The rand this week plunged to its weakest level against the US dollar of 19.84 after the South African Reserve Bank raised its key repo rate by 50 basis points in its attempts to fight inflation.
ING economists expect the rand to weaken to 20 to the US dollar in the near term, according to fxstreet.com.
Astral Food profits plunge
Astral Foods this week reported revenue growth to R10-billion for the half-year ended March 2023, up 5.7% from the half-year ended March 2022. The company achieved higher revenue under an “extremely trying” operational environment.
“This increase was largely as a result of higher feed prices on soaring raw material costs, and poultry selling prices were adjusted in an attempt to recover some of the large cost burdens the group has been forced to carry as a result of loadshedding and the failing municipal infrastructure,” the company said.
Astral’s operating profit declined by 88% to R98-million from R785-million previously, including R741-million loadshedding costs incurred during the
reporting period, which could not be recovered from the market.
Vunani reports a 14% decline in profit
Financial services group Vunani this week reported a 14% decline in profit to R62-million for the year ended February 2023 from R72-million for the comparable prior year.
However, Vunani reported a 33% increase in operating profit to R150.1-million. The group’s reporting segments include fund management, asset administration, insurance and investment banking, which comprises advisory services and institutional securities broking.
Gold Fields shareholders shoot down remuneration report
This week, Gold Fields’ shareholders at the company’s annual general meeting (AGM) voted against its remuneration implementation report.
Thirty-six percent of votes cast at the AGM were against endorsing the remuneration implementation report. As a result, the company needs to engage with its shareholders in terms of the JSE-listing requirements and King Code IV.
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