COMPANY NEWS IN BRIEF

17 February 2021 | Business

Shoprite sees profits growing by up to 22.5%

Shoprite Holdings Ltd said on Monday its profits for the half year that ended Dec. 27 will be higher by between 12.5% and 22.5% compared with the same period a year ago.

Adjusted basic headline earnings per share (HEPS), the main measure of corporate profit in South Africa will be between 400.1 cents (US$0.2762) and 435.7 cents, the company said, driven mainly by sales in its local market.

Home market sales, which account for over three quarters of the company's total sales, grew by 5.6% for the half year, said Shoprite, the country's largest retailer by market.

The biggest sales driver was Shoprite's furniture business, comprising OK Furniture and House & Home, where sales increased by 15.7% from the year ago period.

South African retailers, suffering even before the coronavirus had hit the country, got a fresh lease of life last year when consumers showed a renewed interest in furniture and home ware products as people started spending more time at home. - Nampa/Reuters

SA's Eskom to spin off transmission business

South Africa's state power firm Eskom aims to complete the legal separation of its transmission unit by the end of 2021, its Chief Executive Andre de Ruyter said on Monday, with the generation and distribution units following in 2022.

President Cyril Ramaphosa announced a plan to divide the cash-strapped utility into three units in 2019, but the process has stalled and nationwide blackouts have continued, damaging the already fragile economy.

The plan to split the company, which supplies over 90% of South Africa's electricity but is straining against the burden of heavy debts and failing coal-fired plants, is designed to smooth the firm's access to capital markets.

Eskom has a net debt of between 460 billion and 485 billion rand (US$34 billion), and is likely to record another "substantial loss" in 2021, de Ruyter said in a live address on YouTube.

Eskom is pinning its turnaround on the new structure and increased reliance on renewable energy. Some investors and analysts have said the separation could trigger a default under Eskom's current loan agreements as it involves the transfer a number of assets and liabilities. - Nampa/Reuters

Renergen to produce freezer for vaccine storage

South African natural gas and helium producer Renergen will start production of its helium powered ultra-cold mobile freezer in the next few days and has started discussions to sell the units to logistics companies, it said on Monday.

Companies and governments around the world are working on ways to establish cold-chain storage and delivery systems for vaccines such as the Pfizer Inc and BioNTech shot, which must be shipped and stored at ultra-cold temperatures and can only last at standard fridge temperatures for up to five days.

As a solution, Renergen on Monday launched its prototype cold-chain storage called Cryo-Vacc, which has a temperature range of -150 degrees Celsius to 8C and can store vaccines for periods of up to 30 days without the need for any power supply.

"We've already started to take orders for this product. So, we're ready to start going into production in the next few days," Renergen CEO Stefano Marani told journalists at the demo-launch event.

The company has partnered with local distributor DPD Laser, jointly owned and controlled by The Laser Group and European DPDgroup, which will buy the units from Renergen and then rent them out to its healthcare warehousing and logistics clients in South Africa and SADC. -Nampa/Reuters

Jaguar Land Rover to go 100% electric

Luxury car group Jaguar Land Rover (JLR) unveiled plans to go electric on Monday, saying it aims to be net zero on carbon emissions by 2039 as it joined a global race to roll out clean-energy vehicles.

The Tata Motors-owned group's strategy internally referred to as "Reimagine" comes as car groups worldwide accelerate moves towards fleets powered by electric and other green technologies.

Land Rover will add six pure electric variants in the next five years and future Jaguar models will be built exclusively on a pure electric architecture, JLR said, adding, that the first all-electric variant of Land Rover will debut in 2024.

Last month, General Motors Co said it aimed for all new cars, SUVs and light pickup trucks to have zero-tailpipe emissions by 2035, a dramatic shift by the largest US automaker away from gasoline and diesel engines.

By 2030, it is anticipated that 100% of Jaguar cars, and 60% of Land Rovers, will be equipped with zero-tailpipe powertrains, JLR said. - Nampa/Reuters

Vodafone's Vantage expands portfolio

Vantage Towers, the infrastructure business spun out by Vodafone, said on Monday it had expanded its tower portfolio as it confirmed its outlook ahead of its expected initial public offering in Frankfurt.

The world's second-largest mobile operator, Vodafone plans to float Vantage on the Frankfurt Stock Exchange in March in a share offering worth around 3 billion euros, three people close to the matter have said.

Vantage reaffirmed proforma recurring free cash flow guidance of 375-385 million euros (US$455-US$467 million) for its fiscal year to March 31, implying a modest increase from 375 million last year.

"This set of results shows that we are tracking well on all of our plans," CEO Vivek Badrinath told reporters, while referring inquiries on the IPO to parent company Vodafone.

Vantage increased the number of towers it runs to 82 000 in the first nine months of its fiscal year, following the recent addition of its UK joint venture, the Duesseldorf-based company said in a statement. - Nampa/Reuters

Similar News

 

FirstRand Nam’s profit dives 9.4%

1 hour ago | Business

Jo-Maré Duddy – Locally-listed FirstRand Namibia reported a profit of about N$564.9 million for the six months ended 31 December 2020, a drop of some...

Letshego Nam takes N$60-mln profit hit

2 hours ago | Business

Jo-Maré Duddy – Locally-listed Letshego Holdings Namibia reported a profit of about N$341.4 million for the year ended 31 December 2020, a drop of nearly...

Otjikoto sitting on a gold mine

12 hours ago | Business

Jo-Maré Duddy – B2Gold’s Otjikoto mine is expected to reach record-level production this year and through to 2024, the Canada-based low-cost international senior gold producer...

Mining survey: Chamber hits back

12 hours ago | Business

PHILLEPUS UUSIKU Too few responses have skewed Namibia's performance on the 2020 Fraser Institute Survey of Mining Companies, tarnishing its image as an attractive investment...

Nam mining licence loophole closed

12 hours ago | Business

From the beginning of April this year, Namibians who hold mineral licences will no longer be allowed to transfer it to foreign companies or persons...

Aroab SME owners hope for business uptick

12 hours ago | Business

Suzith Tjitaura – Small business owners at Aroab say they hope for better days as they have hardly generated any profits since the start of...

Mufhiwa business activities declared illegal

12 hours ago | Business

STAFF REPORTERThe Bank of Namibia (BoN) has concluded the investigation into the business activities of Mufhiwa Building Projects and found it to be illegal.Mufihiwa activities...

COMPANY NEWS IN BRIEF

12 hours ago | Business

Glencore's mine expansion risking sitesExpansion at an Australian lead and zinc mine run by miner Glencore puts at risk several sacred Aboriginal sites including a...

Mining license loophole closed

1 day - 03 March 2021 | Business

Jo-Maré Duddy – From the beginning of April this year, Namibians who hold mineral licences will no longer be allowed to transfer it to foreign...

Employers to apply for training grants

1 day - 03 March 2021 | Business

Augetto Graig - The Namibia Training Authority (NTA) has launched its latest call for applications for the vocational education and training (VET) levy grant of...

Latest News

Otjikoto sitting on a gold...

12 hours ago | Business

Jo-Maré Duddy – B2Gold’s Otjikoto mine is expected to reach record-level production this year and through to 2024, the Canada-based low-cost international senior gold producer...

Mining survey: Chamber hits back

12 hours ago | Business

PHILLEPUS UUSIKU Too few responses have skewed Namibia's performance on the 2020 Fraser Institute Survey of Mining Companies, tarnishing its image as an attractive investment...

‘Not up to you’

12 hours ago | Education

TUYEIMO HAIDULA ONGWEDIVA Higher education minister Itah Kandjii-Murangi says institutions of higher learning...

Sioka in hot water over...

12 hours ago | Ministries

JANA-MARI SMITH WINDHOEKThe clock is ticking for child welfare minister Doreen Sioka who has less than a month to present a...

Corruption - A social disease...

12 hours ago | Columns

Johan CoetzeeGiven ongoing media articles about governance, manifested in contraction of investment and increasing unemployment, it is appropriate to reflect on several trends covering several...

EDITORIAL

12 hours ago | Opinion

The phony attempts by mainly men in the National Unity Democratic Organisation (Nudo) to undermine its president Esther Muinjangue will only further dissuade women from...

Drought policy in review to...

12 hours ago | Agriculture

ELLANIE SMIT WINDHOEKThe agriculture ministry is in the process of reviewing the country’s drought...

Nam mining licence loophole closed

12 hours ago | Business

From the beginning of April this year, Namibians who hold mineral licences will no longer be allowed to transfer it to foreign companies or persons...

Aroab SME owners hope for...

12 hours ago | Business

Suzith Tjitaura – Small business owners at Aroab say they hope for better days as they have hardly generated any profits since the start of...

Load More