COMPANY NEWS IN BRIEF

Exxaro profits hit by weaker coal pricesExxaro Resources has reported a 32% drop in interim profit and a 29% drop in headline earnings per share driven by lower thermal coal prices, sub-par rail performance and lower Eskom offtake.The company reported a decline in profit to R6.3 billion for the first half of the year, compared to R9.2 billion in the first half of 2022. Headline earnings per share of R24.43, had decreased from R34.26 in the comparative half. Group revenue declined 15% to R18.9 billion – down from R22.3 billion in the first half of 2022. Overall coal production volumes were down by 7% to 20.2 million tonnesThe company's performance was hit by declining coal prices, which slipped by over 60% from the highs of 2022, and lower production volumes due to sub-par rail performance and lower offtake from Eskom arising from equipment unavailability.The group CEO, Nombasa Tsengwa, remarked on its resilient performance in the face of these challenges."Notwithstanding the many obstacles we have continued to face during the first half of 2023, including the ongoing logistical challenges which have been compounded by the steep decline in thermal coal prices, Exxaro has once again displayed its resilience and agility in navigating through the challenging business environment in which we operate."-Fin24Gold Fields declares higher interim dividendDespite a decline in half-year profit, Gold Fields has announced an interim dividend of R3.25 per share.The gold miner also announced the "early retirement" of CFO Paul Schmidt, who will stay on with the company until such time as a suitable successor has been appointed.The multinational gold mining company, which operates the South Deep mine in South Africa, announced profit attributable to owners of the parent for the six months to 30 June 2023 of US$458 million (R8.8 billion), compared with a profit of US$510 million.The interim dividend of R3.25 – declared out of income cash reserves – is higher than that of R3 per share declared in August last year."Our operating environment remained challenging during the period, with elevated mining cost inflation and strong competition for skills in our key mining jurisdictions presenting significant headwinds," the miner said in a statement. Despite these challenges, Gold Fields delivered solid operating results, with attributable production decreasing 4% and all-in costs rising only 3%."Normalised earnings decreased by 9% year-on-year and the company generated free cash flow of $140 million, allowing for the interim dividend as declared.-Fin24Standard Bank ups profit by a thirdStandard Banks, SA's largest lender by assets, said on Thursday that profits rose more than a third in its half-year to end-June after it got a boost from higher interest rates and its African operations.Headline earnings rose 35% to R21.2 billion in the period, the group said, with this profit measure in its rest-of-Africa personal banking operations more than doubling to R605 million, helped by margin expansion due to higher interest rates and a double-digit increase in the active client base.However, the South African personal and private banking franchise reported headline earnings growth of only 1% to R2.9 billion, amid strain on consumers.Consumers were under pressure in the secured lending portfolio, in particular, in the home services portfolio, with instalments increasing by approximately 40% since 2021 due to interest rate hikes in South Africa.-Fin24Cell C CFO Lerato Pule resignsCell C, South Africa's fourth-biggest mobile operator, said on Wednesday its CFO Lerato Pule had tendered her resignation just less than a year after she took up the position.Pule, who started in September 2022, will continue to deliver on critical finance matters over the next few months, the group said in a statement."Lerato has displayed exceptional leadership by facilitating the finalisation of the recapitalisation and initiating with three years of the historic audits now finalised and financials being signed off, with the final stages of the 2021 and 2022 historic audit soon to be completed to ensure the timely delivery of the complete annual financial statements for these years," the mobile operator said."Her influence extended beyond traditional financial reporting, as she has played a crucial role in building a strong finance team and advancing our finance function into the realm of analytics."Prior to joining Cell C, Pule held the position of CFO or Telkom's SME segment. Cell C added it would initiate the process of identifying a suitable successor.-Fin24

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