billionaires.africa news headlines

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

Key Points Zak Calisto's wealth surged by $65.34 million in 13 days, driven by the rising value of his shares in Karooooo. Karooooo's stock price has risen nearly 8% on Nasdaq, pushing its market cap close to $1.2 billion. Year-to-date, Karooooo shares on Nasdaq have surged

Key Points IDH's revenue surged by 33.44% to $51.38 million in the first half of 2024, driven by increased test volumes and higher revenue per test. Profits soared by 127.49%, reaching $9.87 million, supported by effective cost management and expansion into new markets like Saudi Ar

Key Points UBAs upcoming Business Series workshop will focus on building businesses that can survive and thrive across multiple generations. The workshop will feature experienced entrepreneurs, including Flora Mutahi and Ali Baba, sharing insights on sustaining long-te

Key Points NCBA Group saw a five-percent boost in profit after tax, totaling Sh9.8 billion ($76 million) for the first half of 2024. Even with tough economic times, NCBAs varied business approach allowed it to post solid financial results and propose a dividend of Sh2.

Key PointsEcobank Nigeria is urgently seeking $200 million to meet capital adequacy requirements and stabilize its financial position. The bank has requested a six-month extension on a $300 million bond maturing in 2026 to avoid penalties. Parent company ETI faces po

Turkcell, a leading telecommunications company, will return to court next week to continue its long-running legal battle against South Africa's MTN Group led by Zimbabwean executive Ralph Mupita. The case involves allegations that MTN engaged in bribery and corruption to secure a teleco