Latest Business Headlines: New CEO for MTN Nigeria, Steinhoff Delayed Results & Famous Brands suffers loss

IDC in the red due to Sasol losses

The Industrial Development Corporation (IDC) suffered a R3.8 billion loss in the year to end-March (even before the impact of Covid-19) due to the slumping value of its shareholding in Sasol and rising impairments.

New CEO for MTN Nigeria

Ferdi Moolman has resigned as CEO of MTN Nigeria, and will return to the company’s local head office as the new group chief risk officerKarl Toriolam, currently vice president of West and Central Africa (WECA), was appointed as the new MTN Nigeria CEO.

Steinhoff warns of delayed results

Steinhoff says its annual results for the past year won’t be released in January, as previously planned, but will have to be delayed by a month for release on February 26th. This is due  to Covid-19 as well as group restructuring, the company said.

Astral Foods expects profit drop

The poultry group Astral Foods has warned that its headline profit will by fall by up to 17% for the year to end-September.

Famous Brands suffers loss

Famous Brands – owner of Steers, Wimpy and Debonairs Pizza – saw its sales halve in the six months to end-August, with the company reporting an operating loss of R110 million. “Black Friday in November and the holiday season which follows in December are historically the industry’s peak trading period, however, it is difficult to accurately predict consumer behaviour or spend in the months ahead. The school holidays will be both later and shorter than previously, international tourism is likely to be muted, and domestic travel and leisure activities will be constrained by reduced disposable income,” the company said. It is now focussed on right-sizing the business and reducing costs.

It has now written off its total investment in its failed UK investment in Gourmet Burger Kitchen, which has been placed in administration.

Business Insider SA

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