Browsing: PricewaterhouseCoopers (PwC)

Banking Industry in South Africa Primed for Growth in 2022 PWC
  • Banking industry in South Africa staged a strong come back in 2021 in report by PWC.
  • Banks enjoyed supportive credit conditions in the economy of South Africa.
  • Banking industry is widely seen as a proxy of the general economy in South Africa
  • South African economy has returned to pre-pandemic levels as evidenced by the financial performance of banks according to PWC

The banking industry in South Africa is in for good times according to a report by PWC. The banking industry sector analysis and report by the global management consulting firm published in March 2022 reports that the major South African banks delivered strong financial performance against what PWC described as “supportive conditions”.

The banking industry had combined headline earnings of ZAR 86.8 billion which represented a 99% increase from 2020 financial year levels. Banks had a combined return on equity (ROE) of 15.9% compared to 8.3% achieved in 2020, …

Kenya’s Capital Nairobi could soon have an oversupply of hotel rooms, latest trends have indicated, in the wake of heavy investments in the hospitality industry. Whilst the inclination reflects investor confidence in the country as the city continues to attract high level conferences and investments by multinationals and locals, concerns are now that an oversupply will drawback returns in the industry as hotels scramble to fill rooms. Average hotel occupancy in Nairobi remains at 52 per cent, with the number of hotel rooms tripling in the last five years to more than 19,000.

Kenya’s capital-Nairobi could soon have an oversupply of hotel rooms, latest trends have indicated, in the wake of heavy investments in the hospitality industry.

Whilst the inclination reflects investor confidence in the country as the city continues to attract high level conferences and investments by multinationals and locals, concerns are now that an oversupply will drawback returns in the industry as hotels scramble to fill rooms.

Average occupancy in the city’s high end hotels (three to five star) remains at 52 per cent, with the number of hotel rooms tripling in the last five years to more than 19,000.

A recent report by consultancy firm PricewaterhouseCoopers (PwC), estimates that the number of available rooms will increase to above 21,000 in the next two years.

READ:Kenya, Ethiopia whet the appetite of Hyatt Hotels for East Africa

This comes as investments in high end hotels continues to be driven by international …

ARM Cement has signed a USD50 million deal for the transfer of its business to Devki Group’ National Cement Company Limited. The deal involved acquisition of all cement and non-cement assets and business of ARM Cement PLC in Kenya. ARM Cement and its subsidiaries currently have operations in Kenya, Tanzania and Rwanda. Listed on the Nairobi Securities Exchange (NSE), ARM Cement was placed under administration last year (August 17) after it failed to meet its creditor obligations.

ARM Cement has signed a USD50 million (Ksh5.1 billion) deal for the transfer of its business to Devki group’ National Cement Company Limited.

The deal involved acquisition of all cement and non-cement assets and business of ARM Cement PLC in Kenya.

ARM Cement and its subsidiaries currently have operations in Kenya, Tanzania and Rwanda. The Company also has some interests, in the form of unexploited mineral deposits, in South Africa.

The principal activities of the company and its subsidiaries are the manufacture and distribution of cement, mining and processing of industrial minerals and chemicals, trading in other building products and the sale of fertilizers.

Listed on the Nairobi Securities Exchange (NSE), ARM Cement was placed under administration last year (August 17) after it failed to meet its creditor obligations.

The cement manufacturer owes its creditors, whom include local banks, about USD190 million.

Failure to meet its debt obligations has now …