Companies in the news!
### Richemont (CFR) Delivers Strong Q3 Sales Growth
Richemont posted a strong 10% sales increase, reaching €6.2 billion. Growth was driven by robust performance in the Americas, Europe, Middle East, Africa, and Japan, with the Jewellery Maisons segment leading the way with a 14% sales boost.
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Karooooo Ltd. (KRO) Reports Strong Q3 Earnings
Karooooo’s subscription revenue grew by 14% to ZAR1,032 million, driven by a 17% rise in Cartrack subscribers. The company reaffirmed its FY25 forecast, projecting 2.3-2.4 million subscribers and ZAR3.95-4.15 billion in subscription revenue.
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Jubilee Metals (JBL) Faces Challenges, But Optimistic About Recovery
Jubilee faced power supply challenges in Zambia, impacting copper production, but has secured an additional power agreement. In South Africa, chrome production rose by 35%, while PGM output dipped by 8.9%. The company is on track to exceed chrome production goals for FY2025.
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Companies in the news!
Tharisa (THA) Struggles in Q1, Aims for Production Recovery
Tharisa experienced a 19.4% drop in PGM production and a 12.3% dip in chrome output due to drilling and equipment issues. The company plans to improve feed grade and recoveries, with production targets of 140-160 koz PGMs and 1.65-1.8 Mt of chrome for FY2025.
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Wesizwe (WEZ) Confident in Securing Funding for Bakubung Project
Wesizwe is working to secure funding approval for its Bakubung Project from the China National Development and Reform Committee (NDRC). With backing from its major shareholder, the company expects to meet financial obligations and complete the project.
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Renergen (REN) Updates on Operations & Liquidity
Renergen reported stable LNG production (1,124 tons) and ongoing helium production. The Springbok Solar case is nearing resolution, and the company has sufficient liquidity, with continued talks with lenders and investors.
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ArcelorMittal South Africa (ACL) Faces Losses in 2024
ArcelorMittal expects significant losses in 2024 due to tough market conditions, including declining international steel prices and rising costs. The company will shut down its Longs Steel Business to manage these challenges.
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Accelerate Property Fund (APF) Reports Losses in H1 FY25
Accelerate saw a 15.6% revenue drop, largely due to asset disposals. The company is focused on reducing debt and improving its balance sheet, with efforts underway to revitalize Fourways Mall in partnership with key stakeholders.
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