NCB Financial Group reports exceptional $139-million profit surge
NCB Financial Group's profit after tax skyrocketed by 179 percent, reaching $139 million, propelled by strategic shifts and the adoption of IFRS 17.
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Thabet’s Juhayna stake hits $310 million despite devaluation of the Egyptian Pound
SafwanThabet, a top figure in North Africa's consumer goods sector, owns a 50.07 percent stake in Juhayna through Pharon Investments Limited.
Seplat seeks to raise output from 50,000 to 120,000 barrels per day by mid-year
As Seplat ramps up production, it aims to deliver long-term value to stakeholders while addressing Nigeria’s energy needs.
Egypt’s richest person considers UK exit over tax changes under Labour Government
This potential move follows his earlier decision to relocate his family office to Abu Dhabi, the capital of the United Arab Emirates (UAE), in December 2023.
Zimbabwe's Innscor commits $3.9 million to CSR projects in 2024
Innscor Africa’s $3.9 million CSR drives education, healthcare, and community growth, impacting thousands across Zimbabwe in 2024.
Kenya’s satellite communication push challenges Starlink, other competitors
Kenya's push to benefit from the growing satellite internet industry could pose financial challenges for providers like Starlink.
South Africa's richest person adds $138 million to net worth in first week of 2025
This recent surge brings his wealth closer to crossing the $14-billion mark—a milestone last achieved in October 2024.
Egypt’s richest family-led Orascom Construction to pay $24.3 million in interim dividend
The dividend announcement follows a resilient financial performance for the first nine months of 2024, with Orascom reporting $2.32 billion in revenue.
Trustco wins shareholder approval for $25 million stake in Legal Shield Holdings
The deal, which marks a major move for Trustco, will proceed as planned, with all conditions either met or waived.
Oriental Weavers expands treatment plant as part of sustainability push
The facility, which operates with four consecutive treatment stages, is capable of processing up to 1,250 cubic meters of wastewater per day.
Accelerate in talks to sell Cape Town’s tallest building, four other properties
These properties were reclassified from investment properties to non-current assets held for sale in Accelerate's recent financial results.
Kenya Airways trading resumes on Nairobi Exchange, ends decade-long profit drought
The NSE cited improved company performance and the withdrawal of the renationalization plan as key factors behind the reinstatement.
South African executive Gary Nagle sees $3.2 million decline in Glencore shares in 2024
The steep decline underscores the challenges confronting Glencore and its investors as the company grapples with market volatility and shifting global demand.
Landmark Africa shifts base from Lagos, eyes global expansion
The sudden demolition of the Landmark Beach Resort, widely criticized as chaotic and poorly managed, left the company scrambling.
Kenyan investor Baloobhai Patel gains from $98.2 million payout in Bamburi Cement takeover deal
Among the investors who benefited significantly is Kenyan tycoon Baloobhai Patel, who earned $15.5 million in just six months through his stake in Bamburi.
ArcelorMittal South Africa to wind down Longs steel division, impacting 3,500 jobs
ArcelorMittal South Africa to close longs steel unit, impacting 3,500 jobs amid rising imports and high costs.