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IOL News
2 days ago
- Business
- IOL News
Welcome to Prosper Nation, a weekly column reshaping the narrative about SA's potential
Dr Nik Eberl is the Founder & Executive Chair: The Future of Jobs Summit™ (Official T20 Side Event) .He will be writing a regular column in Business Report. Welcome to Prosper Nation, a weekly column dedicated to reshaping the narrative about South Africa's potential - and charting a new path to sustainable prosperity. This platform is born out of a belief that our greatest national resource is not mineral wealth or coastal beauty but our people and our untapped collective ambition. Each week, I will unpack the ideas, strategies, and stories that hold the power to turn South Africa into one of the Top 10 most prosperous nations on earth. Why Prosper Nation and Why Now? South Africa is brimming with potential. Yet we stand at a crossroads: high youth unemployment, structural inequality, and political fatigue have made many South Africans lose faith in our collective future. But I've seen what's possible when belief is restored. In 2010, I had the honour of developing and leading South Africa's Brand Ambassador Campaign for the FIFA World Cup™ - a campaign that would go on to earn the highest visitor brand score in the history of the tournament. We achieved that by doing something profound: uniting South Africans behind a shared story of excellence and possibility. We told the world we were ready - and then proved it. That campaign taught me that prosperity is not just GDP or job statistics. Prosperity is belief in action. When people believe in their country, their leaders, and their role in the future, they build with conviction. The 2010 Leadership ROI Hosted by South Africa, the 2010 FIFA World Cup™ was a shining example of what can be achieved when all members of a team, in this case the entire country, pull together behind a single vision and a common goal. It was none other than Nelson Mandela who had initiated the 2010 vision of 'hosting the most successful World Cup ever' (as pronounced by President Thabo Mbeki) when he travelled, against his doctors' advice, all the way to Zurich to address the FIFA World Cup Committee and lifted the World Cup trophy as South Africa was announced the host of the 2010 edition. For the following six years, it was almost miraculous to watch how all the stakeholders of Team South Africa, from government to business, civic society and even the churches, came together to deliver what CNN called 'the most memorable World Cup of all time'. And visitors did rate 2010 the best World Cup ever, as South Africa achieved a 92% Net Promoter Score (still the highest to date) and FIFA rated the country's service delivery for the World Cup 9 out of 10. Following the 2010 World Cup, South Africa's leisure tourism grew 30% year-on-year (and business tourism more than 39%) – and the exchange rate went all the way up to R7/$ in July 2010. Such is the power of leadership alignment. What You can expect from this column In the coming weeks and months, Prosper Nation will explore the foundational drivers of prosperity through five lenses: The Future of Jobs: Drawing from the national conversation sparked by our recent Future of Jobs Summit , we'll examine the high-potential industries poised to reshape our economy—from digital services and green energy to advanced manufacturing and agritech. Drawing from the national conversation sparked by our recent , we'll examine the high-potential industries poised to reshape our economy—from digital services and green energy to advanced manufacturing and agritech. Leadership That Builds: Over the past ten years, I have interviewed more than 500 business and public sector leaders across the country. These conversations offer a goldmine of insight - about what works, what doesn't, and what South African leadership needs to look like in the decade ahead. Over the past ten years, I have interviewed more than 500 business and public sector leaders across the country. These conversations offer a goldmine of insight - about what works, what doesn't, and what South African leadership needs to look like in the decade ahead. Spotlighting Hidden Champions: South Africa is already home to dozens of companies leading their niche globally—but too few know their names. We will tell their stories and share the strategies that can be scaled across sectors. South Africa is already home to dozens of companies leading their niche globally—but too few know their names. We will tell their stories and share the strategies that can be scaled across sectors. Unlocking Human Capital: We will explore how to transform South Africa into a global talent hub, capable of retaining its brightest minds and attracting the world's top innovators, developers, and creators. We will explore how to transform South Africa into a global talent hub, capable of retaining its brightest minds and attracting the world's top innovators, developers, and creators. Benchmarking Global Best Practice: We will regularly refer to tools like the Global Prosperity Index to measure where we stand - and where we must improve - across education, health, governance, social capital, and business conditions. From Insights to Action The Inaugural Future of Jobs Summit revealed something vital: South Africans aren't short on ideas - they're short on aligned action. We need platforms where business, government, educators, and entrepreneurs can co-create new solutions, not just exchange complaints. That's what this column will be: a bridge between vision and execution. We'll translate ideas into policy suggestions, citizen initiatives, and enterprise strategies. And we'll invite everyone - especially young South Africans - to see themselves as architects of the future, not just observers. Building Our Prosper Nation - Together In 2010, we reminded the world that South Africa could do the impossible. Now, it's time to do it again - but this time, not just for a tournament, but for our people. I believe South Africa has what it takes to become one of the most innovative, inclusive, and prosperous nations of the 21st century. And I invite you to join me on this journey - not just as a reader, but as a partner in building a future we can all believe in.
IOL News
3 days ago
- Business
- IOL News
The future of solar PV in South Africa: Insights from industry experts
South African Photovoltaic Industry Association (SAPVIA) in an interview with the Business Report said that they believe there is still a big future for the Solar PV industry despite a significant reduction in loadshedding by Eskom. Image: Supplied. South African Photovoltaic Industry Association (Sapvia) in an interview with Business Report said that they believe there is still a big future for the Solar PV industry despite a significant reduction in loadshedding by Eskom. Frank Spencer, the spokesperson for Sapvia, said the association sees the solar PV industry in South Africa as the most important component of future electricity supply. 'Solar PV is already being deployed at all scales in South Africa, from small home rooftop systems to large solar farms spanning many hundreds of hectares. In all these cases, solar PV is providing the lowest cost source of new electricity to South Africans, whether through private installations or through public supply by Eskom and municipalities.' Solar offers low costs, clean electricity, deployable at all scales, and when coupled with battery storage, can also provide reliable electricity outside of sunshine hours. 'The rapid deployment of Solar PV significantly helped to reduce load shedding," Spencer said. "However, South Africa still needs to build many more new clean power plants to help the economy grow and also to replace the old polluting coal power plants as they are decommissioned. Thus, solar PV will be a major contributor for decades to come.' Solar is perhaps the most important technology as it is the lowest cost source of clean electricity and will be a major contributor to South Africa's carbon emission reduction goals, he said. Ruse Moleshe, the managing director of RUBK, an energy and infrastructure consulting and advisory firm, said that solar PV, both large utility and smaller scale residential solutions, have and will play a role in the country's energy mix. 'They have an advantage of being sources of cleaner energy and shorter lead times in terms of construction and installations. Affordability, however, for the decent energy user remains a challenge. Without government support, only the affluent can afford rooftop energy solutions. In terms of the electricity system in general, South Africa needs a mix of technologies, including but not limited to solar PV.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Moleshe said the variability or intermittency of renewable energy solutions means that there is a need for flexible capacity that is available during periods of cloud cover. Even though loadshedding has been reduced significantly, he said there is still a need for reserve capacity and future new projects to meet demand, giving some plants need to be decommissioned post-2030. "Infrastructure development has long lead times; therefore, planning needs to take place in advance, not to wait for the country to face constraints,' Moleshe said. Professor Vally Padayachee, an energy expert and former Eskom generation executive manager, said he believes that there remains a significant future for solar PV in South Africa's energy landscape. 'As noted by Sapvia, solar energy is not only a low-cost source of electricity but also a clean and renewable option that aligns with our commitment to a Just Energy Transition (JET). This transition is essential as we move from a high carbon to a low carbon economy, ensuring we meet both economic and environmental goals.' Padayachee added that while the reduction of load shedding has provided a temporary respite, it's crucial to recognise that our electricity grid has its limits. 'Overloading the grid with too much renewable energy, such as solar, without adequate management can lead to instability and potential failures, similar to the recent blackouts experienced in Spain and Portugal. Therefore, there must be a careful balance in how we integrate solar PV into our energy mix.' To achieve a stable and resilient energy system, it's imperative to combine renewable sources like solar with dispatchable energy options such as gas, hydro, and nuclear power. 'These dispatchable sources can provide the flexibility required to meet demand fluctuations and ensure a continuous supply of electricity, especially during peak times or when renewable output is low," Padayachee said. "A diversified energy portfolio will not only enhance grid stability but also support the reliability of our power supply as we transition toward more renewable solutions.'
IOL News
6 days ago
- Business
- IOL News
Hombisa Mbokotho: the award-winning businesswoman transforming industries in South Africa
Hombisa Mbokotho. Image: Supplied. In the heart of South Africa's vibrant business ecosystem, Hombisa Mbokotho stands as a beacon of inspiration and success. Hailing from the sleepy Enkozo village in Flagstaff, Eastern Cape, Mbokotho has carved an impressive path through multiple sectors, establishing herself as a powerful force in consulting, IT, and food manufacturing. Before setting forth on her entrepreneurial journey, Mbokotho built a strong foundation during a high-powered career that spanned over a decade. Mbokotho told Business Report that the desire to create generational wealth and helping others from disadvantaged backgrounds to build sustainable businesses by helping them turn business concepts into bankable business cases and sustainable businesses was one of the reasons she stepped into the SME sector. She believes in a holistic approach that entails not just structuring solid business cases and linking entrepreneurs to capital but also helping aspiring entrepreneurs to build up capacity and becoming part of and eco system where there is continuous support and mentorship. The 41-year-old said she was inspired to become an entrepreneur from her grandmother who was a widowed mother of 12 children. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ "She raised and educated her children making a living as a small-scale farmer who did some crop farming and kept livestock and growing and selling cannabis, which was illegal at the time. She was also raised by a widowed mother of 3 who was a teacher by profession. Growing up and watching her mother struggle to provide for and put her kids through school birthed a desire within myself to change the narrative, not only for my family but for others with her community and the country at large," she said. Her experiences in project finance, corporate finance, debt advisory, and public private partnerships have not only honed her skills but also solidified her status as an expert in smart procurement. Mbokotho has contributed her expertise to notable institutions such as the Development Bank of Southern Africa, Price Waterhouse Coopers, and the Trans-Caledon Tunnel Authority. In the heart of South Africa's vibrant business ecosystem, Hombisa Mbokotho stands as a beacon of inspiration and success. Image: Supplied. Equipped with a BCom Accounting Sciences from the University of Pretoria, a BCom Honours in Business Management from UNISA, and an Executive Development Programme in Business Leadership from Duke University, Mbokotho's academic credentials are just as impressive as her professional accomplishments. As a co-founder and director of several companies, she has embraced a hands-on approach to business, focusing on sectors crucial to the country's infrastructure and economic development. Tsori Capital CC: Founded in 2010, this integrated Pan-Corporate and Project Finance Advisory and Accounting Services consulting firm provides vital services to sectors including Water and Sanitation, Mining, Power, Manufacturing, Municipalities, Housing, and Transport. Tsori Capital counts major organisations such as IDC, Land Bank, Transnet, DBSA, and MTN among its clients. Founded in 2010, this integrated Pan-Corporate and Project Finance Advisory and Accounting Services consulting firm provides vital services to sectors including Water and Sanitation, Mining, Power, Manufacturing, Municipalities, Housing, and Transport. Tsori Capital counts major organisations such as IDC, Land Bank, Transnet, DBSA, and MTN among its clients. Ornecy (Pty) Ltd: Established in 2015, this proudly South African software development company has a footprint in ten African countries. Ornecy offers end-to-end cloud-based HR systems and payroll applications, designed locally with cutting-edge technology. Its clients include SALGA, IPSOS, and the Gauteng Department of Infrastructure Development. Ornecy is also recognised as a Microsoft ISV Partner. Established in 2015, this proudly South African software development company has a footprint in ten African countries. Ornecy offers end-to-end cloud-based HR systems and payroll applications, designed locally with cutting-edge technology. Its clients include SALGA, IPSOS, and the Gauteng Department of Infrastructure Development. Ornecy is also recognised as a Microsoft ISV Partner. Sizani Foods (Pty) Ltd: Mbokotho holds shares in this food manufacturing company that has been producing vitamin-fortified powdered food products since 1994. Originally focused on feeding schemes across Africa, Sizani has expanded to include contract manufacturing, making strides towards improving nutritional offerings in communities. Mbokotho's contributions to the field have garnered recognition, including her accolade as a winner of inspiringfiftySA in 2021, an initiative aimed at celebrating the most inspiring women in STEM (Science, Technology, Engineering, and Maths). Her passion for structuring sustainable SMMEs and unlocking funding epitomises her commitment to fostering economic growth and promoting gender equity. Mbokotho firmly believes that meaningful economic participation by women is essential in building a more equitable society. She said that cashflow issues, especially operating capital when payments would delay but operating costs still had to be paid was one of the main challenges in getting her businesses up and running. "Getting buy-in and participation by relevant stakeholders on projects targeted at specific economic sectors which are currently untapped by previously disadvantaged groups, albeit having the potential to unlock meaningful economic growth and create sustainable jobs," she said. Beyond her professional engagement, Mbokotho is more than an entrepreneur; she is a culinary enthusiast and self-proclaimed 'foodie,' taking pleasure in cooking. An avid reader and aspiring author, she also enjoys travelling, constantly seeking new experiences that enrich her worldview. Mbokotho is not just a successful businesswoman; she is a symbol of resilience, a testament to the power of ambition, and a source of inspiration for aspiring entrepreneurs across the nation. Her journey exemplifies that with determination, hard work, and a commitment to inclusivity, one can indeed shape the future of South Africa's economy. BUSINESS REPORT Visit:
IOL News
10-06-2025
- Business
- IOL News
Omina Holdings increases dividend pay out despite setbacks in agriculture division
The diversified company, propelled by its mining sector which is seeing new orders for its regional markets on the back of a rebound in copper and battery metals, achieved robust results and delivered bumper dividends. Image: Supplied Tawanda Karombo Omnia Holdings delivered a resilient performance for the fiscal year ended March 31, 2025 despite set backs in the agriculture division, which was impacted by currency issues in Zimbabwe, drought in Zambia, and the civil unrest in Mozambique. The diversified company, propelled by its mining sector which is seeing new orders for its regional markets on the back of a rebound in copper and battery metals, achieved robust results and delivered bumper dividends. 'The agri business Zambia, Zimbabwe and Mozambique didn't perform well,' Seelan Gobalsamy, CEO of Omnia told Business Report in an interview. 'Zimbabwe had the usual currency issues and a lot of uncertainty (and) we had some regulatory challenges and in Zambia, we saw a massive drought that impacted revenue.' The unrest that rocked Mozambique in 2024 and early into this year also affected Omnia. The company had to send products via Namibia into Zambia as routes through Mozambique were disturbed by the unrest, impacting working capital and profits negatively. With strong performance from Agriculture RSA and mining segment, Omnia's revenues for the year to the end of March grew 2.7% to R22.82 billion. Mining has emerged as Omnia's strongest business from an outdoor projective. 'There is still a strong demand for metals, you know, the metals that drive that transition to cleanar energy, you know, the battery metals, uranium. So we are positively disposed to the mining market and we are winning new customers, renewing new customers,' explained Gobalsamy. Headline earnings per share increased by 1% to 704 cents, while operating profit remained unchanged at R1.7bn despite the inclusion of the Chemicals restructuring costs, along with the impact of severe drought conditions and currency depreciation in Agriculture Rest of Africa. The Mining segment delivered an improved operating margin of 12.4% from 12.1%, supported by strong performance from Mining RSA and Mining International, as well as higher throughput and efficiencies. In the mining sector, sustained demand for critical minerals supporting the global energy transition, underpinned exploration activity and supported positive fundamentals for the explosives market. However, geopolitical tensions and trade policy uncertainty presented ongoing risks. The group had a net cash balance of R1.77bn was down from R2.3bn. The board declared a total dividend of 675 cents per share for the year. This comprises an increased ordinary dividend of 400 cents, from 375 cents the prior year, and a special dividend of 275 cents per share, returning R1.1bn to shareholders. "Despite persistent macroeconomic headwinds, Omnia delivered sustained profitability and continued to create long-term value for shareholders. This performance reflects the strength, quality, and growing diversity of our portfolio, underpinned by a sharpened focus on manufacturing efficiency, supply chain resilience, and customer-driven innovation," Gobalsamy said "The increased ordinary dividend payout, and special dividend declared is a clear signal of our confidence in the sustainability of our earnings and the successful execution of our growth and diversification strategy."
IOL News
10-06-2025
- Automotive
- IOL News
Goodyear's plant closure and job losses raise concerns over SA's macroeconomic policy
In a statement on Monday to the Business Report Goodyear South Africa confirmed that they would be undergoing a restructuring at their Uitehage manufacturing plant in Eastern Cape. Image: Jason Boud The announcement of Goodyear South Africa's impending closure of its tyre manufacturing plant in Kariega after 78 years of operation has stirred a myriad of concerns regarding the nation's macroeconomic policy and its capacity to lure and sustain investments. Goodyear South Africa on Monday confirmed that they would be undergoing a restructuring at their plant and that this would affect more than 900 jobs, coming as the manufacturing sector's output in the country has been dwindling. The National Union of Metalworkers of South Africa (Numsa) also confirmed on Friday that it had received a section 189 notice from Goodyear. The tyre manufacturing giant said it was transforming its go-to-market strategy in the Europe, Middle East & Africa region to optimise its footprint and portfolio. 'As part of that transformation, Goodyear South Africa is launching a restructuring process in accordance with the provisions of the Labour Relations Act to address proposals regarding the closure of its manufacturing facility in South Africa and the realignment of certain sales, administration and general management (SAG) functions. Goodyear South Africa will continue to maintain a sales and distribution, and HiQ retail presence in South Africa,' it said. 'The process will be facilitated by the CCMA, and Goodyear will engage in it with transparency and fairness, ensuring that the dignity and interests of all those potentially impacted by the process are appropriately safeguarded. As a company, we recognise our responsibilities towards our employees and their families and are firmly committed to acting fairly and providing them with appropriate support.' Meanwhile, the National Automobile Dealers' Association (NADA) on Monday said it recognized that Goodyear's decision to discontinue manufacturing operations in Kariega was a difficult one made as part of a broader global restructuring. NADA added that with South Africa already facing high unemployment, the potential loss of hundreds of jobs is deeply concerning for the automotive ecosystem and the broader economy. 'Our thoughts are with the employees, families and communities who may be affected by this change,' NADA said. 'This development underscores the importance of creating a supportive environment to sustain industrial operations and employment in the country.' However, Efficient Group chief economist Dawie Roodt placed the blame sqaurely at the doorstep of the government policy direction, saying the pattern of disvestment had been observed in the last couple of years. 'South Africa is in a process of deindustrializing, which means we are losing our factories and investments. The reason for this is that we have the wrong macroeconomic policies and I know trade unions are going to be concerned about this,' Roodt said. 'Unfortunately that is part of the problem: organised labour in South Africa is too strong and they get too much legislative protection.' Roodt said the government was implementing wrong macroeconomic policies and that were leading to job losses. 'Untill we change these policies these trends that have become apparent for a number of years will continue. It's really disappointing for the workers and for the South African economy.' Waldo Krugell, an economics professor at the North-West University, said globalisation 'It is caused by a combination of cheap import competition from China and the local supply side issues facing manufacturing. The loss of jobs will hit the local community hard. It also spills over into the staff of support industries, security, and cleaning,' he said. Krugell said the government can perhaps try to levy tariffs on imported tyres and make South African tyre manufacturing great again. 'That is relatively easy to do, and we have been doing it with little success. Or we can try to fix the supply side to make local manufacturing more competitive. That is relatively difficult, but we have been talking about it quite a bit,' he said.
