COMPANY NEWS IN BRIEF

Northam profit slides amid lower metal pricesNortham Platinum Holdings reported a slide a drop on profit for the year ended in June as lower metal prices and the above-inflationary cost environment, offset record output volumes and strong growth in sales volumes.In its results for the year, released on Friday, Northam reported a 7.6% fall in operating profit to R14.9 billion, as an 18.9% rise in unit cash costs offset a 28% growth in sales volumes. The company achieved record output of 719 000 ounces of total refined metal production, a 9.7% increase year-on-year. Lower metal prices, however, put pressure on margins, the platinum group metals (PGM) miner noted.Northam said the year under review had been a significant one, strategically speaking.Among the noteworthy developments was the acquisition of a 34.52% shareholding in Royal Bafokeng Platinum which, Northam said, "aligns with our long-term growth, sustainability and operational diversification strategy and holds potential for substantial long-term value creation".Northam provided no further information on whether it intends to acquire further stakes in RBPlat.This RBPlat acquisition, along with the "composite transaction" which has accelerated the maturity of the Zambezi BEE transaction, has pushed Northam&#039;s net debt higher to R16 billion. -Fin24Walmart to buy out Massmart shareholdersUS retail giant Walmart plans to buy out shareholders in Massmart and delist the company, which owns Makro, Game and Builders Warehouse, from the JSE.Massmart shareholders will be offered R62 in cash. This is 53% higher than Massmart&#039;s closing share price on Friday.Walmart bought control of Massmart in 2010, which proved to be a disastrous deal. The value of its investment has slumped by 80% since then, as the retailer struggled in a weak economy with increased competition.In its half-year results, released on Monday morning, the company reported a large headline loss of more than R903 million, from a loss of R359 million in the same period last year. Sales grew almost 2% to R38.1 billion.The US giant said that it has had to provide "increasing levels of support" to Massmart, including R4 billion in liquidity during the 2020 lockdown, over recent years. Walmart converted half of the R4 billion loan into equity.Apart from Covid-19, the civil unrest in 2021 and flooding in KwaZulu-Natal earlier this year have compounded "weak consumer demand for general merchandise and an increasingly competitive operating environment", Walmart said. -Fin24

COMPANY NEWS IN BRIEF

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