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In a busy day for corporate news, WeBuyCars lifted despite warning of a fall in headline profit, though this isn't related to its operational performance. In international news, Samsung has reported a nearly tenfold rise in profit as AI demand fuels demand for chips.
Vehicle dealer WeBuyCars, the JSE's latest entrant, informed shareholders that core headline earnings are expected to rise by between 24% and 29% to as much at R410 million in its six months to March. However, this measure excludes items like transaction costs and corporate activity, and it expects a headline loss of as much as R73 million from earnings of R67 million previously. The growth in earnings was driven by higher volumes, higher average selling prices, improved margins, and cost efficiencies as a result of economies of scale, it said. The 23-year-old WeBuyCars, which has been spun off from beleaguered Transaction Capital, listed on 11 April. WeBuyCars had lifted 3% in afternoon trade, but has lost a similar amount in the past month.
Harmony Gold reported a 10% increase in total gold production to about 1.182 million ounces in its nine months to end March, helped by higher grades, while it also managed a 2% fall in all-sustaining costs. Total production guidance increased to approximately 1.55 million ounces from 1.38 to 1.48 million previously. "The excellent operating results in this reporting period have been a function of our ongoing investment in safety, quality ounces and operational excellence," it said. "This ensures consistent delivery throughout the gold cycle. Harmony remains well-positioned to take advantage of the current high gold prices and we are prudent with our allocation of capital to ensure long-term value creation." Harmony was down 4% in afternoon trade, amid a tough day for miners generally, though it has rocketed 87% on a one-year basis.
