Here’s what caught our attention on Friday:
1. The biggest sale comes to retailers
Consumers are flocking to malls and websites to get the best possible purchasing deal this Black Friday. The phenomenon is gaining popularity across South Africa, but experts have warned consumers not to over-spend and to stick to a budget, while police have warned consumers to keep a lookout for potential criminal activity, both on the ground and online.
2. PPC results
Cement supplier, PPC delivered an 11% increase in headline earnings per share to 21 cents and a 5% increase in basic earnings per share to 21 cents for the six months ended September 30 2018. The group’s revenue increased to 8% to R5.6 billion, while group ebitda decreased by 13%. The CEO says the group delivered resilient results against the tough economic landscape, while its diversified portfolio helped it offset the weaker South African performance with robust growth in the rest of Africa.
3. Life Healthcare results
Private hospital group, Life Healthcare reported a 40.6% increase in headline earnings per share to 108.8 cents for the year ended September 30, 2018. Normalised earnings per share increased by 17.4% to 110.2 cents and normalised earnings before interest, taxation, depreciation, and amortization increased by 10.7% to R5.5 billion. A final dividend of 50 cents per share has been declared, up 11.1%.
4. Liberty Holdings issues operational update
Liberty Holdings says that for the nine-month period ended September 30, 2018, new business volumes remain depressed, which was consistent with the first half of 2018. The group says it is however working on new strategies to restore financial performance of its SA Retail insurance business and improve the investment performance of Stanlib. Liberty says it remains well capitalised and capital coverage is within target range in respect of the Solvency Assessment and Management Regime.
5. Cabinet recycled
The ministerial cabinet underwent some changes on Thursday. The President named Siybonga Cwele as home affairs minister, following the resignation of Malusi Gigaba, while Nomvula Mokonyane will take on environmental affairs, following the death of Edna Molewa. Ramaphosa also named Stella Ndabeni-Abrahams as the minister of Telecommunications and said he plans to merge the ministries of communications and telecommunications and postal services.