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In a slow day for corporate news, JSE-listed multinational packaging group Mondi slumped after a reporting a sharp drop in profits for its third quarter. International corporate news was rather dreary as well, with Nokia cutting jobs, while both food behemoth Nestlé and French carmaker Renault also delivered some bad news for investors.
The Financial Sector Conduct Authority (FSCA) was forced to use 111 921 litres of fuel to power backup power generation in the year to end-March – 80% more than it did the prior year - thanks to Eskom’s ongoing load shedding. The market conduct authority also saw a spike in water usage as its employees returned to work as of 1 April 2022 following an easing of Covid-19 restrictions, with water consumption surging almost 546% to 9 193 kilolitres. "During the Covid-19 pandemic, the FSCA took a decision for their employees to undertake remote working. As a result, there were minimal employees on site or in the office, which led to a drop in water usage," the financial regulator told News24. These nuggets were included in the FSCA’s first annual integrated report for 2023, which was released on Monday. Integrated reports include elements such as environmental or social initiatives, with its prior reports not going into as much detail.
Financial services group Vunani reported a 10.5% fall in profit to R28.9 million for its half year to end-August on Thursday with its fund management business under pressure in generally tough market conditions. Asset prices weren’t left unaffected by prevailing conditions, the group said, with the JSE weakening by 3.6% over the reporting period. Earnings in its fund management business fell almost 47%, with assets under administration falling to R46.2 billion from almost R54 billion. However, its insurance business - which includes the group’s investment in Oracle Insurance and Oracle Life - fared a little better, with gross insurance premiums up a quarter, and profit up just over a third. Vunani kept its interim dividend unchanged at 9c, with its shares unchanged on the JSE on Thursday, giving it a market value of just over R450 million.
