Latest news with #R290m
IOL News
01-08-2025
- IOL News
Markus Jooste's R105 million estate in Voëlklip goes on sale: A glimpse into luxury and scandal
What is reportedly deceased Markus Jooste's home in Hermanus. Image: Screenshot | Seeff Corruption kingpin Markus Jooste's Hermanus house is reportedly up for sale, at the whopping price of R105 million. Media reports indicate that the property is in 'the prestigious area of Voëlklip, offering a prime position in one of the most exclusive estates on the Whale Coast'. Seeff's website shows a lavish property listed as 'price on application' in 'one of Hermanus's most iconic and private coastal estates'. The Voëlklip property 'boasts uninterrupted panoramic views across the vast ocean expanse of Walker Bay, framed by a majestic mountain backdrop — a setting that defines prestige, privacy, and presence,' the site says. The house itself is 2 082 m², with seven bedrooms and three lounges in addition to 10 garages and other rooms and is situated on what seems to be several plots as the size of the land is 6 940 m². It also has a 'heritage cottage' and a separate 'flatlet'. The cottage itself is 259 m².. Called 'a masterclass in timeless architecture, this grand home offers high ceilings, elegant proportions, and exquisite craftsmanship throughout. Every room – from formal reception spaces to intimate retreats – is designed to impress while offering comfort and ease of living.' According to PropertyTime, the most expensive home ever sold in South Africa was for R290m in 2016. That, IOL's calculations show, would be worth R722m now. In 2024, after a warrant of arrest was issued, Jooste reportedly took his own life at his Hermanus home. He had also been ordered to pay a R475 million fine to the Financial Services Conduct Authority (FSCA) because of being complicit in the publication of misleading financial statements about Steinhoff International Holdings. 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 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. Next Stay Close ✕ The FSCA has said that it will go after the fine through Jooste's estate, which will now theoretically include proceeds from the sale of the house. He was 63 when he apparently killed himself. Jooste, a PwC report revealed earlier this year, earned millions each year, which included strategic bonuses of R20 million for some years and, on some occasions, a bonus when he successfully concludes a deal, which was worth as much as R25 million. However, Jooste didn't legitimately earn rewards for inking agreements as many of the mergers and acquisitions that went through Steinhoff's books before the company spectacularly exploded in 2017 were fictitious, PwC's 7 000-page investigation found. Seven years ago, Jooste sold his plot in Val de Vie in the Paarl area for R13 million after initially putting it on the market for R15 million. Overall, an IOL's interrogation of the PwC report showed that the advisory firm found that €6.5 billion – or R117bn at the current exchange rate – artificially went through Steinhoff's books between 2009 and 2017 when the lid was blown on what is now considered South Africa's biggest corporate scandal. Jooste, the kingpin behind what has become known as the biggest corporate scandal in South Africa, reportedly killed himself on March 21 last year, a day before he was scheduled to hand himself over to law enforcement officers. After blaming others for the demise of the company he had leveraged to mastermind fraud, he metaphorically fell on his sword in December 2017 when he resigned, saying in an email to senior executives: 'Firstly I would like to apologise for all the bad publicity I caused the Steinhoff company the last couple of months.' Jooste's email adds that he made 'some big mistakes' and 'caused financial loss to many innocent people'. He stated: 'It is time for me to move on and take the consequences of my behaviour like a man. Sorry that I have disappointed all of you and I never meant to cause any of you any harm. Please continue to live the Steinhoff dream.' IOL
IOL News
26-05-2025
- Business
- IOL News
Nampak's turnaround starting to pay off as interim profit soars to R3 billion
Nampak reported a total profit from operations of R3 billion in the six months to March 31, compared with a R135 million loss at the same time last year, and it also substantially reduced debt. Image: supplied In a striking demonstration of fiscal resilience, South Africa's metals packaging group Nampak has recorded a remarkable turnaround in its financial fortunes for the six months ending March 31. The company reported a profit of R3 billion, a stark contrast to a loss of R135 million reported during the same period last year. This turnaround has not only bolstered its's position, but also highlighted the impact of strategic management amid a tightening consumer environment. CEO Phildon Roux shared insights on the results, noting that earnings a share surged to 35 842.2 cents — a robust recovery from a loss of 1 123.5 cents in the first half of the previous year. 'The first half yielded a rewarding financial outcome,' Roux stated, attributing the momentum to a concentrated focus on margin management, cost containment, and efficiency enhancements. This approach resulted in a 22% increase in trading profit alongside a 7% rise in operating profit. The company's commitment to reducing debt was evidenced by the sale of Bevcan Nigeria, which netted R1.3bn and marked a pivotal milestone in their deleveraging strategy. This, combined with strong operating cash flow and lower interest costs, facilitated improved financial metrics despite an uptick in net working capital investments. While the previous year's operating profit was significantly buoyed by a R290m post-retirement medical aid (PRMA) gain, Nampak's current performance reflects the effective management of financial assets. The firm recognised a R65m pension fund surplus and a R100m interim settlement from an outstanding Covid-19 insurance claim, enhancing headline earnings although less substantially than in prior periods. Revenue from continuing operations grew by 11% to R5.7bn, propelled by both volume growth and strategic price management. This growth was particularly noted in Beverage South Africa (up 7%), Diversified South Africa (up 14%), and Beverage Angola, which saw a stark 16% increase. However, Beverage South Africa faced challenges with the slower-than-planned expansion of its Springs Line 2, underscoring a mismatch between growing demand and available supply. Trading profits also saw a healthy rise, climbing 22% to R764m. The better-than-expected performance was largely driven by a 49% surge in Diversified South Africa and a 33% boost in Beverage Angola. These sectors reported particularly strong revenue growth, highlighting the effectiveness of Nampak's strategies in regions facing varying economic climates. Roux remarked on the focus placed on excellent margin management and cost control, praising the impressive performance of Diversified South Africa, which was supported by organic growth and an improved supply chain for fruit and fish cans. The earnings before interest, tax, depreciation, and amortisation (EBITDA) also saw a commendable rise of 7% to R1.1bn supporting the company's overall financial health. Despite the improved cash flow from operations, the outflow of working capital registered higher than usual due to escalating revenue levels. Nevertheless, management has prioritised improvements in collections, successfully offsetting some of the increased cash requirements. The impact of the initial tranche of the disputed Covid-19 insurance claim continues to assist working capital, a factor that Roux acknowledges as crucial for sustaining momentum. As part of its ongoing commitment to financial resilience, Nampak has reduced its net debt significantly from R5.7bn to R3.9bn, a success attributed to strategic asset disposals and prudent cash management. The outlook is optimistic, with Roux confident that the local beverage market's growth potentials remain strong, outpacing supply. Strategic initiatives are already underway to expand capacity and enhance operational efficiencies. 'The outlook for the Nampak group remains promising. The continuity of our strategic and cultural interventions bodes well for sustaining performance in the future,' Roux concluded, hinting at a solid trajectory for the company as it navigates through challenges and seeks to fulfil growing market demands. Visit:
