NATIONAL NEWS - Here’s what caught our attention on Thursday:
1. Sanlam results
Insurance and financial services firm Sanlam is reporting a 6% decline in headline earnings to R9 162 million, while diluted headline earnings per share declined 8% to 441.1 cents for the year ended December 31, 2018. The company says this is against the backdrop of a challenging local environment, while its operations in other key emerging markets were also constrained. Sanlam has however declared a dividend of 312 cents per share, up 8%.
Read: Sanlam hit by global markets rout, weak growth at home
2. MTN results
Telecommunications firm, MTN has been facing numerous challenges, especially from its external operations, mainly Nigeria, in recent times. Despite this, during the year ended December 31, 2018, the company delivered an 85.2% increase in group headline earnings per share to 337 cents, while group headline earnings per share, after adjustments amounted to 565 cents per share. The company CEO, Rob Shuter says the company was able to meet its targets for growth service and Ebitda, which increased by 15.9%, during the period. A final dividend of 325 cents per share was declared.
3. Standard Bank results
For the year ended December 31, 2018, Standard Bank says it was able to deliver sustainable earnings growth and improved returns. The lender is reporting a 6% increase in headline earnings to R27.86 billion, while headline earnings per share increased by 7% to 1 748 cents for the period. A dividend of 970 cents per share is being declared, up 7%.
4. Eskom tariffs
Energy regulator Nersa is expected to announce electricity price hikes for the next three years on Thursday. Eskom has repeatedly submitted applications calling for increases as it battles with debt and looming expenses.
Eskom previously called for a 15% increase in electricity tariffs for the next three years.
5. Restructure on the cards at Absa
Absa Group has announced it will be restructuring its South African retail and business banking units. Bloomberg is reporting that discussions between finance labour union Sasbo, Absa and employees are still in their early stages and that 827 jobs could potentially be at risk.
The lender’s annual financial results are due on Monday.
