Author: Gugu Lourie

As we approach June 2024, we’re on the brink of commemorating three decades of fostering connections and driving meaningful value,” shares Mcebisi Jonas, Group Chairman. He wrote in the group’s latest annual report published today, stating: “As we continue to navigate the macro-challenges in our trading environment, we reflect with both pride and humility on the progress of the business over the past three decades. “This has been powered by the dedication and resilience of MTNers, as well as the support of so many different people and institutions, including customers, governments and regulators, investors, suppliers and civil society. This embodies…

In 2023, the salary of MTN CEO Ralph Mupita experienced a noteworthy surge, reaching a staggering R80.3 million. This increase amounted to an additional R11 million compared to previous earnings, marking a significant development in his compensation package. Mupita received dual salaries, one in US dollars and the other in rands, as explained by MTN. This arrangement stemmed from his dual contract split between MTN Dubai and MTN Group Management Services South Africa. The telecommunications group listed on the JSE disclosed in its integrated annual report, released today, that Mupita’s total “earned” remuneration, encompassing salaries, pension, short-term incentives, and vested…

In 2023, Sungrow – the global leading PV inverter and energy storage system provider – saw a remarkable surge in operating revenue, soaring by 79.5% to reach an impressive $10.2 billion. Simultaneously, its net profit attributable to shareholders surged significantly by 162.7% to $1.3 billion. These figures highlight Sungrow’s outstanding performance and substantial growth during the year. This robust growth was primarily attributed to the company’s expanding customer base and increasing market share in key regions. The company experienced a remarkable surge in PV inverter shipments, surpassing 130GW, signaling a widespread adoption of solar energy worldwide. Additionally, Sungrow’s sales of…

Coinciding with Freedom Day in South Africa, Apollo Brand on Saturday unveiled the “Under Armour Icon Brand House” – the latest addition to Sandton City, a hub renowned across Africa. Was Under Armour channeling the spirit of freedom to liberate sportswear enthusiasts from the confines of traditional brands, I wondered. Apollo Brand is the exclusive distributor of Under Armour in the region. Was this timing deliberate? To find out, I probed Brent Collinicos, GM of Apollo Brand Pty Ltd, on the choice of this auspicious day for the store’s opening. With a wry smile, Collinicos responded: “This has been in…

Introstat, a long-standing player in the South African print and IT solutions market, has recently made significant strides in its business strategy, particularly in the realms of diversity, equity, and inclusion (DE&I). Partnering with HP through the Amplify Impact programme, Introstat has not only enhanced its business but also contributed to a brighter future for its employees, the community, and the industry at large. Founded in 1989, Introstat has been a key player in the IT solutions landscape of South Africa, with offices and distribution centres in Johannesburg, Cape Town, and Durban. The company’s journey intertwines with HP’s, dating back…

French media group Canal+ today announced it has acquired additional shares In MultiChoice, the operator of Africa’s biggest pay-TV – DStv. Following a significant increase in its ownership stake, Canal+ has triggered a mandatory offer to minority shareholders of MultiChoice Group. This action was necessitated after surpassing a predefined threshold established by the JSE. In accordance with JSE regulations, when an individual or entity acquires at least 35% of a listed company, a mandatory offer must be extended to other shareholders under terms agreed upon with the main exchange. Canal+ has put forth a mandatory offer to acquire all outstanding…

Just weeks after revealing that Imtiaz Patel would remain as chairman to manage a potential deal with Groupe Canal+, MultiChoice Group has now announced Patel’s immediate departure from the position. This decision arises amidst growing worries about corporate governance within the broadcasting company, currently under a takeover proposal by France’s Canal+. In an unexpected turn of events, MultiChoice disclosed on April 2nd, after a board meeting ahead of the Easter weekend, that it was retracting an earlier statement regarding Patel’s planned resignation. The board had previously announced that Elias Masilela would assume the chairmanship starting April 1st. “In view of…

In the dynamic world of banking, Capitec has emerged as a beacon of innovation, not only catering to the masses but also attracting higher-income clients with a suite of compelling offerings. With a strategic focus on providing value, purpose, and accessibility, Capitec’s rise in the higher-income segment is a testament to its commitment to inclusivity and customer-centric banking. Capitec’s success in attracting higher-income clients is evident in its remarkable growth. Clients with monthly inflows exceeding R15,000 into their Capitec accounts have surged by an impressive 17%. the company says this growth can be attributed to a range of innovative offerings…

In the bustling landscape of South Africa’s banking sector, one institution stands out for its innovative approach and exponential growth: Capitec. Capitec has embraced the digital age with open arms, revolutionising the way people interact with their finances. With staggering statistics highlighting its success, Capitec’s journey from a newcomer to a dominant force in banking is nothing short of remarkable. A Digital Frontier Capitec’s meteoric rise in the digital banking is evidenced by its impressive user statistics. The Capitec App has become an integral part of daily life for over 500,000 users every hour, boasting a remarkable increase of 180,000…

Capitec’s robust financial performance for the year ending February 2024 was fueled by the expansion of digital transactions and customer numbers, resulting in a profit surge of more than 15%. Headline earnings grew to R10.6 billion from the restated headline earnings of R9.2 billion in 2023. Headline earnings for the 6 months ended February 2024 (H2 2024) grew by 25% to R5.9 billion compared to the headline earnings of R4.7 billion for the 6 months ended August 2023 (H1 2024). “Our long-term strategy to diversify our income streams and grow quality clients produced double-digit growth in a financial year where…