South African fashion retailer Foschini has reported a 49% increase in its fully diluted headline earnings per share for the year ended March 2005 to 340,6 cents, from 228,2 cents a year earlier. The company declared a final dividend of 102 cents, for a total dividend for the year of 164 cents.
Old Mutual, South Africa’s largest financial-services group, made good progress in the area of black economic empowerment (BEE) last year, it has emerged from the company’s <i>2004 Old Mutual Corporate Citizenship Report</i>, released on Thursday. During 2004, Old Mutual facilitated empowerment deals worth R500-million.
Minister of Finance Trevor Manuel has outlined a very favourable picture of South Africa’s economy for the year, pointing to the National Treasury’s expectations of rising gross domestic product growth, low inflation, a very low budget deficit and improving employment trends, as well as continuing strong capital inflows.
Absa, one of South Africa’s "big four" retail banks that will soon be 60% owned by United Kingdom banking giant Barclays, has unveiled a major programme to enhance its brand, called My Bank. Absa said the programme will capitalise on the bank’s well-known pay-off line, "Today, tomorrow, together".
Insurance group Momentum, part of the listed FirstRand group, has made an offer of 175 cents per share to acquire all of rival insurer Sage, in a transaction worth R634-million, the companies announced on Friday. If the offer is successful, Sage will be delisted from the JSE Securities Exchange.
Global brewing giant SABMiller on Thursday reported basic earnings per share of 94,1 United States cents for the year ended March 31 2005, from 54,1 cents a year ago. Adjusted earnings per share were up 33% to 103,2 US cents, while in sterling terms, earnings per share were up 22% to 55,9 pence, from 45,8 pence a year ago.
The release of global brewing giant SABMiller’s final 2005 results on Thursday have highlighted the continued robust growth in its South African beer business, with Beer South Africa recording a 20% rise in its earnings before interest, tax and amortisation in rand (constant currency) terms.
South African clothing retailer Edcon on Wednesday reported a 68% increase in headline earnings per share to R26,61 for the year ended April 2 2005, from R15,88 a year ago. A final dividend of 851 cents per share was declared, up 63% from a year ago, making a total dividend of R13,45.
Old Mutual, South Africa’s largest financial services group, is in preliminary talks to acquire Skandia Insurance Company of Sweden, Old Mutual confirmed on Friday. In a statement, Old Mutual said discussions are at an early stage and may or may not lead to it making an offer for Skandia.
Global mining giant Anglo American will show a very small decline of nine United States cents in its basic headline earnings per share for the year to the end of December 2004, to $1,79 from $1,88, as it converts to the use of the new European Union standard International Financial Reporting Standards, the company said on Monday.