COMPANY NEWS IN BRIEF

Kumba Iron Ore reported a 40% jump in profitSouth African miner Kumba Iron Ore reported a 40% jump in annual profit on Tuesday and declared a strong dividend pay-out, driven by a surge in prices of the steel-making raw material and a weaker rand exchange rate during the year.Majority shareholder Anglo American Plc will be a beneficiary of the strong dividend pay-out after Kumba reported headline earnings per share of 71.07 rand (US$4.86) for the year ended December 2020, up from 50.88 rand a year earlier.Kumba, which runs the Sishen and Kolomela mines in South Africa, declared a final dividend of 41.30 rand per share, or 85% of headline earnings, bringing the full-year dividend to 60.90 rand, or 30% higher than its final dividend of 46.78 rand a year earlier.Iron ore prices soared in 2020, driven by China's rapid economic recovery and a focus on infrastructure. A weaker rand, which reduces costs, further boosted full-year earnings.Earnings before interest, taxes, depreciation, and amortization (EBITDA) during the year jumped 57% to a record of 45.8 billion rand, the company said. - Nampa/ReutersApple plans to increase dividendApple Inc is planning to increase dividend according to Chief Executive Tim Cook, CNBC reported on Tuesday, citing the shareholder meeting.The company's shareholders also approved compensation for Apple executives for fiscal 2020, the report said.Shareholders will not vote until next year's annual meeting on Cook's September grant of 333 987 restricted stock units, his first major stock package since 2011, which took effect at the start of Apple's fiscal 2021.It grants him stock units with a possibility to earn as many as 667 974 more if he hits performance targets. Apple, the biggest US listed public company by market capitalization with a value of US$2.1 trillion, has thrived during the pandemic even though it had to temporarily shut several stores. The company's board had declared a cash dividend of US$0.205 per share of the company's common stock in the holiday quarter. - Nampa/ReutersTelecom Italia sees profit, sales stabilising Telecom Italia (TIM) said on Tuesday it expected profit and sales to stabilise this year after a difficult 2020 as it prepares to hand CEO Luigi Gubitosi a second term at the helm of Italy's biggest phone group.As the pandemic ravaged Italy's economy, revenue at Telecom Italia fell to 15.8 billion euros (US$19.2 billion) last year from 18 billion euros in 2019, a touch ahead of a consensus forecast provided by the company.Full-year organic earnings before interest, tax, depreciation and amortization (EBITDA) after lease costs fell 6% to 6.24 billion euros, also broadly in line with forecasts. The group kept its dividend stable at 1 cent per ordinary share.TIM said it expected organic EBITDA after lease costs to either remain stable or show low single-digit growth in 2021.The group aims to cut net debt after lease costs to around 16.5 billion euros at the end of 2021 from 18.6 billion in December, to reach a debt ratio of 2.6 times the EBITDA in 2023. Domestic revenue, which accounts for nearly 80% of the total, fell 7.7% year-on-year in 2020 net of one-off items. - Nampa/ReutersG4S urge shareholders to accept Allied deal British private security group G4S on Tuesday urged shareholders to accept Allied Universal's 3.8 billion pound (US$5.4 billion) final offer after the end of the US bidder's drawn-out takeover battle with Canada's GardaWorld.Hostile bidder GardaWorld had called a halt to the contest on Monday by telling the UK's Takeover Panel it would not increase its December bid of 235 pence per share for the world's largest private security company.Allied on Tuesday said it would not increase the 245 pence per share offer it announced on Dec. 8, making it the final bid.G4S had backed that offer last year after repeatedly rejecting GardaWorld's hostile advances, but low shareholder acceptance forced repeated extensions to offer deadlines."G4S directors unanimously recommend that G4S shareholders accept the final Allied Universal offer," The London-listed company said.Allied on Tuesday extended its offer deadline to March 16 and the acceptance condition was lowered to 75% from 90% in nominal value and voting rights. -Nampa/ReutersTotal sells part of wind, solar portfolios French energy group Total has agreed to sell off stakes in some wind and solar farms to Credit Agricole Assurances and Banque des Territoires, which Total said would boost its cash flow and return on equity.The oil and gas major has been making a big push into renewable energy, aiming to reach 100 Gigawatts (GW) in gross installed capacity by 2030, from 7GW at the end of 2020, and is is changing its name to TotalEnergies to reflect its shake-up.Banque des Territoires would buy a 50% stake in a portfolio consisting of eight solar farms located in New Caledonia with a total capacity of 53 MW, with the deals giving 100% of the portfolios an enterprise value of US$600 million."These farm downs are the implementation of the business model we have defined for the development of renewable energies aiming to achieve over 10% return on equity," said Julien Pouget, senior vice president of Total's renewables unit.Total is building up a portfolio in the renewables and electricity sectors that could account for up to 40% of its sales by 2050, while also eyeing opportunities for divestments which could increase its cash flow and return for investors. – Nampa/Reuters

COMPANY NEWS IN BRIEF

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Namibian Sun 2025-12-11

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COMPANY NEWS IN BRIEF

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Namibian Sun 2025-12-11

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