Here’s what caught our attention on Tuesday:
1. African Bank results
African Bank delivered an increase in operating profit to R485 million for the year ended September 30, 2018. The bank’s profit for the year amounted to R303 million, while total comprehensive profit for the year was at R1 019 million. Earnings before tax from insurance operations came to R972 million for the period.
2. Nampak results
Packaging company, Nampak is reporting a 15% increase in headline earnings per share to 168.7 cents per share and a 38% increase in earnings per share to 169.2 cents for the year ended September 30 2018. The group’s revenue went down by 1% to R17.3 billion and profit amounted to R1.2 billion, up 29%. The company says good costs control led to operational efficiencies. The board says it will not resume the distribution of dividends until the sustainability of cash transfers from Angola and Zimbabwe are assured.
3. Omnia results
Chemicals manufacturing firm Omnia, is reporting a headline loss per share of 140 cents and a 75% decrease in operating profit to R124 million for the six months ended September 30, 2018. The company’s revenue increased by 12% to R 8 654 million and a loss after tax amounted to R93 million. An interim dividend of 75 cents has been declared.
4. Q4 Business confidence
Business confidence for the fourth quarter dropped to 31 from a revised 34 in the previous three months. The drop suggests that political and policy uncertainty is still weighing heavily on sentiment. Bloomberg is reporting that seven out of every 10 respondents are unhappy with current business conditions.
5. State capture inquiry
The former head of Government Communication and Information Systems, Mzwanele Manyi will again take to the stand at the state capture inquiry. Manyi first took to the stand on Friday and detailed how he didn’t see the Guptas as a threat or to be implicated in corruption scandals. TimesLive is reporting that Manyi said the Gupta owned newspaper, The New Age, was ‘not hostile to the government’ and was a welcomed change because mainstream media was at the time had been overly critical of the government.
Manyi’s testimony will be followed by mineral resources minister, Gwede Mantashe.