billionaires.africa news headlines

Key Points Shoprite's profit rose 4% to $348.4 million for the fiscal year ending June 30, 2024, despite economic challenges. Revenue increased 12% year-over-year, reaching $13.78 billion, driven by higher customer traffic and increased spending. CEO Pieter Engelbrecht anno

Key Points Woolworths' revenue surged to $4.3 billion, a 6.39% increase from the previous year, driven by strong South African sales and online growth Despite revenue growth, Woolworths' profit dropped 48.81% due to tough trading conditions in Australia and increased operational cos

Key Points Adani Enterprises expands into Africa with a new subsidiary AIP in Kenya to manage and modernize airport infrastructure. AIP, fully owned by Adanis Global Airports Operator, has an initial share capital of $5.2 million and no regulatory issues. Adani Group's broa

Key Points Sue Youcef Nabis Coty stake lost $20.9 million in two weeks, dropping its value to $286.1 million amid ongoing market pressures. Coty's stock slid from $10.13 to $9.44 per share, resulting in a 6.8% decline and a nearly 23% year-to-date drop in market cap. Despit

Key Points Sanlam Life plans to acquire a 25% stake in African Rainbow Capitals Financial Services Holdings (FSH) for $135 million. ARC FSH will own 100% of ARC Financial Services Investments post-deal, with Sanlam contributing $135 million in shares and cash. Sanlam agrees

Key Points Adebayo Ogunlesi, CEO of GIP, has joined Nigeria's ranks of billionaires with a net worth of $1.7 billion. A recent $12.5 billion deal with BlackRock significantly contributed to Ogunlesi's wealth increase. Nigeria now ties with Egypt for the second-highest numbe

Key Points Palm Hills Developments' revenue surged by 58% to $225 million in H1 2024, driven by higher sales and unit handovers. Profit rose from $12.54 million to $35.1 million, with margins improving to 16% due to a favorable sales mix. Asset base expanded by 27.9% to $1.

Key Points Dangote Oil Refinery, Africa's largest refinery, will soon sell petrol after successful test runs and ongoing government negotiations. The $20 billion refinery's 650,000-barrel-per-day capacity test is complete; distribution details are being finalized with NNPC. <li

Key Points Orascom Development Egypt finalized a key property sale in O West to Seoudi Supermarket for EGP332 million ($6.8 million). The transaction marks the first supermarket in O West, enhancing community living and aligning with Orascoms strategy for sustainable, community-cent