Business Headlines: EOH recovery, Oceana strong fish demand + A plan over SAA

Embattled EOH starting to recover

In a trading update for the year to end-July, the ICT company EOH said it saw a positive EBITDA, while its headline loss will be between 70% and 76% smaller.

The company is struggling with debt, but says that notwithstanding large payments to lenders, cash balances remain healthy at R943 million as at October 19.

Last year, EOH also admitted “over-invoicing” on government contracts. It agreed with the Special Investigations Unit to repay R42 million for two contracts. It is still finalising a similar agreement for the third and final contract.

The JSE recently fined EOH Holdings R7.5 million over past financial reporting errors. 

Oceana profits from strong fish demand, good catches

The fishing group Oceana expects its profit for the year to end-September to climb by as much as 18% thanks to a strong demand for its products, which are predominately consumed at home – and not at restaurants. Oceana owns Lucky Star, among other businesses. Its fish catches also improved, the company said.

Gordhan, Mboweni make peace over SAA

Public enterprises minister Pravin Gordhan told Business Day that cabinet is backing a plan to provide SAA with R10.5 billion, and that differences between himself and finance minister Tito Mboweni have been resolved.

Clicks profit close to R2 billion after strong sales

In the year to end-August, Clicks saw its sales grow by almost 10% to R34.4 billion, with its headline profit up 12% to R1.9 billion. The company now has 743 stores, after opening another 39 stores, and it has increased its pharmacies by 40, to 585. It warned that trading in the past few weeks were impacted by protest action at Clicks stores over an offensive shampoo ad, and it also expects that sales will be further affected by the widespread job losses expected in the  aftermath of the pandemic. A dividend of 450c per share (2019: 327.0c) was declared.

Business Insider

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