COMPANY NEWS IN BRIEF
Mr Price increases market share
Mr Price gained market share and improved gross profit margins as it grew ahead of its rivals in a constrained consumer environment, it said in a first-quarter update on Monday.
But even as it increased market share for 11 consecutive months, experiencing growth when others reported declines, its comparable store sales rose a marginal 0.1%. This indicated the JSE-listed clothing retailer, which gained just over R1.1 billion in market share on a 12-month rolling basis, was experiencing volume pressure in a difficult economy because it passed on selling price increases of 2.2%.
Breaking down its performance, Mr Price said it managed to record retail sales ahead of the market, gaining 90 basis points of market share at improved gross profit margins than the corresponding period.
Total group retail sales came in at R8.5 billion, representing growth of 4.6%, and ahead of the total comparable market’s retail sales decline of 0.2%. Mr Price said that the market reflected four consecutive months of sales decline until the end of May this year.
Mr Price reported gross margin percentage increases across every division during the period due to lower mark downs in its portfolio and more full priced sales. This, it said, supported its focus on "profitable market share gains".
-FIN24-
Amplats says on track to demerge in 2025, plans secondary London listing
South Africa's Anglo American Platinum (Amplats) expects its demerger from parent company Anglo American to be completed next year and is planning a secondary listing in London, its CEO said on Monday.
Amplats, which reported first half results, also said it had cut some 3,700 jobs to reduce spending ahead of the demerger.
Meeting cost targets and the unbundling plan are crucial for efforts by Anglo American CEO Duncan Wanblad to restructure the wider group - after fending off a $49 billion takeover bid from rival mining giant BHP Group.
Amplats CEO Craig Miller said the standalone business would have brighter prospects.
"The planned demerger will create a more focused, independent global leader in the PGM industry," Miller said, adding that a secondary listing would diversify its investors.
Amplats' profit fell 18% to 6.5 billion rand ($355.4 million) in the six months to June 30, while it declared a dividend of 9.75 rand per share, amounting to a total of 2.6 billion rand, in the first-half.
A spokesperson for Anglo said the coal assets sale had attracted strong demand from various investors.
"The sale process is well under way and there is strong interest in this world class set of steelmaking coal assets from a large number of parties," the spokesperson said.
-REUTERS-
Nigeria's Dangote says refinery will hit 550,000-bpd output this year
Nigeria's Dangote refinery will hit production of 550,000 barrels per day (bpd) this year, equivalent to 85% of capacity, but it is having to increase crude imports due to insufficient domestic supplies, the plant's CEO said on Saturday.
Chief Executive Aliko Dangote said the 650,000-bpd capacity refinery, which is the largest in Africa, had only received five crude cargoes from state oil firm NNPC since it started operating earlier this year, instead of the 15 it expected.
"That is why we went ahead and bought some Brazilian crude, we also got U.S. crude. Anytime we go to IOCs (international oil companies) they say go to brokers," Dangote said during a tour of the facility on the outskirts of Lagos.
He added that brokers were charging a $4 mark-up per barrel of crude.
NNPC had in the past agreed to supply the refinery 300,000 bpd but it is struggling with low production and some of its crude is being exchanged for gasoline imports.
The Dangote refinery, built at a cost of $20 billion, began production in January after several years of delays.
-REUTERS-
SA sports minister warns Multichoice over sporting rights
South Africa’s minister of sports, arts, and culture, Gayton McKenzie, has issued a “friendly warning” to MultiChoice, eMedia, and the South African Broadcasting Corporation (SABC) over their sports broadcasting rights feud.
During a recent media briefing, McKenzie said he would leverage previously unused legislation to settle the feud and enable all South Africans to watch their national teams. The broadcasters have been in an ongoing battle over sports broadcasting rights, including live matches featuring the Springboks and the Proteas.
MultiChoice holds exclusive rights to broadcast such events.
“It is wrong. The national team doesn’t belong to MultiChoice or SABC or E-tv. None of them should act like the national team belongs to them,” said McKenzie.
“I’m not going to be an enabler of the majority of our people not being able to watch the national rugby team or soccer team.”
He described his words as a “friendly warning”, but said he was prepared to “go to war” with the broadcasters to enable poorer South Africans to watch these matches.
“There exists legislation which has never been used, that prevents them from engaging in the current action that they are engaging in,” said McKenzie.
“I intend to fully use that legislation. We are meeting with them. As we say we come in peace, but if they want war, they will get war.”
“I will make sure that South Africans can all watch,” he added.
MultiChoice’s SuperSport has exclusive broadcasting rights to a wide range of sports events, including those featuring national teams.
-MYBROADBAND-
Mr Price gained market share and improved gross profit margins as it grew ahead of its rivals in a constrained consumer environment, it said in a first-quarter update on Monday.
But even as it increased market share for 11 consecutive months, experiencing growth when others reported declines, its comparable store sales rose a marginal 0.1%. This indicated the JSE-listed clothing retailer, which gained just over R1.1 billion in market share on a 12-month rolling basis, was experiencing volume pressure in a difficult economy because it passed on selling price increases of 2.2%.
Breaking down its performance, Mr Price said it managed to record retail sales ahead of the market, gaining 90 basis points of market share at improved gross profit margins than the corresponding period.
Total group retail sales came in at R8.5 billion, representing growth of 4.6%, and ahead of the total comparable market’s retail sales decline of 0.2%. Mr Price said that the market reflected four consecutive months of sales decline until the end of May this year.
Mr Price reported gross margin percentage increases across every division during the period due to lower mark downs in its portfolio and more full priced sales. This, it said, supported its focus on "profitable market share gains".
-FIN24-
Amplats says on track to demerge in 2025, plans secondary London listing
South Africa's Anglo American Platinum (Amplats) expects its demerger from parent company Anglo American to be completed next year and is planning a secondary listing in London, its CEO said on Monday.
Amplats, which reported first half results, also said it had cut some 3,700 jobs to reduce spending ahead of the demerger.
Meeting cost targets and the unbundling plan are crucial for efforts by Anglo American CEO Duncan Wanblad to restructure the wider group - after fending off a $49 billion takeover bid from rival mining giant BHP Group.
Amplats CEO Craig Miller said the standalone business would have brighter prospects.
"The planned demerger will create a more focused, independent global leader in the PGM industry," Miller said, adding that a secondary listing would diversify its investors.
Amplats' profit fell 18% to 6.5 billion rand ($355.4 million) in the six months to June 30, while it declared a dividend of 9.75 rand per share, amounting to a total of 2.6 billion rand, in the first-half.
A spokesperson for Anglo said the coal assets sale had attracted strong demand from various investors.
"The sale process is well under way and there is strong interest in this world class set of steelmaking coal assets from a large number of parties," the spokesperson said.
-REUTERS-
Nigeria's Dangote says refinery will hit 550,000-bpd output this year
Nigeria's Dangote refinery will hit production of 550,000 barrels per day (bpd) this year, equivalent to 85% of capacity, but it is having to increase crude imports due to insufficient domestic supplies, the plant's CEO said on Saturday.
Chief Executive Aliko Dangote said the 650,000-bpd capacity refinery, which is the largest in Africa, had only received five crude cargoes from state oil firm NNPC since it started operating earlier this year, instead of the 15 it expected.
"That is why we went ahead and bought some Brazilian crude, we also got U.S. crude. Anytime we go to IOCs (international oil companies) they say go to brokers," Dangote said during a tour of the facility on the outskirts of Lagos.
He added that brokers were charging a $4 mark-up per barrel of crude.
NNPC had in the past agreed to supply the refinery 300,000 bpd but it is struggling with low production and some of its crude is being exchanged for gasoline imports.
The Dangote refinery, built at a cost of $20 billion, began production in January after several years of delays.
-REUTERS-
SA sports minister warns Multichoice over sporting rights
South Africa’s minister of sports, arts, and culture, Gayton McKenzie, has issued a “friendly warning” to MultiChoice, eMedia, and the South African Broadcasting Corporation (SABC) over their sports broadcasting rights feud.
During a recent media briefing, McKenzie said he would leverage previously unused legislation to settle the feud and enable all South Africans to watch their national teams. The broadcasters have been in an ongoing battle over sports broadcasting rights, including live matches featuring the Springboks and the Proteas.
MultiChoice holds exclusive rights to broadcast such events.
“It is wrong. The national team doesn’t belong to MultiChoice or SABC or E-tv. None of them should act like the national team belongs to them,” said McKenzie.
“I’m not going to be an enabler of the majority of our people not being able to watch the national rugby team or soccer team.”
He described his words as a “friendly warning”, but said he was prepared to “go to war” with the broadcasters to enable poorer South Africans to watch these matches.
“There exists legislation which has never been used, that prevents them from engaging in the current action that they are engaging in,” said McKenzie.
“I intend to fully use that legislation. We are meeting with them. As we say we come in peace, but if they want war, they will get war.”
“I will make sure that South Africans can all watch,” he added.
MultiChoice’s SuperSport has exclusive broadcasting rights to a wide range of sports events, including those featuring national teams.
-MYBROADBAND-
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