Business

Trading Day – Remgro expects earnings to double

• 16 September 2022

Remgro released a trading statement for its full-year results, which shows strong growth in headline earnings per share.

City Lodge also released a trading statement for its full-year results, with earnings per share expected to grow from a loss of R1.61 last year to a profit of around R0.14.

In other news, Royal Bafokeng Holdings has increased its stake in Transaction Capital from 3.4% to 5.1%.

Here is the biggest news of the day.

  • Remgro expects earnings to double. The company released a trading statement for its full-year results, expecting headline earnings per share (HEPS) to grow roughly 125% from R5.11 to around R11.50. The change is considered to mainly be a post-Covid recovery in earnings from a low base last year. The company’s results are due to be released on 27 September.
  • City Lodge expects to turn back to profitability. The company released a trading statement for its full-year results, expecting earnings per share (EPS) to grow from a loss of R1.61 last year to a profit of around R0.14.
  • SA Corporate Real Estate reports an increase in earnings. Earnings per share (EPS) grew from R0.11 to R0.23 for the half-year period, while distributable income grew 5% to R362 million. Gross rental income remained relatively flat at R1.03 billion. An income distribution of R0.13 per share was declared.
  • Royal Bafokeng Holdings has increased its stake in Transaction Capital from 3.4% to 5.1% as part of Transaction Capital’s bookbuild, which was launched and concluded on 8 September.
  • Buffalo Coal Corp receives consent from Investec for the assignment of debt. Belvedere Resources has received written consent from Investec to assign the convertible debt USD 27 million, purchased from Resource Capital Fund V L.P. (RCF) for a consideration of USD 2 million in Belvedere’s favour. the Company is now in the process of transferring the Loan from RCF to Belvedere.
  • Argentina’s central bank hiked rates by 5.5% to 75% after inflation of nearly 80% was reported. The most recent hike follows a 9.5% rate hike in August.
  • US retail sales increased 0.3% in August, against economist expectations that they would remain flat.

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