South Africa’s Tiger Brands posts 1.6 rise in FY profit
Businessam Staff
November 27, 2017
South Africa’s biggest consumer foods maker, Tiger Brands, on Monday reported a 1.6 percent rise in full-year profit as it refocuses on its home market after a costly foray into the rest of Africa. Tiger Brands reported headline earnings per share (EPS) of 2,161 cents for the year to end-September, compared with 2,127.1 cents a […]
Wal-Mart shares surge to all-time high after earnings crush expectations
Businessam StaffNovember 16, 2017
Wal-Mart shares surged to an all-time high, jumping more than 8 percent Thursday after the world’s largest retailer showed it can hold its own in a challenging retail environment. Same-store sales for its U.S. locations climbed for the 13th-consecutive quarter, as the big-box retailer cited a bright spot in its food business and a boost from […]
Coca-Cola HBC Q3 sales rises on volume growth in new markets
Businessam StaffNovember 10, 2017
Drinks maker, Coca-Cola HBC, reported higher third-quarter sales Thursday, helped by volume growth in developing and emerging markets and a hot summer in southern Europe. The company, which sells Coca-Cola drinks in 28 countries mostly in Europe and Asia, reported sales grew five percent in the quarter volume rose 3.4 percent. On a currency neutral […]
Oil rebound drives shell to booming profits
Businessam StaffNovember 2, 2017
Royal Dutch Shell became the latest major oil company to deliver better than expected earnings in recent months as the market recovery begins to gain traction. The Anglo-Dutch oil giant reported $4.1bn (£3bn) in earnings for the last quarter on a current cost of supply basis, its standard measure of profitability. The sum comes in […]
Merck swings to 3q loss on big charge, raises forecast
Businessam StaffOctober 27, 2017
Lower sales for multiple medicines and a whopping charge for a big cancer drug collaboration drove Merck & Co. to a third-quarter loss of $56 million, but it still beat the muted expectations of Wall Street. The Kenilworth, New Jersey, company noted that a June cyberattack that shut down some factories temporarily cost it $310 […]
Transcorp Group records 158% growth in profit after tax on reduced financing cost
Businessam StaffOctober 23, 2017
Transnational Corporation of Nigeria Plc. (Transcorp), Nigeria’s investment conglomerate has announced Q3 2017 group profit after tax of N8.2 billion, a 158 percent year-on-year improved performance over the corresponding period of 2016. The profit profile was driven largely by a 68 .12 percent drop in financing cost as net financing cost for the reporting period […]
UBA grows nine months profit by 33%, sees increased contributions from offshore subsidiaries
Businessam StaffOctober 16, 2017
United Bank for Africa (UBA) Plc Monday announced its unaudited third quarter earnings results ended September 30, 2017, showing remarkable performance across key financial indicators with profit growth of 33 percent. The banking group’s earnings grew by 26 percent to N333.9 billion, driven by strong performance in core revenue lines as against N265.5 billion reported […]
Shareholders clear former Shoprite CEO’s $135m shares for buy-back
Businessam StaffSeptember 5, 2017
Shareholders of Shoprite Holdings Ltd., the company with a number of outlets in Nigeria, have voted in favour of the purchase of about R1.75 billion ($135 million) of shares from former chief executive officer, Whitey Basson, enabling Africa’s largest food retailer to buy at a discount to the current share price. The decision enables the […]
Heidelbergcement’s Tanzanian unit posts 46% profit fall
Businessam StaffAugust 31, 2017
Tanzania Portland Cement Company (TPCC), majority owned by Germany’s Heidelbergcement, on Thursday posted a 45.6 percent drop in first-half profit after an output glut in east Africa’s second-biggest economy forced down cement prices. Annual cement production in Tanzania is about 10 million tonnes, roughly twice the level of demand, with the surplus exported to eastern […]
Nike losing core customers to Adidas- Morgan Stanley
Businessam StaffAugust 31, 2017
With competition in the North American sports apparel marketplace at a fever pitch, Nike Inc.’s (NKE) once-dominant hold on the region is slipping amid an industry-wide “price war” and the resurgence of German brand Adidas, according to a top Wall Street firm. Nike’s iconic Jordan brand has struggled in recent quarters amid a shift in […]