NATIONAL NEWS - Here’s what caught our attention on Monday:
Vodacom results
Vodacom’s group service revenue for the six months ended September 31, 2018 increased by 6.1% to R36.8 billion, while group revenue increased by 5.6% to R44.4 billion. The group’s headline earnings per share is at 387 cents from 445 cents in 2017. Vodacom’s customers increased by 10.7% to 4.8 million during the six months, of which 2.5 million comprise South African customers. An interim dividend of 395 cents per share has been declared.
Rebosis results
Rebosis Property Fund is reporting a 5% increase in dividend growth to 252.86 cents per A ordinary share and a dividend loss of 27.7% to 92.83 cents per ordinary share for the year ended August 31, 2018. During the period, Rebosis borrowings increased to 10.7 billion due to additional funding provided to New Frontier to acquire the Dublin asset.
Eskom stockpiles keep falling
It’s time we start the search for candles and rechargeable lights because the reality of load shedding is approaching once more. Five of Eskom’s power stations have less that 10 days’ of coal stock remaining. The utility is now searching for alternatives, such as diesel plants to supplement supply and sustain operations. According to Moneyweb, interventions to stabilise coal supply may only have effect by March 2019.
Read: Eskom’s stockpiles deteriorate further
Omnia trading statement
Chemical manufacturing company, Omnia Holdings says for the six months ended September 30, 2018 it expects a headline loss per share of between R57 million and R113 million, translating to a loss of between 120% and 140% for the period. Headline loss per share is being flagged between 84 cents and 168 cents for the period. The losses are being attributed to lower profitability in the agriculture region, margin pressure on emulsions, South Africa’s constrained mining and manufacturing sector, among others. The company expects to release its results on or around November 27, 2018.
Woolworths changes to board
Woolworths has appointed Hubert Brody as the deputy chairman of the Woolworths board, effective November 12, 2018. Brody will succeed Simon Susman and Tom Boardman who will step down as chairman of the board and lead independent director, respectively.
