Author: Gugu Lourie

JSE-listed retailer TFG, formerly known as The Foschini Group, said TFG Africa conservatively estimated to have lost about 360,000 trading hours in the 12 months to 31 March 2023 due to Eskom’s load shedding. However, as previously reported, the retailer estimates the actual impact to be more than double this figure (i.e. approximately 730,000 lost trading hours) as customer demand is significantly dampened by the associated disruption and inconvenience with reduced customer footfall before, during and immediately after load shedding periods. “We estimate the financial impact of load shedding to have reduced TFG Africa’s retail turnover by in excess of…

JSE-listed retailer TFG, formerly known as The Foschini Group, today announced a 6.6% increase in online retail revenue for the year ending March 2023. The retailer said online retail sales contributed 9.1% to the group’s total sales. TFG Africa’s retail sales increased by 17.2% compared to the same period in the previous financial year. The retailer added that TFG Africa’s online retail sales increased by 33.2% and now contribute 3.5% to TFG Africa’s total retail sales. TFG Africa’s outlet retail turnover, increased by 16.7% and now contribute 96.5% to TFG Africa’s total sales. “This region experienced heightened consumer pressure, unprecedented…

TymeBank is onboarding more than 300 000 customers a month in both South Africa and the Philippines, according to its majority shareholder, African Rainbow Capital (ARC), which is owned by billionare Patrice Motsepe. ARC said Tyme (including TymeBank and GoTyme) has an annual revenue run rate of over R1.9 billion. The company added that across its two markets – South Africa and the Philippines – the business is growing at a pace of 300,000 new customers a month as it works to provide consumers, particularly the underserved and financially excluded portion of the population, quality financial services. TymeBank now serves…

Volvo Car South Africa has confirmed the freshly revealed EX30 is destined for local roads, while also announcing the brand-new fully electric SUV’s highly anticipated starting price. That figure looks set to render the EX30 one of the most affordable full-size electric vehicles (EVs) in South Africa. Having just made its global premiere, the new small SUV represents the cornerstone of Volvo’s electrification growth ambitions. It debuts as the fastest-accelerating Volvo ever, completing the 0-100 km/h sprint in a mere 3.6 seconds in 315 kW Twin Motor Performance guise. The extended-range version of the Single Motor (rear-wheel drive) powertrain, meanwhile,…

Discovery Bank today announced a partnership with Rubicon, a trusted industry leader in solar solutions. This partnership will offer savings to Discovery Bank clients on high-quality solar and back-up power services for their homes. This reflects the Bank’s commitment to providing its clients with trusted, convenient, and flexible solutions. Hylton Kallner, CEO of Discovery Bank, says,” While South Africans are resilient, the increased and ongoing interruption of electricity impacts all aspects of our lives and drives a need to find alternative ways to power our homes. We’re pleased to launch a financing solution that enables our clients to embrace solar,…

There is good news for drivers on Wednesday as the price of petrol and diesel will be dropping. The Minister of Mineral Resources and Energy, Mr Gwede Mantashe, announces the adjustment of fuel prices based on current local and international factors with effect from the 7th of June 2023. South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g. shipping costs. The main reasons for the fuel…

inq. Group today announced the appointment of seasoned industry leader Glad Dibetso to succeed Nick Reed. Dibetso will become CEO Designate from 1 July 2023 working alongside Reed who will remain on as part of the transition process. The move is part of the Board approved succession plan. inq. recently completed its acquisition of Syrex, a provider of hyperconverged cloud technology solutions, adding South Africa to its footprint across the Continent. Dibetso hopes to continue to bolster inq. to become a truly pan-African business, consolidating its traditional connectivity business and accelerating EdgeDock, inq.’s unique digital service offering. Dibetso said, “I…

In a partnership aimed at making it easier and more cost-effective for customers to watch their favourite local and international blockbuster movies and series, MTN subscribers can now sign-up or switch to Viu Premium for only R69 per month. Along with Viu Premium, subscribers will also receive a 3GB MTN streaming data bundle, valid for 30 days, every 30 days. This allows a customer to watch up to 12 hours of Viu’s premium-rated local and international movies and series each month. Customers need to simply add the subscription to their monthly account, or pay with their airtime, to enjoy their…

Scatec ASA today closed the previously announced transaction to divest the Upington solar plants in South Africa. Scatec, a renewable energy company in emerging markets, is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange The gross consideration for divestment of Scatec’s 42% equity-share in the 258-megawatt (MW) plants is R973 million (NOK 546 million). The company said as previously communicated the proceeds will be recycled into new investments within renewable energy. “We are very pleased to secure a value accretive transaction, in line with our strategy to optimise our portfolio and recycle capital. South Africa remains a…

JSE-listed grocer Spar today announced that the unprecedented power cuts had a direct impact on the trading performance and profitability of its retailers. The retailer said higher power cuts will impact retailers’ profitability due to the additional energy costs associated with the back-up solutions required during the power cuts. “Our retailers have experienced a significant increase in operating costs, primarily driven by the increased cost of diesel required to run generators during the higher levels of loadshedding, coupled with higher repairs and maintenance costs and product wastage, as generators occasionally fail under extended periods of usage,” the company said. Spar…