Latest news with #R1.2bn
TimesLIVE
16 hours ago
- Business
- TimesLIVE
Wimbledon 2025 prize money: how much do tennis winners receive?
The four Grand Slams in the sport of tennis offer a trophy, a place in the history books and significant prize money. Here is what you need to know about the prize pot on offer at Wimbledon 2025, the third major of the year: The Championships will run from June 30 to July 13. The total prize money is a record £53.5m (R1.2bn) , a 7% increase on 2024 and double what was offered a decade ago. Men's and women's single players will earn: First round: £66,000 (R1.6m) Second round: £99,000 (R2.4m) Third round: £152,000 (R3.6m) Round of 16: £240,000 (R5.8m) Quarter-finals: £400,000 (R9.7m) Semi-finals: £775,000 (R18.8m) Runner-up: £1.5m (R37m) Champion: £3m (R73m). The winners of the men's and women's singles in 2024, Spaniard Carlos Alcaraz and Czech Barbora Krejcikova, received £2.7m (R65.5m) each in prize money. Australian Open 2025 singles champions, Italian Jannik Sinner and American Madison Keys, received A$3.5m (R40.6m) each in prize money. French Open 2025 singles champions, Alcaraz and American Coco Gauff, took home €2.55m (R52.7m) each. US Open 2024 singles champions, Sinner and Belarusian Aryna Sabalenka, received $3.6m (R64.4m) million each. Significant pay hikes at the Grand Slams were central to the demands of the world's top players in their letter to the four majors recently. The prize money on offer in men's and women's doubles at Wimbledon 2025 is: First round: £16,500 (R3999,000) Second round: £26,000 (R629,000) Third round: £43,750 (R1m) Quarter-finals: £87,500 (R2.1m) Semi-finals: £174,000 (R4.2m) Runners-up: £345,000 (R8.3m) Champion: £680,000 (R16.4m). The prize money offer in mixed doubles is: First round: £4,500 (R109,000) Second round: £9,000 (R218,000) Quarter-finals: £17,500 (R423,000) Semi-finals: £34,000 (R823,000) Runners-up: £68,000 (R1.6m) Champion: £135,000 (R3.2m). Reuters
TimesLIVE
10-06-2025
- Business
- TimesLIVE
Mandate, not mismanagement: PIC clarifies position on unlisted investments and Daybreak
There are ongoing allegations that the Public Investment Corporation (PIC) has 'squandered R33bn' of pensioners' money on politically motivated investments. The PIC strongly denies these claims, arguing they misrepresent and oversimplify a complex investment process aimed at identifying opportunities in a broad market, where outcomes cannot be guaranteed. While acknowledging the inherent risks associated with these investments, the PIC asserts that it remains committed to seeking opportunities with the highest likelihood of positive results. This issue has come to public attention recently due to the challenges faced by Daybreak Foods, which the PIC acquired in 2015 for R1.2bn. This investment was intended to achieve long-term sustainable returns while contributing to food security in the country and supporting economic transformation. The PIC emphasises that the claims against it oversimplify the complexities of long-term developmental investing and the inherent risks that come with it. The PIC manages more than R3-trillion in assets, with about R2.5-trillion allocated for public servants through the Government Employees Pension Fund (GEPF). The remainder of the assets represents clients whose beneficiaries are contributing workers across the country. The PIC acknowledges the seriousness of its responsibilities and operates under a clear mandate that goes beyond simply maximising financial returns. This mandate includes making investments that foster economic development, industrialisation, job creation and broader transformation in South Africa. Unlisted investments, such as Daybreak Foods, play a crucial role in our developmental mandate. Though there are operational and governance challenges at Daybreak Foods — currently undergoing business rescue — the PIC believes the criticism it has received presents an incomplete and misleading view of the situation. The PIC asserts that the ongoing business rescue process should not be seen as a sign of impending liquidation or a total loss. Rather, they view it as a strategic and legally sound method to stabilise the company, preserve more than 3,000 jobs and ultimately recover value for its clients, primarily government pensioners. Daybreak Foods supplies 7% of South Africa's poultry, making its ongoing operations essential for national food security.
TimesLIVE
10-06-2025
- Business
- TimesLIVE
Mandate, not mismanagement: PIC clarifies position on unlisted investments and Daybreak Foods
There are ongoing allegations that the Public Investment Corporation (PIC) has 'squandered R33bn' of pensioners' money on politically motivated investments. The PIC strongly denies these claims, arguing they misrepresent and oversimplify a complex investment process aimed at identifying opportunities in a broad market, where outcomes cannot be guaranteed. While acknowledging the inherent risks associated with these investments, the PIC asserts that it remains committed to seeking opportunities with the highest likelihood of positive results. This issue has come to public attention recently due to the challenges faced by Daybreak Foods, which the PIC acquired in 2015 for R1.2bn. This investment was intended to achieve long-term sustainable returns while contributing to food security in the country and supporting economic transformation. The PIC emphasises that the claims against it oversimplify the complexities of long-term developmental investing and the inherent risks that come with it. The PIC manages more than R3-trillion in assets, with about R2.5-trillion allocated for public servants through the Government Employees Pension Fund (GEPF). The remainder of the assets represents clients whose beneficiaries are contributing workers across the country. The PIC acknowledges the seriousness of its responsibilities and operates under a clear mandate that goes beyond simply maximising financial returns. This mandate includes making investments that foster economic development, industrialisation, job creation and broader transformation in South Africa. Unlisted investments, such as Daybreak Foods, play a crucial role in our developmental mandate. Though there are operational and governance challenges at Daybreak Foods — currently undergoing business rescue — the PIC believes the criticism it has received presents an incomplete and misleading view of the situation. The PIC asserts that the ongoing business rescue process should not be seen as a sign of impending liquidation or a total loss. Rather, they view it as a strategic and legally sound method to stabilise the company, preserve more than 3,000 jobs and ultimately recover value for its clients, primarily government pensioners. Daybreak Foods supplies 7% of South Africa's poultry, making its ongoing operations essential for national food security.
IOL News
29-05-2025
- Business
- IOL News
Spar Group explores sale of Spar Switzerland and Appleby Westward Group
The entrance to a Spar grocery shop. The group has predicted flat to slightly lower earnings growth of its continuing operations for the 26 weeks to March 28, 2025 Image: Africa News Agency (ANA) The Spar Group said Thursday it is exploring the sale of Spar Switzerland and Appleby Westward Group (AWG), the regional distribution business in the southwest of England. The group announced in a trading statement for the 26 weeks ended March 28, 2025, in which flat to lower interim earnings growth was forecasted, that the decision to divest from the businesses had followed a strategic review of its European operations. Consequently, Spar Switzerland and AWG would be classified as discontinued operations in the financial statements. Regarding AWG, Spar's board said they were in talks with a UK-based business regarding AWG, which was well positioned to develop and grow AWG in South West England. In Switzerland, "established parties with business interests in the region and experience in European food retail and distribution," were being engaged with, the board said. 'The group approach has been to engage parties whose interests align with the growth ambitions of the local management teams and retailer partners, and will ensure continuity for employees, suppliers and customers,' Spar's directors said. Interim diluted headline earnings per share (Heps) for Spar Southern Africa and Spar Ireland, excluding the results of Spar Switzerland and AWG, were expected to decline between 0% and 10%, to between 409.4 cents to 454.9 cents, compared with 454.9 cents previously. Diluted Heps for group total operations were expected to decline by between 34% to 24%, to between 275.9 cents to 317.8 cents a share. The board said the Southern Africa groceries and liquor segment delivered modest top-line growth, while operating profit maintained solid momentum. The KwaZulu-Natal distribution centre continued a positive trajectory, with improved profitability. This, with a focus on cost discipline, translated into modest operating margin expansion on a comparable basis. Ireland delivered a resilient performance in a tough trading environment, supported by improved gross profit and operating margins in local currency terms, as well as reduced interest expenses driven by lower gearing. These were partially offset by adverse foreign currency translation effects. Total impairments of about R4.2 billion were recognised, including R3bn in Switzerland and R1.2bn in AWG. The impairments take into account the fair value of the disposal groups, less costs to sell.
IOL News
28-05-2025
- Business
- IOL News
Tiger Brands announces special dividend and strong interim results
Tiger Brands shareholders benefited from a share buyback program started in the first half, and as at March 31, 2025, R500 million was used to repurchase 1.8 million shares. The share buybacks would continue as the opportunities arose, the company said. Image: IOL file Tiger Brands' share price gained 5.7% on Wednesday, continuing a year-long rally in the price after the food producer declared a whopping 1 216.00 cents per share special dividend for the six months to March 31, on top of the ordinary dividend. The share price was trading at R340.67 on the JSE on Wednesday around midday, a price that had risen steadily by 77.4% over 12 months. The ordinary interim dividend came to 415 cents a share, up 19% compared with the interim period in 2024. The total amount to be paid out to shareholders via the special dividend is R1.8 billion. Shareholders would also benefit from a share buyback program started in the first half, and as at March 31, 2025, R500 million had been deployed to repurchase 1.8 million shares. The share buybacks continued after the end of the interim period, and by May 9, 2025, 4.5 million shares had been repurchased for a cumulative R1.2bn. 'We paid out the special dividend from two main considerations. The first was cash from our portfolio disposals, and the second was our overall significant improvement in operating cash flows arising also from our better performance,' chief financial officer Thrushen Govender said in an interview. Improved working capital contributed a cash inflow of R1bn in the first half, compared to an outflow of R4bn last year. Consequently, net cash from operations increased to R3.4bn from R0.8bn at the same time last year. 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 This, combined with proceeds from the disposal of non-core operations, resulted in the net cash position improving by R8.6bn to R5.9bn, which was well up from a net debt of R2.7bn at the same time last year. Govender said the share buybacks would continue if opportunities arose, and further special dividends might also be considered given the business units identified as non-core that might be disposed of, although nothing was cast in stone yet, as the non-core business units "are certainly not fire-sales.' The three companies were the chocolate business within the Snacks Treats and Beverages segment, the King Foods sorghum business, and the Chococam subsidiary in Cameroon Categories. The strong results arose from a focus on driving value for consumers, executing strategy, improved logistics optimisation, value engineering, and factory efficiencies. The result was despite the constrained consumer environment. Overall revenue was ahead of the prior year by 2% at R18.5bn, driven by 2.1% price inflation and relatively flat volume. Govender said the volume growth followed years of volume decline and was cause for celebration. He said they were on track for continued growth in the second half. 'Our revised strategy and operating model, which places the consumer at the centre of everything we do, ensures that we drive affordability consistently across the portfolio,' Tjaart Kruger, the CEO of Tiger Brands, said in a statement. The volume growth was driven by Tiger Brands' Culinary Business Unit, through deliberate volume recovery initiatives, as well as notable recovery in Milling and Baking, and Snacks, Treats and Beverages. The sale of Baby Wellbeing generated a R455m non-operational taxed profit, while the after-tax profit on the disposal of associate Empresas Carozzi. in the first half amounted to R304m. The total proceeds from these transactions was R4.4bn, with the remaining R0.6bn received in April 2025. In May 2025, Tiger Brands entered into an agreement to dispose of Langeberg & Ashton Foods. As part of the sale, the group would invest R150m towards a Community Trust that will benefit the Langeberg community through socio-economic development initiatives, and which will hold a 10% stake in the new company owning Langeberg. Tiger Brands has also made progress on the sale of its Randfontein Maize Milling operations. The maize category was identified as non-core due to the evolution of the local maize market competitiveness and the increasing establishment of regional millers. The disposal of the wheat mill would also facilitate a simpler and expedited transaction as they were located on the same manufacturing site. BUSINESS REPORT Visit:
