Bidcorp reaps most of its profits from Australia and New Zealand

SOUTH AFRICA - Bid Corporation (Bidcorp), an international food distributor, has earned most of its revenue in Europe, but most of its profit from Australia and New Zealand. The geographically diverse food conglomerate which unbundled from Bidvest in 2016, has reported that its revenue for the six months to End-December grew 8% to US$5.25 billion. At…

Tiger Brands shares price fall by 9% under pricing and volume pressures

SOUTH AFRICA - Shares in Tiger Brands plunged 9% after the consumer goods group said sales fell in the four months to January because of pricing pressures and volume declines. Analysts said the weak trading update indicated that consumers were under intense pressure and the tax hikes could make consumers worse off. Fast moving consumer…

South African Massmart brags good profit and 2.7% growth in total sales

SOUTH AFRICA - Walmart’s South African subsidiary Massmart declared a final dividend of US$0.18, taking its total for its 2017 financial year to US$0.29, a 16% increase on the previous year’s US$0.25. Massmart downplayed its revenue and profit growth in a depressed consumer environment, stressing its 2017 financial year had 53 weeks whereas its 2016…

Super Group experiences good revenue growth in end-December 2017

SOUTH AFRICA - Super Group, a broad-based supply chain management business,  has said it had good revenue growth throughout the company in the six months to End-December 2017, pushing aside political uncertainty and adverse trading conditions in Africa, Europe and the UK. Australian economic conditions were stable, with good growth in certain industries, the supply…

Struggling plastics unit results in more than 5% HEPS decline at Transpaco

SOUTH AFRICA - Paper and plastic packaging group Transpaco has blamed a 5.4% decline in headline earnings per share (HEPS) on a tough economic environment, especially for its plastics division. HEPS slid to 168.2c in the six months to End-December, the company said in its interim results for the period released on Tuesday. Price deflation…

The drought will slow growth, warns Kaap Agri boss

SOUTH AFRICA - Agriservices specialist Kaap Agri, which has a strong retail offering, expects prolonged drought conditions in certain farming areas of the Western Cape to slow earnings growth in the first half of the financial year to end September 2018. Speaking at Kaap Agri’s annual general meeting in Malmesbury, CEO Sean Walsh expected growth…

Zim’s Simbisa Brands acquires SA’s FoodFund via share issue

SOUTH AFRICA - Simbisa Brands, the Zimbabwean franchise operator of Chicken Inn, Nando’s and Steers has acquired South Africa incorporated FoodFund in its expansion bid into new markets. The company runs quick serve restaurant operations in Zimbabwe and other regional countries such as Mauritius, Ghana, Kenya, Zambia, Namibia and DRC among others. In the year…

Western Cape cherry farms bloom as overseas markets demand more

SOUTH AFRICA – Cherry farms in the Western Cape farms have bloomed due to the ability to use about half of the water required per hectare to irrigate than apples, which is important in the drought-stricken Cape. Cherries are less thirsty than apples‚ and are proving to be popular with markets overseas- helping our under-pressure…