Company news in brief

Standard Chartered Kenya's profit jumps 15%Standard Chartered Kenya posted a 15% increase in its pre-tax profit for 2023 to 19.6 billion shillings (US$141.31 million), its chief financial officer said yesterday, buoyed by higher revenue from loans.The lender, which is one of the oldest in the East African nation, cut its investments in local government bonds by 8% during the period to 108.5 billion shillings, CFO Chemutai Murgor told an investor briefing.The funds were then reinvested in loans and advances to customers, she said, which grew by 17%. The higher lending was also helped by a rise in customer deposits.Net interest income at the bank, which is controlled by Standard Chartered PLC, rose by close to a third, Murgor said, while overall revenue grew by almost a quarter. – ReutersRFG revenue picks upFood group RFG, the owner of brands such as Rhodes, Bull Brand, Magpie, Squish and Bisto, said in an update that revenue picked up by just over 5% in the five months to end-February, describing this as resilient given a weak domestic consumer environment. Total group volumes, however, fell just over 5% as well amid price inflation of 7.9%. There were bright spots, and in fresh foods, the pie category continued its recent volume growth momentum, with the ready meals category benefiting from the resilience of higher-income consumers. The group added that it is experiencing cost pressure from high tinned can and paper packaging costs, while load shedding-related diesel costs have moderated. Shares in RFG, valued at about R3.5 billion, have gained almost a fifth in the past year. – Fin24Porsche expects lower returnsGerman luxury carmaker Porsche expects profitability to tick downwards in 2024 as it focuses on launching four new models, the company said yesterday, posting full-year results largely in line with expectations despite market volatility.The group, which is majority-owned by Volkswagen, is targeting an operating return on sales in the range of 15-17% in 2024, after reaching 18% in 2023.Earlier this month, Porsche parent Volkswagen said sales growth would slow in 2024 due to numerous headwinds, including weaker economic growth, stiffer competition and higher costs.In 2023, Porsche posted sales of 40.5 billion euros, largely in line with an LSEG estimate, while the return on sales beat expectations for an operating margin of 17.7%.With four new launches in its Panamera, Macan, Taycan and 911 model lines planned for 2024, Porsche said it is planning the biggest year of product launches in the company's history. – ReutersEPE Capital’s value dropsMauritius-based investment holding company EPE Capital Partners reported that its net asset value per share fell almost 15% in its six months to end-December. Portfolio companies demonstrated significant growth in profitability with attributable core increasing by 26% over the period; however, the decrease in the value of its listed investments, Brait and MTN Zakhele Futhi, resulted in a decrease in the company's NAV. The group has unlisted portfolio investments including fintech firms Optasia and Crossfine, and a stake in TymeBank, and, at fair value, its 22 investments are worth about R2.4 billion. The unlisted portfolio NAV decline of 3% was driven by difficult operating conditions and currency devaluation, it said. EPE has fallen about 20% in the past 12 months. – Fin24

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Republikein 2025-06-17

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