Company Briefs

The Fuel Company consolidates under one brand The Fuel Company (TFC), a division of JSE-listed KAL Group, has rebranded to PEG Retail Operations (PEG), consolidating its fuel and convenience businesses under a single brand identity. "While our name changes, our core operations and commitment to our partners remain unchanged," said PEG MD Xolisa Bangazi. The name change is effective from 1 March. PEG has more than 75 service stations in its network. Almost 50% of these service stations operate alongside national highways. PEG operates service stations under all major oil company brands, including Engen, TotalEnergies, Shell, Astron Energy, BP and Sasol. KAL, previously known as Kaap Agri, had announced a R1 billion deal to bulk up TFC in 2022 through the acquisition of PEG, which added 41 stations to its then 43-strong network.- FIN24ArcelorMittal engages ahead of wounding-down SA's biggest steelmaker, ArcelorMittal confirmed on Wednesday that it is engaging with various parties regarding its long steel unit, including the government. While the wind-down process has not been stopped it is being managed in a manner that accommodates ongoing funding discussions, it said. "During this time ArcelorMittal South Africa has received various approaches regarding the strategic alternatives for the company, as well as the longs business," it said. None of the approaches constitute a firm intention to make an offer in terms of the Companies Act, it added. -FIN24Samsung sets sight on 2025 recovery Samsung Electronics said on Wednesday it is looking at major deals to drive growth as it faced tough questions from shareholders after its failure to ride an artificial intelligence boom made it one of the worst-performing tech stocks last year. The South Korean firm has been suffering from weak earnings and sagging share prices in recent quarters after falling behind rivals in advanced memory chips and contract chip manufacturing, which have enjoyed strong demand from AI projects. Shareholders slammed management for poor stock performance and called for measures to revive stock prices at the meeting. Samsung's co-CEO and head of its semiconductor business pledged to catch up with the high bandwidth memory (HBM) chip race and apologised for the company's poor stock performance. “We were late in reading the market trends and we missed out on the early market as a result," Jun Young-hyun, Samsung co-CEO and head of its semiconductor business, said at the meeting. Samsung, which has introduced a stock-based performance system to executives last year, is considering expanding the scheme to employees next year, as part of efforts to review its stock prices, co-CEO Han Jong-hee said. - Reuters.Tencent 4th quarter profits surge 90% upwardChinese internet and gaming giant Tencent said on Wednesday that profits in the fourth quarter of 2024 surged 90% as the firm accelerates a push into artificial intelligence. The publication of quarterly and annual results for Shenzhen-based Tencent comes after weeks of robust investor confidence in Chinese tech, and in AI in particular. Net profits in the three months ending on 31 December totalled 51.3 billion yuan (R312 billion), up 90% year-on-year, according to a statement on the Hong Kong Stock Exchange website. The statement also showed that Tencent's revenue in the period reached 172.4 billion yuan, a rise of 11% year-on-year that outpaced a Bloomberg forecast. Tencent brought in revenue of 660.3 billion yuan for the whole year, increasing 8% from 2023.The firm also achieved net profits of 194.1 billion yuan last year, jumping 68% year-on-year. The strong results filing comes after Tencent's stock price soared to its highest level in nearly four years as Chinese tech firms ride a wave of investor confidence. - AFP.

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