JSE-listed food services multinational Bidcorp grew its revenue by 24% year-on-year to R113.8-billion for the six months to December 31, 2023. Its revenue increased by 10.8% in constant currency terms, representing solid real growth, despite rapidly moderating inflation and softening demand, said Bidcorp CEO Bernard Berson during the company's results presentation on February 21.

JSE-listed pharmaceuticals manufacturer Adcock Ingram says it has delivered a “resilient performance” for the six months ended December 31, 2023, despite challenges facing consumers, such as high interest rates, exchange rate depreciation, high inflation and loadshedding, which, consequently, result in lower disposable income. The group achieved an increase in turnover of 1% to R4.7-billion for [...]

With various commodity prices taking a nosedive over the past year, windfall tax gains from high commodity prices over the preceding two years have come to an end, resulting in a sharp fall in mining tax revenue, National Treasury has said. In the 2024 Budget Review released on February 21, it was revealed that, for [...]

Out of 72 municipality applications for State-owned Eskom debt relief, 70 have been approved, Finance Minister Enoch Godongwana revealed in his 2024 Budget on February 21. The 72 applicants represent R56.7-billion, or 96.9%, of the total municipal debt owed to Eskom as at March 31, 2023, with the 70 approved representing R55.2-billion.

The South African government is proposing to reduce its planned allocations to Eskom under a previously announced R254-billion debt-relief package by R2-billion a year for the 2023/24 and 2024/25 periods, owing to the utility’s failure to dispose of the Eskom Finance Company (EFC) by the agreed timeframe of March 31, 2024. Allocations of R78-billion in [...]

Out of 72 municipality applications for State-owned Eskom debt relief, 70 have been approved, Finance Minister Enoch Godongwana revealed in his 2024 Budget on February 21. The 72 applicants represent R56.7-billion, or 96.9%, of the total municipal debt owed to Eskom as at March 31, 2023, with the 70 approved representing R55.2-billion.

Government has decided once again to leave the general fuel levy and Road Accident Levy Fund unchanged, resulting in tax relief of about R4-billion. This was announced at the release of Finance Minister Enoch Godongwana’s 2024 Budget on February 21, marking the third consecutive year that this decision has been made, largely as a means [...]

Finance Minister Enoch Godongwana unveiled a far-reaching reform in relation to government’s treatment of the Gold and Foreign Exchange Contingency Reserve Account (GFECRA), which will result in R150-billion in drawdowns from the account over the coming three years to reduce government borrowings. The settlements will be in three tranches, including R100-billion in 2024/25 and R25-billion [...]

The Gauteng provincial government has yet to show how it will fund its previously agreed 30% contribution of R12.9-billion of the total outstanding debt of R47-billion for phase 1 of the Gauteng Freeway Improvement Project (GFIP). This follows the announcement made by Finance Minister Enoch Godongwana during his 2022 medium term budget policy speech that national [...]

JSE-listed Vukile Property Fund will issue R1-billion of new ordinary shares following a successful accelerated bookbuild, with the funds to be used to capitalise on a pipeline of growth opportunities. In the short term, the proceeds of the equity raise will also be used to temporarily reduce borrowings in anticipation of the closing of potential acquisitions. 

A legal dispute over the granting of an environmental authorisation for a 5-km new road, the K148, in southern Gauteng has the potential to highlight serious legal impediments to the development of any new road in the increasingly traffic-congested province. This, owing to an alleged misalignment between provisions in the Gauteng Transport and Infrastructure Act [...]

Okiep Copper Company, which mining company Newmont established in 1937, is today one of the 100%-owned subsidiaries of South Africa’s Copper 360, the only pure copper play listed on the Johannesburg Stock Exchange. Under Newmont, the Okiep Copper Company paid out about R30-million in dividends every year during the 25 years that it operated in [...]