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IOL News
3 days ago
- Business
- IOL News
Tiger Brands announces special dividend and strong interim results
Tiger Brands shareholders benefited from a share buyback program started in the first half, and as at March 31, 2025, R500 million was used to repurchase 1.8 million shares. The share buybacks would continue as the opportunities arose, the company said. Image: IOL file Tiger Brands' share price gained 5.7% on Wednesday, continuing a year-long rally in the price after the food producer declared a whopping 1 216.00 cents per share special dividend for the six months to March 31, on top of the ordinary dividend. The share price was trading at R340.67 on the JSE on Wednesday around midday, a price that had risen steadily by 77.4% over 12 months. The ordinary interim dividend came to 415 cents a share, up 19% compared with the interim period in 2024. The total amount to be paid out to shareholders via the special dividend is R1.8 billion. Shareholders would also benefit from a share buyback program started in the first half, and as at March 31, 2025, R500 million had been deployed to repurchase 1.8 million shares. The share buybacks continued after the end of the interim period, and by May 9, 2025, 4.5 million shares had been repurchased for a cumulative R1.2bn. 'We paid out the special dividend from two main considerations. The first was cash from our portfolio disposals, and the second was our overall significant improvement in operating cash flows arising also from our better performance,' chief financial officer Thrushen Govender said in an interview. Improved working capital contributed a cash inflow of R1bn in the first half, compared to an outflow of R4bn last year. Consequently, net cash from operations increased to R3.4bn from R0.8bn at the same time last year. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading This, combined with proceeds from the disposal of non-core operations, resulted in the net cash position improving by R8.6bn to R5.9bn, which was well up from a net debt of R2.7bn at the same time last year. Govender said the share buybacks would continue if opportunities arose, and further special dividends might also be considered given the business units identified as non-core that might be disposed of, although nothing was cast in stone yet, as the non-core business units "are certainly not fire-sales.' The three companies were the chocolate business within the Snacks Treats and Beverages segment, the King Foods sorghum business, and the Chococam subsidiary in Cameroon Categories. The strong results arose from a focus on driving value for consumers, executing strategy, improved logistics optimisation, value engineering, and factory efficiencies. The result was despite the constrained consumer environment. Overall revenue was ahead of the prior year by 2% at R18.5bn, driven by 2.1% price inflation and relatively flat volume. Govender said the volume growth followed years of volume decline and was cause for celebration. He said they were on track for continued growth in the second half. 'Our revised strategy and operating model, which places the consumer at the centre of everything we do, ensures that we drive affordability consistently across the portfolio,' Tjaart Kruger, the CEO of Tiger Brands, said in a statement. The volume growth was driven by Tiger Brands' Culinary Business Unit, through deliberate volume recovery initiatives, as well as notable recovery in Milling and Baking, and Snacks, Treats and Beverages. The sale of Baby Wellbeing generated a R455m non-operational taxed profit, while the after-tax profit on the disposal of associate Empresas Carozzi. in the first half amounted to R304m. The total proceeds from these transactions was R4.4bn, with the remaining R0.6bn received in April 2025. In May 2025, Tiger Brands entered into an agreement to dispose of Langeberg & Ashton Foods. As part of the sale, the group would invest R150m towards a Community Trust that will benefit the Langeberg community through socio-economic development initiatives, and which will hold a 10% stake in the new company owning Langeberg. Tiger Brands has also made progress on the sale of its Randfontein Maize Milling operations. The maize category was identified as non-core due to the evolution of the local maize market competitiveness and the increasing establishment of regional millers. The disposal of the wheat mill would also facilitate a simpler and expedited transaction as they were located on the same manufacturing site. BUSINESS REPORT Visit:
IOL News
10-05-2025
- Health
- IOL News
Doctor bewildered by eThekwini Municipality's R2. 8 million utility bill
A Reservoir Hills doctor received a R2.8 million utility bill from the eThekwini Municipality for April 2025. Dr Terence Govender said his average monthly bill was R8 500. Image: Supplied A Reservoir Hills doctor has been left perplexed after receiving a R2.8 million utility bill from the eThekwini Municipality for April 2025. Doctor Terence Govender said his average monthly bill was R8 500 and was left bemused by his latest bill. For March, Govender was billed R2.7 million in total, which consists of rates R1 820, Water and Sanitation R1 276, and Cleansing and Solid Waste (CSW) R256. He was billed R2.3 million for electricity and R358 311 VAT. Govender's bill for April totalled R91 000. This included water R1 680, Electricity R55 000, CSW R256, interest on arrears R23 641, VAT R8 636. Govender's total bill for March and April amounted to R2.8 million. Govender said that after he had complained, an official came to his home and business to take down the readings. He said all the official said was he would look into it. "I have never been in arrears; I normally pay extra in some months to stay ahead. Some time ago, the bill came to R20 000, and I just paid it to avoid the long queues and nonsense you hear at call centres in the city. This time around, I will take them to task. On the bill, they also use threats of disconnection if you do not pay," Govender said. He blamed the municipality for what he called incompetent employees. He said that at first, he was seething with anger and stressed out, but then as the days passed, he began to laugh about it. Govender said he has generators and inverters at his home, but still pays a high bill. He said there were always prolonged electricity and water supply issues, but residents' bills remained the same monthly. Last week, he spent R3 500 on diesel to operate the generators during a power outage that lasted more than two days in Reservoir Hills. "I am not sure where they thumb sucked these figures from. What happens to those unsuspecting pensioners and other residents who are falling into this situation and making plans to pay off amounts like this? They force people to pay first and claim back later. Now they have pushed their luck and gone beyond. We will take them to court," Govender said. Reservoir Hills Ratepayers Association (RHRA) Director Yogesh Naidoo said, despite alerting the municipality to the problem in April, the RHRA did not receive any feedback. The RHRA raised the following concerns with the municipality: The electricity charge alone is R55 639.37 for a residential property, with no commercial operations or unusual usage patterns. The total arrears and monthly charges are unsubstantiated and continue to escalate with no proper reconciliation or supporting breakdown. Govender has previously attempted to resolve this issue with the Revenue Department without success or response. Naidoo said that the RHRA demand a comprehensive audit and itemised reconciliation of this account from January 2023 to April 2025. The RHRA called for: An immediate halt to interest and penalty accruals pending resolution of this dispute. A formal acknowledgment of this complaint and assignment of a reference number. Prevention of any termination or suspension of services to properties under Govender's property portfolio. Naidoo warned that if there was continued inaction, the RHRA would escalate the matter to the office of the Public Protector, the South African Human Rights Commission, National Energy Regulator of South Africa, and the Auditor-General of South Africa because "this is a clear case of administrative failure causing financial prejudice to a compliant ratepayer". According to the municipality's finance committee revenue management report for April 2025, household debt, which mainly includes individual/residential customer accounts, remains high at R25 billion, contributing to 75% of the total debtors. For January 2025, the city disconnected 704 electricity and 3 767 customers for water arrears, investigations, and tampering. The municipality was also concerned about the Suprema and Revenue Management System (RMS), which had not yet materialised, thus resulting in no proper data in place for customers who are part of the 80/20 electricity programme. The eThekwini finance committee also requested a report on the migration of the RMS and Suprema system at the next meeting. In January 2025, the city billed 926 282 accounts. In the report, some of the challenges the accounts management section faces were non-completion of monthly billing due to network and technical glitches. The municipal meter management services department is a combined meter reading for water and electricity, which was integrated into the revenue management unit in October 2024. The meter reading contract for electricity expired last year. The report stated that the procurement for external meter readers is under way. Attempts to get a comment from the municipality were unsuccessful at the time of publication. [email protected]
IOL News
06-05-2025
- Business
- IOL News
Are you falling for deepfake investment scams? Momentum Group warns South Africans
Momentum Group, has warned that scammers are using fake videos to scam people One of South Africa's largest financial services companies, Momentum Group, has warned that scammers are using fake videos, messages, and social media profiles to pose as the company and its employees to trick people into fake investment schemes. The scammers reportedly use popular platforms such as WhatsApp, Facebook, and Telegram to target unsuspecting South Africans. According to Ravi Govender, Chief Digital and Technology Officer at Momentum, the scammers are leveraging highly convincing manipulated content to promote fraudulent investment schemes. 'Alarmingly, the manipulated content looks or sounds realistically life-like, making it increasingly difficult for the public to differentiate between what is real and likely versus fake,' Govender said, according to the Daily Investor.
The Citizen
05-05-2025
- The Citizen
Efforts to locate missing man intensify
SEARCH efforts to locate Poonsamy Govender, 74, who went missing in the vicinity of the Isipingo Beach river mouth on April 30, are intensifying as more volunteers join in to help find him. Also read: Malagazi shooting: Victim's family claims police cover-up The Yellowwood Park resident left his home on the morning of April 30 and was seen on CCTV footage on foot walking towards the railway line. That afternoon he was seen near the Isipingo Beach river mouth. He was wearing a black jacket and blue jeans. Dawn Gounden of Renegades Search and Rescue said that the team continues its search for eyewitnesses to assist in locating Govender. 'The search efforts intensified as more volunteers joined in to help find Govender, circulating a flyer and sharing his photograph on social media in the hopes of reaching a wider audience. As days progress, the determination to find Govender remains strong. The family hold onto faith that he would be found safe.' Renegades appeal to fishermen, beachgoers and community members to assist the police with any information on Govender's whereabouts. Anyone with information is urged to contact Montclair police on 031 462 6219. Alternatively contact 074 712 5855. For more South Coast Sun news, follow us on Facebook, Twitter and Instagram. You can also check out our videos on our YouTube channel or follow us on TikTok. Subscribe to our free weekly newsletter and get news delivered straight to your inbox. Do you have more information pertaining to this story? Feel free to let us know by commenting on our Facebook page or you can contact our newsroom on 031 903 2341 and speak to a journalist. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
03-05-2025
- The Citizen
Clothing store manager loses thousands in Steeldale armed robbery
A store manager was robbed at gunpoint at PEP Clothing, Steeldale Shopping Centre on Friday, May 2. Moffat View SAPS station commander Lieutenant Colonel Shunny Govender said the robbery took place at around 17:00 when a black male, speaking Zulu, approached the manager at the store's main entrance. 'The suspect threatened her, saying, 'Do not panic or do anything funny. I want money, or you will die,' said Govender. Govender said the suspect then led the store manager to the till, where he took R17,146.80 in cash and placed it into a plastic bag. Afterwards, the suspect ordered the manager to remain where she was before walking away from the store. Govender confirmed that no shots were fired during the robbery and no one was injured. The manager did not recognise the suspect, and there have been no arrests made yet. 'The suspect remains at large, and a case of business robbery has been opened. We are continuing investigations to identify and apprehend the perpetrator,' said Govender. WATCH: 4 suspects shot dead after liquor store robbery in Alberton At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
