 17° | 29° Johannesburg: 18° | 33° Dar es Salaam: 26° | 32° Lusaka: 16° | 29° Harare: 15° | 31° Currency: GBP to NAD 24.11 | EUR to NAD 20.68 | CNY to NAD 2.67 | USD to NAD 19.09 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.34 | EGP to NAD 0.61 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.8 | ZWL to NAD 0.04 | BRL to NAD 3.85 | RUB to NAD 0.21 | INR to NAD 0.23 | USD to DZD 134.5 | USD to AOA 828.51 | USD to BWP 13.77 | USD to EGP 30.84 | USD to KES 145.48 | USD to NGN 1543.58 | USD to ZAR 19.1 | USD to ZMW 23.57 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 72204.56 Down -1.28% | Namibian Stock Exchange (NSX) Overall Index 1504.77 Down -1.33% | Casablanca Stock Exchange (CSE) MASI 13031.16 Down -0.78% | Egyptian Exchange (EGX) 30 Index 28964.41 Up +0.30% | Botswana Stock Exchange (BSE) DCI 9009.48 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 083.28/OZ UP +1.90% | Copper US$ 3.83/lb UP +0.47% | Zinc US$ 2 428.60/T DOWN -0.24% | Brent Crude Oil US$ 84.31/BBP UP +1.95% | Platinum US$ 885.32/OZ UP +0.74% Sport results: H.E. Dr Nangolo Mbumba, President of the Republic of Namibia says they will continue to pursue the second struggle of Namibia Zambian President, Hakainde Hichilema said one road will be named after the late president in Lusaka and the other road will be named after the founding president of Namibia The late President Hage Geingob’s casket was stationed at the Eternal Flame before he was taken to his final resting place The casket will of the late president was lowered with a 21 gun salute Accoutrements will be handed over to the former first lady of Monica Geingos An official luncheon by invitation is scheduled to take place at 14:00 at the State House The foreign dignataries are currently paying their last tribute to the former first lady, Monica Geingos Heroes Acre will be closed to the public, the National Council will announce once it is reopenedSerieA: Internazionale 4 vs 0 Atalanta | Sassuolo 1 vs 6 Napoli FA Cup: Liverpool 3 vs 0 Southampton | Nottingham Forest 0 vs 1 Manchester United | Wolverhampton Wanderers 1 vs 0 Brighton & Hove Albion | Chelsea 3 vs 2 Leeds United | Blackburn Rovers 1 vs 1 Newcastle United | Luton Town 2 vs 6 Manchester City | AFC Bournemouth 0 vs 1 Leicester City Weather: Katima Mulilo: 18° | 36° Rundu: 18° | 37° Eenhana: 21° | 37° Oshakati: 23° | 37° Ruacana: 20° | 36° Tsumeb: 20° | 35° Otjiwarongo: 20° | 33° Omaruru: 21° | 35° Windhoek: 19° | 30° Gobabis: 21° | 34° Henties Bay: 18° | 22° Wind speed: 18km/h, Wind direction: S, Low tide: 12:25, High tide: 06:24, Low Tide: 00:25, High tide: 18:45 Swakopmund: 17° | 18° Wind speed: 24km/h, Wind direction: SW, Low tide: 12:23, High tide: 06:22, Low Tide: 00:23, High tide: 18:43 Walvis Bay: 18° | 23° Wind speed: 32km/h, Wind direction: SW, Low tide: 12:23, High tide: 06:21, Low Tide: 00:23, High tide: 18:42 Rehoboth: 20° | 32° Mariental: 25° | 35° Keetmanshoop: 24° | 34° Aranos: 24° | 36° Lüderitz: 15° | 28° Ariamsvlei: 26° | 38° Oranjemund: 15° | 23° Luanda: 27° | 29° Gaborone: 19° | 38° Lubumbashi: 16° | 26° Mbabane: 14° | 32° Maseru: 17° | 32° Antananarivo: 17° | 22° Lilongwe: 18° | 27° Maputo: 21° | 35° Windhoek: 19° | 30° Cape Town: 19° | 23° Durban: 17° | 29° Johannesburg: 18° | 33° Dar es Salaam: 26° | 32° Lusaka: 16° | 29° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 24.11 | EUR to NAD 20.68 | CNY to NAD 2.67 | USD to NAD 19.09 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.34 | EGP to NAD 0.61 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.8 | ZWL to NAD 0.04 | BRL to NAD 3.85 | RUB to NAD 0.21 | INR to NAD 0.23 | USD to DZD 134.5 | USD to AOA 828.51 | USD to BWP 13.77 | USD to EGP 30.84 | USD to KES 145.48 | USD to NGN 1543.58 | USD to ZAR 19.1 | USD to ZMW 23.57 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 72204.56 Down -1.28% | Namibian Stock Exchange (NSX) Overall Index 1504.77 Down -1.33% | Casablanca Stock Exchange (CSE) MASI 13031.16 Down -0.78% | Egyptian Exchange (EGX) 30 Index 28964.41 Up +0.30% | Botswana Stock Exchange (BSE) DCI 9009.48 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 083.28/OZ UP +1.90% | Copper US$ 3.83/lb UP +0.47% | Zinc US$ 2 428.60/T DOWN -0.24% | Brent Crude Oil US$ 84.31/BBP UP +1.95% | Platinum US$ 885.32/OZ UP +0.74%