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Nvidia* (NVDA) Financial Results for Q2 FY27 ($217,55)

EPS: $2.46 GAAP diluted EPS (+128% from Q2 FY26);
$2.22 non-GAAP diluted EPS (+120% from Q2 FY26)
Operating Profit: $63.7bn GAAP operating income (+124% from Q2 FY26);
Revenue: $96.2bn (+106% from Q2 FY26)
Gross Profit: $72.1bn (+113% from Q2 FY26); gross margin 75.0%
Dividend: $0.25 per share quarterly cash dividend
Revenue more than doubled to $96.2bn, driven by record Data Centre revenue of $89.0bn (+117%). Net income increased 126% to $59.7bn, supported by AI infrastructure demand, while operating income rose 124% despite operating expenses increasing 55%. CEO Jensen Huang said: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.”
Revenue, gross profit and operating profit growth exceeded 50% as hyperscale AI infrastructure spending accelerated, Data Centre demand expanded sharply, and Nvidia sustained 75.0% gross margins while scaling Rubin production and broader AI platform deployments. Comment: Management’s expectation for revenue to grow by 70% through 2028, from an already substantial base, was well ahead of analysts’ 40–45% forecasts and underlines the strength of the demand trajectory. Free cash flow up 59% to $21 bn, with Huang pledging half of cash for buybacks and dividends, although $70 bn in equity stakes (Open AI & Coreweave) as well as $230 bn in guarantees add risk. A valuation at 43× FCF is a substantial discount to both AMD (96x) and Broadcom (53x). The results reinforce a bullish outlook for AI and the broader technology sector, suggesting the AI infrastructure cycle remains in its early-to-middle stages rather than close to a peak. While competitive pressures remain, rising chip prices could become a constraint on demand.

 

Aveng* (AEG) Financial Results for FY26 (430c)

HEPS: −39c (improved 95% from −744c)
EPS: −137c (improved 83% from −813c)
Operating Profit: R221m (vs loss of R693m)
Revenue: R26.4bn (−12.4% from R31.0bn)
Gross Profit: R1.7bn (+79% from R951m)
Work in Hand: R35.2bn (−6% from R37.5bn)
Cash on Hand: R2.6bn (−16% from R3.1bn)
Net Cash: R1.8bn (−28% from R2.5bn)
Aveng reported FY26 results showing a narrowing of losses, with HEPS improving to −39c from −744c and EPS to −137c from −813c. Revenue fell 12.4% to R26.4bn due to softer infrastructure markets in Australia and New Zealand, but gross profit rose 79% to R1.7bn, reflecting improved project execution. Operating profit recovered to R221m from a R693m loss, driven by strong performance in Infrastructure New Zealand & Pacific Islands and the Building segment, while losses persisted in Infrastructure Australia and Southeast Asia, notably on Kidston and J108 projects. Mining delivered R149m operating earnings, supported by Gamsberg. Cash holdings declined to R2.6bn, with net cash at R1.8bn. Work in hand eased to R35.2bn, though Infrastructure pipeline strengthened. No dividend was declared. Management highlighted disciplined execution and settlement of J108 as key risk mitigants, with focus on cash generation and debt reduction. Aveng announced leadership changes with Graeme Bevans appointed Chairman, succeeding Philip Hourquebie. Nicholas Bowen and other directors resigned, while Murray Leslie Coleman OAM joined as Independent Non‑executive Director. Comment: the appointment of Fraser Wyllie as CEO also bodes well since he first turned around and then headed up the successful New Zealand and Pacific Islands division of Aveng. Although the Aveng turnaround is well under way it still has some long way to go with the finishing off the lossmaking South East Asian and, in Qeensland, Kidson, projects. Although the worst is over, the latter will take at least well into late 2027 or longer. Moolmans is managing problems with the Tshipise contract while the Gamsberg contract is going well and it is looking at opportunities in the Northern Cape, Botswana and Namibia. Wyllie takes office on 1 October and is highly likely to take the turn around further in due course. While investors stranded in the stock should Hold others can bide their time at least until interims.

 

Grindrod* (GND) Interim Results for 6M Jun ’26 (2450c)

HEPS: 88.8c (flat from 88.7c)
EPS: 89.6c (−59% from 219.8c)
Revenue: R2.84bn (+19% from R2.38bn)
EBITDA: R884m (+52% from R584m)
Dividend: 24.3c per share (interim, +6% from 23.0c)
Grindrod delivered resilient H1 ’26 results, with revenue up 19% to R2.84bn and EBITDA rising 52% to R884m, supported by record throughput at the port of Maputo (8.4mt, +29%). HEPS held steady at 88.8c, while EPS fell 59% to 89.6c due to the absence of prior year one‑off gains from the Matola terminal acquisition and marine fuel JV exit. Cash generation improved 28% to R561m, enabling a 6% higher interim dividend of 24.3c per share. Logistics performance was mixed, with container and agency operations trading in a soft market, while rail is positioned for stronger contributions from Open Access in 2027. Management emphasised safety after a fatality at Maydon Wharf, launching a Fatality Risk Elimination Programme. Outlook remains positive, underpinned by integrated logistics and disciplined capital allocation.
Comment: for perspective, 1H26 and 1H25 Ebitda in Rm comprised: Ports & Terminals 641 (254) Logistics 119 (248) and Group 124 (81). Logistics was affected by the closure of the no longer viable eSwatini terminal while Container, ships agency, clearing and forwarding traded in a soft market and rail performance was impacted by reduced deployment. Since none of this will apply in the second half which in any case is showing the usual signs of outperforming the first half, management is expecting a big 2H improvement. Ports and Terminals should do well with Maputo handling a record 1.63mt in 1H26 which substantiates the decision to dredge so as to harbour 170kt vessels thus lowering costs per tonne compared to the “baby Capes” with 110kt capacity. Debt, with all five major SA banks, has been optimally restructured leaving the group in a strong position to “further its capital aspirations.” On a c. 12,39 six month FPE the stock is modestly priced bearing in mind the likely benefits from structural reforms in the SA rail infrastructure and major expansions in port terminals.

 

MTN Group* (MTN) Interim Results for 6M Jun ’26 (19000c)

HEPS: 615c (−5.8% from 653c)
Adjusted HEPS: 793c (+21.3% from 654c)
EPS: 404c (−26.1% from 546c)
Operating Profit / EBITDA: R56.0bn (+24.4% CC, margin 47.6%)
Revenue: R115.3bn (+9.7% reported, +17.5% CC)
Dividend: None declared (H1 ’25: nil)
Capex: R19.7bn (intensity 16.6%)
Net Debt-to-EBITDA: 0.3x
MTN delivered strong H1 ’26 results, with service revenue up 17.5% in constant currency to R115.3bn, led by Ghana and Nigeria. Data revenue surged 29.2% CC, while fintech grew 13.3% CC, with transaction value up 33.8% to US$330.5bn. EBITDA rose 24.4% CC to R56.0bn, margin 47.6%. Adjusted HEPS climbed 21.3% to 793c, though reported HEPS fell 5.8% to 615c and EPS dropped 26.1% to 404c due to impairments in Irancell and FX losses in South Sudan. Subscribers grew 6.7% to 317.7m, with active data users up 9.1% to 179.3m. No interim dividend was declared, but a R6bn share buyback programme will commence post closed period. CEO Ralph Mupita stated: “We combined double-digit service revenue growth with record EBITDA margins, robust FCF generation and a resilient balance sheet.” Outlook reaffirms Ambition 2030, targeting high-teens service revenue growth and ROCE in the high-20% to low-30% range. Comment: these targets are realistic and are backed by GDP growth, apart from the SA laggard at~1.1%, in the West and Central African countries in which it operates : Nigeria ~4.1% Ghana ~4.85, Cote Ivoire ~6.2%,Benin ~7.0%, Cameroon and Congo-Brazzaville. Also East and Southern Africa: Uganda ~ 7.5%, Rwanda ~7.2%, Zambia ~4.3%. Longer term factors such as the anticipated African population growth of 100 million by 2030 and maintenance of Mupita’s “record margins” of ~40% point to ongoing double digit heps growth being well within reach. A possible reason for Vodacom’s higher rating could be “Turkcell” risk. This refers to the court action for damages brought by the Turkish company in relation to events around the awarding of the licence to operate in Iran to MTN instead of it. This has dragged on for years and is currently before the SA Constitutional Court which is to decide whether to hear MTN’s appeal against the Supreme Court’s ruling that Turkcell’s case can be heard in SA.One way of tempering this risk is to include Vodacom in the portfolio as very similar dynamics apply in the 8 African countries in which it operates.

 

Cell C (CCD) Financial Results for FY26 (2549c)

HEPS: 2 338c (+57.4% from 1 485c)
EPS: 2 341c (+57.6% from 1 485c)
Operating Profit: R4.8bn (+200.3% from R1.6bn)
Revenue: R12.64bn (+13.5% from R11.14bn)
Gross Profit: R1.7bn (+79% from R951m)
EBITDA: R5.51bn (+161.8% from R2.10bn)
Adjusted EBITDA: R2.38bn (+16.9% from R2.04bn)
Net Debt: R2.0bn (−64.5% from R5.7bn)
Subscribers: 8.88m (+17.1% from 7.59m)
MVNO HLR Subscribers: 5.71m (+27.3% from 4.49m)
Cell C delivered a strong FY26 performance, with revenue up 13.5% to R12.64bn and EBITDA surging 162% to R5.51bn. HEPS rose 57.4% to 2 338c, while EPS increased 57.6% to 2 341c, reflecting improved profitability and balance sheet strength. Operating profit more than tripled to R4.8bn, supported by prepaid growth (+9.7% revenue), stabilised postpaid, and wholesale momentum through its MVNO ecosystem. Subscribers grew 17.1% to 8.9m, with MVNO HLR lines up 27.3% to 5.7m. Net debt reduced 64.5% to R2.0bn, enhancing financial flexibility. CEO Jorge Mendes stated: “FY26 was a year of two halves – restructuring and IPO completion, followed by execution and growth through our asset‑light, partnership‑led model.”
Comment: The market sentiment towards Cell C has materially improved following the restructuring out of Blu Label, and listing in November. Cell C and MTN were declared joint winners across Video, Voice and Reliability exerience at Opensignals ‘Mobile Experience Awards’, among other improving sentiment indicators. Customer experience is important for a customer centric business like Cell C, and only time will tell if it can be maintained as it expands into new business lines and expand its market share.

 

Blu Label (BLU) Financial Results for FY26 (817c)

HEPS: 83.58c (–82% from 455.96c FY25)
EPS: –539.73c (–295% from 276.52c FY25)
Revenue: R13.05bn (–7% from R14.05bn FY25)
Gross Profit: R2.56bn (normalised)
EBITDA: R923m (–397% reported; normalised +8% to R923m)
Dividend: 53.56c per share (interim 43.56c + final 10c)
FY26 was reshaped by the restructuring and listing of Cell C, which introduced accounting volatility but de‑risked Blu Label’s exposure and enhanced earnings visibility. Reported EPS swung to a 539.73c loss, while HEPS fell 82% to 83.58c. On a normalised basis excluding Cell C and restructuring effects, revenue was R9.4bn, EBITDA R923m (+8%), and net profit R677m. Dividends resumed with a total of 53.56c per share, alongside a new dividend policy targeting 30–50% of core headline earnings. A share repurchase programme was also approved. Blu Energy secured a multi‑year NERSA licence, positioning the Group to supply renewable energy solutions to municipalities and IPPs. Joint CEOs Brett and Mark Levy emphasised disciplined capital allocation and focus on sustainable earnings.
Comment: Despite the optically poor performance, driven by the non-cash impacts of the Cell C restructuring, resumption of dividend payments is usually a positive signal indicating management expect a more predictable operating environment moving forward. The NERSA license remains a potential upside or downside risk requring monitoring. The commercial license should open the business to a material new revenue stream. If it decide to pursue this avenue of business, questions need to be asked regarding capex to bring the project to commercial viability, with no current contracted revenue in the pipeline.

 

Bidcorp (BID) Financial Results for FY26 (44655c)

HEPS: 2 701.4c (+6.8% constant currency from 2 528.6c FY25)
EPS: 2 663.3c (+9.4% from 2 434.9c FY25)
Operating Profit (Trading Profit): R13.8bn (+8.2% constant currency from R12.8bn FY25)
Revenue: R242.2bn (+5% constant currency from R230.6bn FY25)
EBITDA: Margin improved to 6.5% (cash conversion 118%)
Dividend: 1 240c per share (final 625c; +6.9% from 1 160c FY25)
Bidcorp delivered a resilient FY26 performance in a challenging environment, with revenue up 5% and trading profit rising 8.2% in constant currency. HEPS increased 6.8% to 2 701.4c, while EPS grew 9.4% to 2 663.3c. Strong cash generation saw 118% of EBITDA converted into cash, supporting a full‑year dividend of 1 240c per share.
Comment: Bidcorp’s FY26 results were reassuring, underpinned by robust free cash generation (ZAR 7bn), record gross and trading margins, and a conservative balance sheet (0.2× net debt/EBITDA). Revenue rose 5% in constant currency, trading profit grew 8.2%, and HEPS advanced ~7%, despite FX headwinds and subdued food CPI. Shareholder returns were strong, with ZAR 5.2bn distributed via dividends (+7%) and buybacks (~1% of shares). H2 outperformed H1, and FY27 has begun positively with 6% July sales growth. Management’s algorithm targets ~8% three year CAGR, supported by bolt on acquisitions and disciplined capital allocation, though near term share catalysts remain limited. The stock remains a classic, steadily compounding global diversifier for SA investors and is valued accordingly.

 

Metair (MTA) Interim Results for 6M Jun ’26 (494c)

HEPS: 72c (+11% from 65c HY25)
EPS: 72c (profit vs loss of –93c HY25; turnaround >100%)
Operating Profit: R444m (+1% from R439m HY25)
Revenue: R8.54bn (+1% from R8.46bn HY25)
EBITDA: R760m (+8% from R703m HY25)
NAV: 1 202c per share (–8% from 1 301c HY25)
Metair delivered a marked turnaround in HY26, with EPS of 72c compared to a 93c loss in HY25, reflecting a swing of more than 100%. HEPS rose 11% to 72c, supported by aftermarket demand and efficiency gains. EBITDA grew 8% to R760m, while revenue edged up 1% to R8.54bn. NAV per share fell 8% to 1 202c, and no interim dividend was declared. Management emphasised localisation opportunities and resilience despite subdued OEM volumes.
Comment: there were some disappointments with the OEM (Original Equipment Market) business down on slower Ford sales partly offset by improved Toyota performance and the after market (AutoZone) business was trailing 6 months behind its sales plan but is still expected to achieve target. The much publicised growth in sales of Chinese and Indian imported vehicles continues to make in roads into sales of SA made vehicles. This was a factor in the Hesto Ford OEM business reduction in margin to 5.3% from 6.3% but CEO Paul O’Flaherty is determined to restore the margin inter alia by making the necessary, albeit substantial, reduction in headcount. Although the Rombat fine of €20.2m was fully provided for in FY 2026 and has been appealed against the first instalment of €4.2m still leaves some c.ZAR 300cps to be paid should the appeal fail. No doubt this contributed to the non-payment of dividend. The Debt: Equity ratio of 43% is manageable and management has succeeded in improving repayment terms and has maintained ROIC at 11.2% (1H25 11.1%). The substantial restructuring during O’Flaherty’s 2 and a half year tenure is largely complete and the new management teams are settling in well. Although constant communication is being maintained with all players in the market including Chinese and Indian it remains to be seen whether the SA government will accede to the repeated request for action to level the playing field between local manufacturers and subsidised imports. This would transform the stock from a slow growth value play at a 58% discount to NAV to a growth stock.

 

Mpact (MPT) Interim Results for 6M Jun ’26 (1701c)

HEPS: 48.1c (−53.8% from 104.1c)
EPS: 50.4c (−52.1% from 105.2c)
Operating Profit: R284m (−15.7% from R337m)
Revenue: R5.96bn (+1.1% from R5.89bn)
Gross Profit: R2.35bn (+3.1% from R2.28bn)
EBITDA: R614m (−4.4% from R642m)
Dividend: 15c per share (interim, −50% from 30c)
NAV: 3 634c (+1.4% from 3 585c)
Net Debt: R2.63bn (−11.8% from R2.99bn)
Mpact reported weaker H1 ’26 earnings despite modest revenue growth of 1.1% to R5.96bn. HEPS fell 53.8% to 48.1c and EPS dropped 52.1% to 50.4c, reflecting margin pressure in Paper Manufacturing from lower selling prices and higher input costs. EBITDA declined 4.4% to R614m, while operating profit fell 15.7% to R284m. Cash generation improved significantly to R448m, reducing net debt to R2.63bn. Paper Converting and Plastics delivered volume and profitability growth, aided by sustainable product innovation, but gains were offset by global oversupply in containerboard. CEO Bruce Strong noted: “Stronger cash generation and disciplined capital allocation are contributing to a stronger balance sheet.” An interim dividend of 15c per share was declared.
Comment: some half dozen negatives were enumerated in the outlook including slow economic growth, double digit water and electricity cost hikes. Oversupplied global markets in recycled container and carton board led to the closure of the BM6 coated carton board machine at the Springs mill. The outlook for citrus exports and plastics was , however, positive. The stock is probably discounting the worst and is one of numerous SA GDP recovery plays in due course.

 

Trading Statements & Updates

Discovery* (DSY) Trading Statement for FY26 (25847c)

HEPS: 1 895.6c–1 967.9c (+31–36% from 1 447.0c FY25)
EPS: 1 893.0c–1 963.1c (+35–40% from 1 402.2c FY25)
Operating Profit: Normalised profit from operations +15–20%
Normalised HEPS: 1 735.1c–1 808.6c (+18–23% from 1 470.4c FY25)
Discovery signalled robust FY26 earnings growth, with EPS expected to rise 35–40% and HEPS 31–36%, supported by the acquisition of 1 Discovery Place and lower finance costs. Normalised HEPS is projected to increase 18–23%, reflecting reduced leverage. Profit from operations is set to grow 15–20%, driven by Discovery South Africa (+13–18%) and the Vitality composite (+18–23%). Management emphasised that the strategic focus on capital discipline and operational efficiency continues to underpin sustainable earnings momentum. Results due 3 Sep ’26.

 

Sanlam* (SLM) Trading Statement for 6M Jun ’26 (8705c)

HEPS: 372c–418c (–20% to –10% from 465c 6M Jun ’25)
EPS: 607c–656c (+24% to +34% from 490c 6M Jun ’25)
Sanlam guided EPS growth of 24–34% to 607c–656c, driven by one‑off gains from the disposal of Sanlam Investments’ active asset manager and dilution of its Shriram Finance stake following MUFG’s capital injection. HEPS, however, is expected to decline 10–20% to 372c–418c, reflecting weaker shareholder investment returns, negative fair value movements in Ninety One, and softer markets in Morocco and India. Strong business volumes and positive net client cash flows underscored resilience, while elevated weather‑related and large claims weighed on general insurance earnings. Diversification and a robust capital position continue to support cash generation and value creation. Results due 10 Sep ’26.

 

Santam* (SNT) Operational Update for 6M Jun ’26 (42767c)

Revenue: Gross written premium +10% (R461m recognised from Syndicate 1918)
Santam achieved 10% growth in gross written premiums across conventional insurance, with MiWay, Santam Direct, Santam Re and Partner Solutions all delivering double‑digit increases. Specialist Solutions returned to growth despite a softer premium cycle. Syndicate 1918 contributed R461m in GWP but recorded a R230m underwriting loss due to IFRS deferrals. Catastrophe claims surged to R1.5bn, including severe storms in Limpopo and the Western Cape, compared to R144m in HY25. This was partly offset by a R325m reserve release. Investment returns exceeded benchmarks, boosted by fixed‑interest gains and a R590m revaluation of Shriram General Insurance. Earnings attributable to shareholders increased year‑on‑year. Results due 3 Sep ’26.

 

OUTsurance* (OUT) Trading Statement FY26 (8983c)

HEPS: 360.9c–375.9c (+21–26% from 298.3c FY25)
EPS: 355.2c–373.6c (+16–22% from 306.2c FY25)
Operating Profit: OHL Group R4.96bn (+18–24% from R4.2bn FY25)
Revenue: Gross written premium +15.7%; net earned premium +18.7%
NEPS: 352.1c–370.5c (+15–21% from 306.2c FY25)
OUTsurance delivered strong FY26 earnings growth, with HEPS expected to rise 21–26% and EPS 16–22%. Normalised EPS is guided 15–21% higher, reflecting robust performance in South African property and casualty operations (+40–46%) and OUTsurance Life, which achieved excellent new business growth and improved cost efficiency. Youi’s solid operational performance was offset by elevated natural peril claims, while OUTsurance Ireland reduced its operating loss profile as market penetration improved. Gross written premiums rose 15.7% and net earned premiums 18.7%, underscoring resilient underwriting momentum. The replacement of the Employee Share Option Scheme with a Conditional Share Plan lowered share‑based payment expenses. Results due 10 Sep ’26.

 

Sibanye * (SSW) Trading Statement & Operating Update for 6M Jun ’26 (5028c)

HEPS: 571c–631c (>200% from 190c 6M Jun ’25)
EPS: 597c–658c (>560% from –127c 6M Jun ’25)
Operating Profit: Revenue less cost of sales before amortisation more than doubled
EBITDA: SA gold +85%; SA PGM +300%; Recycling +10%
Sibanye Stillwater guided a sharp earnings recovery in HY26, with HEPS expected to rise over 200% and EPS swinging to 597c–658c from a 127c loss in HY25. Profitability was driven by record SA gold earnings (+35% rand gold price, +5% sales), a 67% increase in the rand PGM basket price with 12% higher sales, and stronger US PGM margins (+70% basket price). Recycling delivered standout growth, with ounces sold up 142% following the integration of the North Carolina site. EBITDA rose 85% in SA gold and 300% in SA PGM, while impairment charges fell sharply from R9.7bn in HY25. CEO Richard Stewart highlighted consistent operational delivery, improved margins and strong cash generation. Results due 1 Sep ’26.

 

African Rainbow Minerals (ARI) Trading Statement FY26 (18944c)

HEPS: 1 544c–1 682c (+12% to +22% from 1 379c)
EPS: 2 062c–2 079c (+1 120% to +1 130% from 169c)
ARM guided a strong FY26 earnings uplift, with HEPS expected to rise 12–22% to 1 544c–1 682c, supported by higher US dollar PGM basket prices. EPS is forecast to surge over 1 100% to 2 062c–2 079c, reflecting once‑off gains including R241m from the disposal of Sakura and R462m from remeasurement of its Nkomati stake, while FY25 included a R2.2bn impairment at Bokoni. Lower realised rand iron ore prices, due to currency strength, partially offset the PGM benefit. Results due 4 Sep ’26.

 

Aspen Pharmacare* (APN) Trading Statement FY26 (15867c)

Normalised EBITDA (Continuing Ops): R7.46bn–R7.81bn (+7% to +12% from R6.97bn)
NHEPS (Continuing Ops): 784.4c–817.4c (+19% to +24% from 659.2c)
NHEPS (Total Ops): 1129.8c–1182.6c (+7% to +12% from 1055.8c)
HEPS (Total Ops): 602.0c–641.6c (−24% to −19% from 792.1c)
EPS (Total Ops): 550.0c–620.0c (>100% from −243.9c)
Net Cash: ~R0.8bn (vs net debt prior year)
Aspen delivered on strategic priorities in FY26, with Commercial Pharmaceuticals driving growth. Normalised EBITDA rose 7–12% to R7.46bn–R7.81bn, while NHEPS from continuing operations increased 19–24% to 784.4c–817.4c. Reported HEPS fell 19–24% to 602.0c–641.6c, impacted by R2.3bn restructuring costs and intangible asset impairments. EPS swung to a profit of 550c–620c, boosted by a R2.4bn gain on the APAC divestment. Free cash flow exceeded R3.7bn, with net cash of R0.8bn after R0.5bn in buybacks. Manufacturing facilities in France and South Africa showed early recovery, with further EBITDA uplift expected in FY27. Regulatory approval was secured for generic semaglutide in Canada, and local insulin production commenced in May ’26. CEO Stephen Saad emphasised that restructuring projects are fundamental to long‑term success, already yielding sustainable benefits. Results due 2 Sep ’26.

 

 

 

 

Afrimat* (AFT) Business Update and Pre‑Close Briefing Session (2676c) 

Afrimat reported that HY1 ’27 trading was impacted by weaker Rand‑denominated iron ore export revenues, lower international prices, and sharply higher shipping costs linked to the Iran conflict. Domestic iron ore volumes normalised in Q2, while anthracite sales improved as ferrochrome smelters reopened following tariff relief. Cement remains oversupplied, though operational improvements and Lafarge integration are supporting margins, with aggregates showing a CAGR of 36% in operating profit from FY22–FY26. Strategic advances include securing a MECA III manganese export allocation of 240 000tpa, acquiring the Doornfontein iron ore deposit to replace Demaneng, and expanding anthracite export capacity. Glenover’s rare earth and phosphate streams are under evaluation for battery precursor material. Management expects H2 ’27 to improve relative to H1, with cash generation and debt reduction prioritised.

 

Optasia (OPA) Trading Statement for 6M Jun ’26 (1355c)

HEPS: 2.74–2.83 cps (+48–53% from 1.85 cps HY25 restated)
Earnings momentum remained strong, with headline and basic EPS expected to rise between 48% and 53% after adjusting for the prior year’s share split. Forward guidance points to sustained earnings growth. Results due 14 Sep ’26.

 

Snippets

Northam Platinum (NHP) received an unsolicited, non‑binding approach from a major PGM producer (rumoured to be Valterra) regarding potential transactions. The Board initiated a strategic, competitive process to maximise shareholder value, citing strong orebodies, Vision 2031 growth prospects, and management’s track record. One Capital Advisory was appointed as exclusive advisor. Proposals will be evaluated on strategic rationale, financial terms, and execution certainty.

Tharisa (THA) confirmed a binding five year concentrate purchase agreement between Karo Platinum and Valterra Platinum for PGMs and base metals from the Great Dyke project in Zimbabwe. Karo Platinum, 85% owned by Karo Mining Holdings (with Tharisa holding 78.81%), has declared reserves of 2.1Moz and resources of 11.2Moz (4E basis), supporting a mine life exceeding 50 years. The agreement secures offtake certainty ahead of first production, strengthening project economics and financing prospects.

Labat Africa (LAB) JSE listing was suspended effective 27 Aug ’26 after failing to meet listing requirements and defaulting on its maiden dividend payment. No alternative payment arrangements were communicated, leaving shareholders without clarity on returns. The suspension will remain until audited financial statements are published and compliance obligations are met.

Visual International (VIS) has been suspended and placed on 20 business day notice for removal from FTSE/JSE indices. The company remains non compliant, with trading halted until regulatory obligations are met and suspension conditions lifted, pending shareholder updates.