Company news in brief

Tighter profit year for NamPost
Namibia Post Ltd (NamPost) reported a profit of about N$57.5 million for the year ended 30 September 2023 – some N$10 million or 15% less than its previous financial year.
The state-owned enterprise (SOE) generated revenue of more than N$1.07 billion in the year under review, about N$92.2 million or 9% more than its 2022 book-year.
Cost of sales increased by nearly 30% year-on-year (y/y) to around N$484.7 million, while other operating expenses of nearly N$530.9 million were 7.7% higher y/y.
At the end of September last year, NamPost had total assets of nearly N$7.2 billion, compared to about N$7.7 billion at the end of its 2022 financial year.

Current uranium market ‘exceptional’
The uranium spot price surged by 88% last year and recorded an additional 10% increase in the first two weeks of 2024, Madison Metals has said.
“Given the exceptional performance of the current uranium market”, Canadian-based Madison is “well-positioned to leverage these robust market conditions”, the company said, adding: “Our strategic mining assets in Namibia, Africa, backed by decades of expertise, position us as a leading upstream explorer and developer that can fast-track to uranium production.”
Madison has the majority interest in several exclusive prospecting licences (EPLs) in Erongo, including the Khan Project.
“We're not just creating value for our shareholders; we're setting the pace for the future of sustainable energy. This is more than a market trend – it's a fundamental shift in the global energy market, and Madison is positioned to be a major player at the heart of it," said Duane Parnham, executive chairman and CEO of Madison.

Sea Harvest inks R1.2bn deal
Sea Harvest will acquire pelagic fish and abalone businesses in a share and cash deal potentially valued at just over R1.2 billion.
The deal will also at a stroke result in investment holding company Brimstone, which currently holds 54.4% of the JSE-listed fishing company, ceasing to have control of it. As a result, Brimstone Investments, which is also listed on the local bourse, will end up with a shareholding of below 50%. Nonetheless, it will still remain the largest shareholder.
In terms of the transaction, Sea Harvest, which is valued at about R2.8 billion on the JSE, would acquire 100% of Terrasan's pelagic fish business and 63.07% of its abalone business.
Terrasan is a local investment holding company established in 1963 and has interests in pelagic fishing, mariculture, aquaculture and property. – Fin24

South32 announces guidance cut
Diversified miner South32 announced a 3% guidance cut for its year to end-June, with production from with alumina and aluminium production in Brazil and Mozambique, as well as molybdenum output in Chile, below plan.
In South Africa, manganese guidance was kept unchanged, as was the production expectations for its Hillside Aluminium smelter in Richards Bay, which was in spite of load shedding.
At Hillside, sales decreased by 8% in the December 2023 quarter, its second, as three shipments totalling approximately 40 000 tonnes were delayed to January 2024 due to port congestion at Richards Bay.
The company, however, expects to draw down inventory to normalised levels during its March quarter. Shares in South32 closed almost 3% lower. – Fin24

RMB in M&A advisory partnership
Rand Merchant Bank (RMB), the investment banking unit of financial services group FirstRand, has announced a formal M&A advisory partnership with Geneva-headquartered Clairfield International, a top-ranked European global corporate finance advisory.
The partnership will allow the two firms to expand their global reach by delivering corporate finance advisory solutions to clients spanning 32 countries.
Clairfield will be able to access RMB's clients in South Africa, Nigeria and the broader Sub-Saharan African market. At the same time, the Swiss group will open doors for RMB in Europe, the Americas and the Asia-Pacific region.
Clairfield, which partnered with Japanese advisory firm Yamada Consulting in 2023, says the tie-up with RMB will enable unparalleled coverage for global midmarket corporate, private equity and family business clients across Sub-Saharan Africa. – Fin24

African Bank to pay R100m in dividends
African Bank, the so-called 'good bank' that emerged out of one of South Africa's biggest banking collapses in 2014, announced it was paying R100 million to shareholders in dividends.
This is the second dividend it has paid in its new form, having also paid R100 million in 2023.
The company is busy pursuing a strategy that could see it list on the JSE in 2025 and has said it is pleased with its resilience in tough economic conditions. – Fin24