Company news in brief

Sibanye reports 51% profit slump

For the six months to end-June, Sibanye-Stillwater's profit slumped by 51% to R12.3 billion from a record level last year. Its latest half-year profit performance is still the third-largest on record.

Apart from weaker prices for gold and platinum group metals (PGM), the group suffered big disruptions at its South African gold and US PGM operations.

Production from the SA gold operations was 63% lower year-on-year, due to a three-month-long strike. Added to this, no ore was processed or sold from the Beatrix operations in the first quarter of the year as activities were suspended to allow for the reinforcement of the tailings storage facility.

The US PGM operations reported a 23% decline due to operational constraints and the impact of flooding in June. PGM production from South Africa was 8% lower than, but its costs were maintained in line with inflation.

A cash dividend of 138c per share was declared. – Fin24



Distell back to pre-Covid sales

Distell's revenue for the year to end-June has surpassed 2019's pre-pandemic levels.

In its results, the liquor producer said its revenue for the period was R34 billion, increasing by 21% on 17.6% higher volumes. Its headline earnings were up 37% compared to 2021.

In the South African market, the group's revenue grew and volumes grew by 24.4% and 18.7% respectively. The growth came from all three of its categories: wines, spirits and ciders and ready-to-drink products.

The liquor maker continued to see growth outside South Africa, with its other African markets growing their revenue by 14.4% and sales volumes by 16.3%.

In international markets outside Africa, Distell's revenue jumped by 8% and its volume growth was 9.4%, most of it coming from single malts and Amarula.

The company has suspended its dividend payments as the Heineken transaction continues. Distell says the transaction is still expected to be concluded before the end of 2022. – Fin24



JSE fines ex-Steinhoff CFO

The Johannesburg Stock Exchange (JSE) has disqualified Steinhoff's former chief financial officer Ben la Grange from acting as a company director for 10 years and fined him a total of R2 million for "failing to fulfil his duties and responsibilities" with "due care and skill".

La Grange, who served as CFO under the group's former head Markus Jooste, was found to have processed a handwritten invoice for €23.5 million (about R376 million at the time) handed to him by Markus Jooste in 2016, that the JSE found was fictitious.

"There was no actual transaction nor any legitimate commercial reason that supported the information or calculations contained in the handwritten document," it said.

The JSE found that La Grange, who said he was not aware at the time that the invoice was false, should have tried harder to check if it was genuine.

"La Grange ought to have known, that due to the numerous accounting irregularities, Steinhoff’s previously published financial information failed to comply with International Financial Reporting Standards and was incorrect, false and misleading in material respects," said the JSE. – Fin24