Company news in brief

14 November 2017 | Business

Tongaat Hulett posts rise in HY profit

South Africa's Tongaat Hulett reported a 5% rise in half-year profit, boosted by recovered production after a two-year drought and income from land sales.

Diluted headline earnings per share - the main profit measure in South Africa - rose to 573.8 cents per share in the six months ended Sept. 30 compared with 546.7 for the same period the previous year.

Tongaat Hulett expects to increase its share of regional sugar production to 26% in 2017/18, from 22% in the previous season.

The firm declared an interim dividend of 100 cents per share. – Nampa/Reuters

Vodacom H1 earnings inch up 1%

South Africa's Vodacom Group posted a 1.1 percent rise in half-year earnings on Monday, while net profit increased 7 percent, boosted by the acquisition of Safaricom.

Headline earnings per share - the main profit measure in South Africa that strips out certain one-off items - came in at 445 cents in the six-months ended September, compared with 440 cents a year earlier.

Vodacom, a unit of UK-based Vodafone, declared an interim dividend per share of 390 cents, slightly changed from the previous year.

Vodafone consolidated two of its African interests in May with the transfer of a 35 percent stake in Kenya's Safaricom to majority-owned South African subsidiary Vodacom. – Nampa/Reuters

Peugeot in JV to build cars in Algeria

Peugeot maker PSA Group signed a joint venture agreement with three Algerian partners to build cars in the North African country.

The French carmaker said it would invest around 100 million euros (US$117 million), equalling 49% of the joint venture's capital.

The joint venture will set up a plant in the western Algerian city of Oran, where French automaker Renault opened a plant in 2014.

The plant will start some production next year and be fully operational in 2019, PSA said. – Nampa/Reuters

Alibaba takes record US$25 bn on 'Singles Day'

Chinese online shoppers spent a record US$25 billion on this year's "Singles Day" promotion run by e-commerce giant Alibaba, up nearly 40% from last year.

At the peak, 256 000 payments were being processed per second on Saturday, the firm said, more than 90% of them placed via mobile.

The company's gross merchandise volume for its annual sales extravaganza known as "Double 11" representing November 11, came in at 168.3 billion (US$25.3 billion).

The total sales were up 39% from last year's 120.7 billion yuan (US$17.8 billion) - a milestone this year eclipsed in under 14 hours, according to Alibaba. – Nampa/AFP

Deutsche Bank picks IPO bookrunners

Deutsche Bank has selected Barclays, Citigroup and Credit Suisse as senior bookrunners for the initial public offering (IPO) of its asset-management arm, a source familiar with the matter told Reuters.

Deutsche Bank, which will be the main bookrunner, said in March it planned to list the asset management arm, which could achieve a total valuation of around 8 billion euros (US$9 billion), within two years as part of an overhaul following costly lawsuits and trading scandals.

It is expected to raise about 2 billion euros from listing about a quarter of the business.

The junior bookrunners helping to market the IPO to investors will be BNP Paribas, Unicredit, UBS, Morgan Stanley and ING. – Nampa/Reuters

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