News | Page 41 of 119

SAFARI Investments RSA (SAR) Reports 7% Rise in Operating Profit

Safari Investments RSA (SAR) reports a 7% increase in operating profit to R302.6 million.
Occupancy rate climbs to 97.62% with a vacancy factor of only 2.38%.
Declares a dividend of 31 cents per share despite a decrease in distributable earnings.

South Africa’s Consumer Price Index remains at 5.2% in May 2024.
Key contributors include housing, utilities, miscellaneous goods, and transport.
Inflation varies by region and income group, affecting food, transport, and miscellaneous services.

Manufacturing production increased by 5.3% in April 2024 compared to April 2023.
Seasonally adjusted manufacturing sales rose by 5.6% in April 2024 compared to March 2024.
Quarterly production decreased by 0.5%, with six out of ten divisions reporting negative growth rates.

Thungela Resources appoints Yoza Jekwa to audit committee and social, ethics, and transformation committee.
Sango Ntsaluba joins the social, ethics, and transformation committee as a member.
Interim appointments fill vacancies following the passing of non-executive director Thero Setiloane.

Ninety One’s Employee Benefit Trust acquired 4.8 million shares for £7.67 million on June 7 in London.
This transaction showcases Ninety One’s strategic investment and commitment to employee benefits.
The acquisition aligns with broader market trends of companies prioritizing employee ownership and participation.

Oceana Group’s EPS surged by 84.4%, reaching 587.6 cents, reflecting robust performance.
The company declared an interim dividend of 195 cents per share, a 50% increase.
Strong results were driven by Daybrook’s record earnings and improvements in Lucky Star’s performance.

Omnia Holdings reported a 16% increase in revenue and a 10% rise in operating profit for FY24.
The Mining segment achieved a 26% increase in operating profit, driven by international growth.
Despite challenges, Omnia improved its net cash position by 27% and reduced net working capital by 15%.

South Africa’s GDP dropped by 0.1% in Q1 2024 due to manufacturing and mining declines.
Agriculture sector surged by 13.5%, offsetting some economic challenges.
Household final consumption expenditure (HFCE) decreased by 0.3%, contributing to negative growth.

Transaction Capital successfully unbundled and listed WeBuyCars, returning R5.2 billion to shareholders and achieving a net cash position.
Challenges in SA Taxi’s insurance business led to a core loss, prompting a focus on cash generation over profitability.
Transaction Capital’s strategic moves reflect a balance between short-term challenges and long-term value creation.

Market Stability Amidst Anticipation: The article highlights how the South African rand maintained stability in the face of global economic uncertainties, particularly ahead of the release of crucial U.S. inflation data. Despite prevailing market volatility, the rand demonstrated resilience, reflecting investor confidence in South Africa’s economic fundamentals.
Significance of U.S. Inflation Data: It underscores the significance of the impending U.S. inflation figures, which were anticipated to provide valuable insights into the future interest rate path of the Federal Reserve. Market participants closely monitored these data points, recognizing their potential impact on global currency markets, including the South African rand.
Oil Price Dynamics: The article also touches upon the rising trend in oil prices, with crude reaching $82.54 per barrel. It emphasizes how these developments added to market dynamics, with implications for inflationary pressures and broader economic trends, further influencing investor sentiment and currency market movements.