Kumba Iron Ore HY Profit Down

Kumba Iron Ore Limited, a South African iron-ore mining company, reported that its profit attributable to owners of the company for the half year ended 30 June 2023 decreased to R9.64 billion or R29.98 per share from R11.55 billion or R35.92 per share in the prior year.

EBITDA decreased by 14% to R19.8 billion from the prior year. This was driven by lower market prices and price premia for products, partially offset by an 18% weaker currency, lower operating expenses and mineral royalties.

Revenue for the period declined to R38.28 billion from R42.98 billion in the prior year.

Total sales volumes decreased by 4% to 18.9 Mt on the back of logistical constraints.

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TotalEnergies To Buy Out Total Eren

TotalEnergies SE (TTE), a French energy and petroleum company, said on Tuesday it is buying out Total Eren or EREN RE, a renewable energy company by increasing its current stake of 30 percent to 100 percent.

The acquisition of 70.8 percent will mean a net investment of around 1.5 billion euros for TotalEnergies.

Total Eren is valued at 3.8 billion euros based on an attractive EBITDA multiple agreed to in 2017, allowing TotalEnergies to acquire all of Total Eren after a five-year period.

Post transaction, Total Eren will be fully integrated within TotalEnergies’ Renewables business unit.

Total Eren’s integration is expected result in an increase in TotalEnergies’ Integrated Power Net Operating Income of around 160 million euros and CFFO of around 400 million euros in 2024.

Compass Group Q3 Revenue Rises; FY23 Outlook Intact

British food services company Compass Group PLC (CPG.L) issued an update on trading for the third quarter of the full year, while also reaffirming full-year outlook.

For the quarter, group revenue increased by 15 percent, the company said in a statement.

Year-to-date revenue grew by 21 percent on client retention of 96.7 percent, balanced net new business growth of 5 percent and strong like-for-like volume growth of 9 percent.

Looking ahead to the full year, the company has kept its outlook unchanged. It continues to expect operating profit growth towards 30 percent on a constant currency basis and an underlying operating margin in the range of 6.7 percent to 6.8 percent.

On Monday, shares of Compass closed at 2126.00 pence up 9 pence on the London Stock Exchange

JTC Plc Projects Annual Results At Least In Line With Market Expectations

JTC Plc, a financial company, said on Tuesday that it has registered a strong trading for the 12-month period to June 30 and expects to deliver full year 2023 results at least in line with market expectations.

Nigel Le Quesne, CEO of JTC Plc, said: “Net organic growth is excellent, well ahead of our medium-term guidance. By 2020 JTC had doubled in size since listing in 2018 and by the end of this year, it will have doubled again…”

The Group noted that its net organic growth has accelerated from the 12 percent delivered at full year 2022, and is significantly above the company’s medium-term guidance range of 8 percent – 10 percent, with both Divisions performing very well.

On September 12, the company is scheduled to report its interim results for the year ended on June 30.

Croda International H1 Earnings Drop Amidst Divestment

U.K.-based specialty chemicals business Croda International Plc (CRDA) on Tuesday announced sharply lower profits before tax in the half-year ended 30 June 2023, amidst the divestment of the majority of Performance Technologies and Industrial Chemicals on 30 June 2022.

Profit before tax dropped 79.8 percent to 128.7 million pounds, from 636.5 million pounds in the half-year ended June 2022.

Adjusted profit before tax dropped 39.6 percent to 174.3 million pounds, from 288.8 million pounds in the half-year ended June 2022.

Earnings dropped 83.8 percent to 63.1 pence per share, from 389.6 pence per share in the corresponding period of the previous year.

Adjusted earnings dropped 40.1 percent to 92.9 pence per share, from 155.2 pence per share in the corresponding period of the previous year.

Sales declined by 21.9 percent to 880.9 million pounds, from 1.13 billion pounds in the prior-year period. Customers reducing inventory levels affected revenues.

The full year 2023 Group adjusted profit before tax guidance continues to be between 370 million pounds and 400 million pounds.

“The speed and scale of the post-Covid stocking and subsequent destocking has been unprecedented, leading to a decline in first half sales volume and also impacting profit margin” said Steve Foots, Chief Executive Officer.

Shares of Croda International closed Monday’s trading at 5662 pence, down 18 pence or 0.32 percent from the previous close.

Thales To Buy Imperva For $3.6 Bln

Thales (THLEF.PK), a French technology major, said on Tuesday that it has reached a deal with software investor, Thoma Bravo, to buy data and cyber-security firm, Imperva, for $3.6 billion.

Patrice Caine, CEO of Thales, said: “…With this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services.”

The transaction, expected to be closed by the beginning of 2024, will help Thales to record a significant medium-term adjusted earnings per share accretion.

With this, the Group will add around $500 million of revenue and significantly expand its data and application security offering.

In the coming years, the acquirer estimates that the combination will generate circa $110 million of pre-tax run-rate synergies, including $50 million of cost synergies, and $60 million linked to revenue synergies.