Five things making headlines in South Africa today

Here’s what caught our attention on Monday:

1. Absa interim results

Absa Bank which recently underwent rebranding, is reporting a 3% increase in revenue to R37.6 billion for the financial period ending June 30, 2018. Operating expenses rose 8% to R22.2 billion while the bank’s diluted IFRS headline earnings per share decreased 4% to 877.8 cents. An interim dividend of 877.8 cents has been declared, up 4%.

The bank is reporting a 4% increase in headline earnings in the Retail and Business Banking in South Africa, a 6% decrease in Corporate and Investment Bank South Africa and an 8% increase in Rest of Africa Banking.

Read: Absa sees slight improvement in profit measure as costs ease 

2. Royal Bafokeng Platinum interim results

Platinum mining company, Royal Bafokeng Platinum (RBPlats) is reporting a 13.4% improvement in Ebitda margin and a 1.9% reduction in fixed cash costs to 70.8% for the six months ended June 30, 2018. Headline loss per share amounted to 6.0 cents compared to a headline loss per share of 15.3 cents in June last year. No dividend has been declared for the period.

3. Merafe Resources results

Merafe Resources is reporting a total revenue increase of 5.5% to R2.721 billion for the six months ended June 30, 2018. The mining company’s production costs per ton increased 4.8% from December 2017, while net cash decreased to R331 million. Headline earnings per share decreased 12.9% to 16.9 cents. The company is declaring an ordinary cash dividend of R200 million, up 165.5%, or 7.97 cents per share payable to holders of ordinary shares.

4. Interwaste results

Interwaste is expected to release its interim results for the six months ended June 30, 2018, on Monday. In a trading statement released on July 25, 2018, the company said it is expecting earnings per share to increase between 6.20 and 6.50 cents per share and headline earnings per share to increase between 6.30 and 6.60 cents per share.

Update to follow.  

5. De Lille resigns as mayor of Cape Town

Patricia De Lille, who held the position as the mayor of Cape Town under the Democratic Alliance (DA) handed in her resignation on Sunday. De Lille’s resignation is effective from October 31, 2018. The move comes after internal party disputes and charges laid against her by the party.

Read: Patricia De Lille quits after settling dispute with DA