Company news in brief

Nictus anticipates profit surgeLocally-listed Nictus Holdings expects earnings per share (EPS) for the six months ended 31 December 2023 to be between 47% and 67% higher than the same half-year in 2022.EPS is forecast at between 45.35c and 51.51c, compared to a profit per share of 30.76c for the six months ended 31 December 2022, Nictus said in a trading statement on the Namibian Stock Exchange (NSX).Headline earnings per share (HEPS), a profitability indicator, of between 44.93c and 51.09c are expected, which is between 46% and 66% higher than the HEPS of 30.83c for the previous corresponding period.Nictus’ latest interim results are expected on or about 29 March.Sasol loses bid to challenge watchdogChemicals and energy group Sasol has lost its application to the Competition Appeal Court, challenging findings that it was charging excessive mark-ups on natural piped gas for nearly a decade.In July last year, the Competition Commission found that Sasol Gas contravened the Competition Act and extracted mark-ups of up to 72% on the product, with the excessive pricing having continued for nearly 10 years. The commission referred the matter - based on complaints brought by Egoli Gas, the Industrial Gas Users Association of South Africa (IGUA-SA), and Spring Lights Gasby - to the Competition Tribunal.Sasol attempted to challenge the commission’s jurisdiction to investigate the matter by approaching the Competition Appeal Court. It wanted the court to review and set aside the commission’s decisions to initiate an investigation into "alleged abuse of dominance by Sasol" and issue a summons after Sasol failed to respond to a request for information as part of the investigation. It also, as the first part of its application, wanted an interim order suspending the operation of the summons pending its review application.The court dismissed the application on Tuesday, saying: “The decision of the Competition Commission to investigate the complaints lodged by IGUA-SA and Egoli Gas as well as the issuing of the summons stands.” – Fin24Sea Harvest enjoys bumper demandSea Harvest, a diversified fishing operator, says it is enjoying robust demand growth for its white fish as sanctions associated with the Ukraine war have eliminated major Russian competitors from the US and European markets.Sea Harvest said it increased revenue by 6% to R6 billion in the year ended December, though it still felt pressure from above-inflation cost increases, load shedding, lower global prawn prices, and, in particular, higher interest rates. Its profit fell 8% to R269 million, but it still upped its final dividend by about 5% to 40c per share.The Cape Town-based fishing company, valued at about R2.6 billion on the JSE, said it expects the price of fish to remain strong for the foreseeable future. "There has been a strong increase in demand in Europe for many of our products, particularly hake and other white fish products," CEO Felix Ratheb told News24."Russia is a large producer of those and is now unable to sell in our traditional markets of Western Europe and the US due to the war in Ukraine. Demand has increased by about 24% in Europe. Our fishing business performed incredibly well." Ratheb said fish exports to Europe, Australia and Asia account for just under half of its global business, making the company a rand hedge and foreign currency earner for South Africa. – Fin24Astral disposes of Quantum stakeSouth Africa's biggest chicken group Astral Foods has disposed of its 9.8% interest in the country’s biggest egg producer Quantum Foods for R141.7 million to rival Country Bird Holdings. No regulatory approvals were required by Astral for this transaction. At the time, the group, now valued at over R6 billion on the JSE, had said it needed to ensure the company's independence amid a share scramble by third parties that raised the spectre of a takeover. Chris Schutte, CEO of Astral, said in a statement that at the time Astral acquired the 9.8% equity stake in Quantum in June 2020, there were "unmitigated risks the group had to manage". "These risks centred on securing the supply of live broilers to Astral's County Fair operation in the Western Cape from Quantum. Quantum supplies Astral with approximately 600 000 broilers per week for further processing, about 35% of County Fair's total slaughter capacity." A five-year term remains on the existing broiler supply agreement, and Astral has sufficient time to implement mitigating actions should the supply agreement come under threat at the end of the contractual period, it said, while it realised its investment in illiquid shares at a premium. The proceeds exceed the carry value of Astral's investment of R97.8 million at the end of September, providing a boost to a battered balance sheet. – Fin24Oceana drives Brimstone profitBrimstone Investment Holdings, one of South Africa's oldest empowerment companies, reported that its profit for the year to end-December rose 30% to R421.9 million, largely due to a strong performance by its major associate Oceana Group, the largest fishing company in Africa. Oceana contributed R366.4 million in profit, an increase of R171 million compared to the prior year, with that company recently reporting it has benefited from strong demand for canned fish and a particularly strong performance from its US business Daybrook. But Brimstone's group intrinsic net asset value still fell 8.4% to R2.98 billion, hardest hit by about a R400 million, or 20%, decline in the value of its Sea Harvest stake. The group said it is making progress in cutting its debt, it bought back shares, and it upped its final dividend more than a fifth to 40c per share. – Fin24

Company news in brief

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Namibian Sun 2026-06-15

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Company news in brief

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Namibian Sun 2026-06-15

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