Company news in brief

Pick n Pay first-half earnings rise 9.5%South African supermarket retailer Pick n Pay Stores Ltd posted a 9.5% rise in first-half earnings yesterday, with strong growth in its core domestic operations outweighing challenges in Zambia and Zimbabwe.Pick n Pay, which also sells clothes, said comparable headline earnings per share (HEPS) for the 26 weeks ended Sept. 1 rose to 85.03 cents from a restated 77.67 cents a year earlier. Reported HEPS, which includes the impact of hyperinflation accounting in Zimbabwe, rose 17.5%.Pick n Pay, like its peers, has cut prices in order to attract highly cost-conscious shoppers and cope with the difficult trading conditions that have hit other retailers at home amid a sluggish economy.Comparable group turnover grew 6%, with like-for-like sales growth of 2.9%. Trading profit rose 12.5% to R1.2 billion.In South Africa, where it has more than 1 600 stores, Pick n Pay delivered comparable sales growth of 6.5%, with like-for-like turnover growth of 3.5%.In the rest of Africa, reported earnings, which includes the hyperinflation accounting, were down 79.8% year-on-year, reflecting difficult conditions in Zimbabwe, it said. – Nampa/ReutersSAA recalls some aircraft for checksSouth Africa's cash-strapped national airline SAA said yesterday it may operate an amended flight schedule following a decision to recall some of its planes to undertake compliance checks in line with regulatory requirements.South African Airways (SAA) said in a statement that some of the flights will operate later than usual and four flights have been cancelled, but the airline has combined flights and deployed bigger aircraft to accommodate affected passengers, it said."The decision to recall the aircraft follows an oversight inspection conducted by SACAA (South African Civil Aviation Authority) at SAA’s maintenance subsidiary, South African Airways Technical (SAAT)," the airline said. – Nampa/ReutersBCP says Sonangol to remain shareholderAngolan state oil company Sonangol reaffirmed its interest in remaining a shareholder of Millennium bcp, lifting shares of the largest Portuguese private bank by 3.9%.Sonangol is BCP's second-largest shareholder, with 19.49% after China's Fosun, which controls 27.25% of the bank's capital.The top officials of Sonangol and BCP met in Luanda on Oct. 16, as part of regular meetings between the two institutions."At the meeting, we analysed the results and activity of the first half of 2019, as well as the goals set out in the Millennium bcp Strategic Plan for the period 2018-2021, focused on sustained growth and profitability," BCP said in a statement."The management of Sonangol reaffirmed the interest of the shareholder in the investment and in remaining as a reference shareholder of Millennium bcp," the company said. – Nampa/ReutersEskom takes Deloitte to courtSouth Africa's cash-strapped state power firm Eskom said on Monday it had filed court papers in a bid to recover R207 million in connection with contracts it alleged were improperly awarded to Deloitte Consulting in 2016.Deloitte was not immediately available for comment.On Monday, the power firm's chief executive and chairman Jabu Mabuza said in a statement it was going after Deloitte for R207 million linked to contracts it was awarded by previous Eskom executives in 2016.Mabuza said Eskom was asking the court to declare the activities relating to a batch of tenders "unlawful and unconstitutional, to set aside the awards, and for Deloitte to pay back the amounts paid to them".The investigations and inquiries were triggered by the 2016 leaking of a trove of documents detailing relations between the wealthy Gupta family, former president Jacob Zuma, and deals struck with state firms like Eskom, as well a number of big companies including multinationals like McKinsey and Germany's SAP. – Nampa/ReutersHyundai may raise stake in China JVHyundai Motor said yesterday it was considering raising its stake in its underperforming truck joint venture in China, potentially joining other foreign automakers in boosting ownership in the world's biggest car market.Sichuan Hyundai Motor is Hyundai's only commercial car venture in China that makes cargo trucks and buses.Beijing relaxed rules last year on foreign firms controlling any Chinese automakers or joint venture, removing caps on those making fully electric and plug-in hybrid vehicles. Limits on commercial vehicle makers ease in 2020, and by 2022 for the wider car market.Hyundai is reviewing various plans to strengthen the joint venture's competitiveness in changing market conditions in China, the firm said in an emailed statement, without elaborating.Sichuan Hyundai Motor is jointly owned by Hyundai and China's Sichuan Nanjun Automotive Group, with a stake of 50% each. – Nampa/Reuters

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Republikein 2025-06-18

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