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IOL News
2 days ago
- Business
- IOL News
Mr Price celebrates 40 years of growth, with ambitious plans for the future
Mr Price Sport store at Canal Walk, Century City. Image: IAN LANDSBERG Independent Newspapers. 'This year marks 40 years since the opening of the first Mr Price store, and as we celebrate this milestone, we reflect on a journey driven by a bold vision: to make fashion accessible to all South Africans,' said Mark Blair, the CEO of Mr Price, in the retailer's annual report released on Friday. Since those early days, Mr Price has grown to 3,030 stores, generated over R40 billion in revenue, achieved a market capitalisation of R65 billion, and reached an operating profit nearing R6 billion. Blair emphasized that the core principles established at the company's inception—low-cost operations, bulk purchasing, minimal markups, and cash-based retailing—continue to underpin its business model. 'These fundamentals have allowed us to consistently deliver high-quality fashion at affordable prices, fueling our growth and resilience over the decades,' he noted. Looking ahead to the first quarter of the 2025 financial year, Blair highlighted the ongoing challenges within South Africa's constrained economy. However, after the national elections and the formation of the Government of National Unity (GNU), consumer confidence surged, creating a more favorable environment for retail during the latter half of 2024. Despite challenges posed by the global economy and domestic concerns over the stability of the GNU - along with uncertainty surrounding the national budget and potential VAT hikes - Mr Price made significant gains. The retailer increased its market share by 50 basis points (bps) according to the Retailers' Liaison Committee (excluding Studio 88 and Mr Price Sport), 120 bps per Stats SA (including all divisions), and 40 bps in telecoms, based on GfK data. Gross margin rose by 80 bps in both merchandise and cellular segments. Operating profit grew by 8.9%, with each of the company's three main sectors contributing meaningfully. Blair also noted that the three businesses acquired in recent years achieved a combined operating profit of R1.2 billion, a testament to Mr Price's disciplined approach to acquisitions. 'We are selective in our acquisitions, ensuring they align with our stringent investment criteria and support our long-term growth goals,' Blair explained. However, Blair expressed regret that the company didn't meet its stock turn target due to unpredictable supply chain disruptions, particularly from shipping delays and Durban Port challenges. On a positive note, stock arrivals were earlier than expected, signaling improvements in the supply chain. 'This suggests that our adjustments to buffer supply chain lead times are beginning to show results,' he added. Looking to the future, Blair remains optimistic that market volatility will stabilise. With falling interest rates and a focus on economic growth and employment from the GNU, he expects consumer spending to recover. In April and May of the new financial year, sales were up 11.6%, setting a strong tone for 2026. Mr Price's recent investments and capital allocation decisions have positioned the group for success, even as the retail landscape improves. In the past year, the company invested R830 million, opening 184 new stores, which have already exceeded return expectations. Looking ahead, Mr Price plans to increase capital expenditure to R1.6 billion in 2026 - the highest in its history. This will include the opening of 200 new stores, further investments in store expansions and technology, and the development of a new Gauteng distribution center slated to go live by September 2026. 'Our vision remains ambitious, and every investment we make is aimed at delivering long-term earnings growth and advancing our group's strategic goals,' Blair stated. 'Our Apex strategy team is working diligently to identify and evaluate opportunities that align with this vision, and we will share our plans with the market at the appropriate time.' BUSINESS REPORT Visit:
The Citizen
22-06-2025
- The Citizen
Kidnappings in Gauteng under scrutiny as SAPS task team takes down Mozambican kingpin
Kidnappings in Gauteng under scrutiny as SAPS task team takes down Mozambican kingpin Gauteng continues to be a hotspot for kidnapping-for-ransom cases, with dozens of abductions reported across the province since the beginning of the year. Several of these cases also occurred in the Carletonville area. In a recent major breakthrough, the South African Police Service (SAPS) Anti-Kidnapping Task Team tracked down a wanted Mozambican kidnapping kingpin to an apartment complex in Fourways, Johannesburg. The operation is part of an ongoing investigation into the kidnapping of a Pakistani businessman from Pretoria West, who remains missing. His family has received a ransom demand, and SAPS continues its search for his safe return. The high-risk tracing operation began at a residential estate in Carlswald, Midrand, where officers arrested two suspects and seized two vehicles — a luxury Mercedes-Benz and a silver Mitsubishi Pajero — believed to have been used in previous kidnappings. From Midrand, the investigation led the team to Fourways. Upon arrival, they came under fire and returned shots in a deadly confrontation. One suspect was fatally wounded during the shootout. He was later identified as 40-year-old Mauro Mucambe Junior, a fugitive wanted by Mozambican authorities in connection with several kidnapping cases. A warrant for his arrest was issued by the Maputo Police in August 2024. Police recovered an unlicensed firearm, 10 rounds of ammunition, four mobile phones, and four bank cards from the scene. The SAPS confirmed that since January 2024, the Anti-Kidnapping Task Team has arrested over 170 suspects involved in ransom-related abductions, rescued more than 100 victims — mostly in Gauteng — and recovered more than R1.2 million in ransom money. Over 40 vehicles used in the commission of these crimes have also been confiscated. This latest case also ties into the recent breakthrough in the murder investigation of Olorato Mongale. The same task team helped track down a key suspect, Philangenkosi Makhanya. Another suspect, Bongani Mthimkhulu, is still at large. SAPS reaffirmed its commitment to dismantling kidnapping syndicates operating in Gauteng and beyond, urging the public to report suspicious activity. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
21-06-2025
- Business
- IOL News
How the Correctional Services plans to allocate R1. 2 billion for prisoner food provision
The Department of Correctional Services has placed the provision of food for prisoners as one of the top four cost drivers of its budget after compensation of employees, property payments, and public-private partnership support. Image: Timothy Bernard / Independent Newspapers The Department of Correctional Services has allocated R1.2 billion for the provision of food for its more than 100,000 prisoners in the 2025/26 financial year, Minister Pieter Groenewald said. Responding to parliamentary questions from EFF MP Betty Diale, Groenewald said the department spent R1.4 billion on the provision of food on prisoners in 2023/24 financial year. The amount had increased to R1.5 billion in the last financial year that ended in March 2025. 'For the 2025/26 financial year, the department allocated R1,286,972,000 for the provision of nutrition to inmates,' he said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading In its 2025-2030 strategic plan, the department places the provision of food for prisoners as one of the top four cost drivers of its budget after compensation of employees, property payments, and public-private partnership support. The document puts the provision for food to the tune of R952,975. Groenewald also said the department planned to maximise the utilisation of the services of the prisoners to produce food for themselves, to enable the department to redirect funds to other essential programmes. He said the prisoners will participate in the production workshops in agriculture to maximise their skills utilisation for bread and agricultural production for their ration. 'The self-sufficiency and sustainability programme in the department is centred around offender development, through the provision of work opportunities to offenders in bakeries and agriculture. Expansion of bakeries and agricultural projects towards an increase in offender skills utilisation for food production,' he said. The department's strategic plan document states that the department wants to become self-sustainable through activities such as those in production workshops, bakeries, agriculture, skills development, formal education and training, as well as through arts and culture. 'The department will expand marketing of production workshops' products and services to other client departments to improve revenue generation.' Meanwhile, Groenewald revealed that the cost per capita per inmate incarcerated for the 2025/26 financial year is R462.13 per day. Asked how his department managed financial implications for imprisonment of foreign nationals, he said there were 13,181 sentenced foreign nationals in prisons as at May 4 this year. 'The total cost to accommodate 13,181 sentenced foreign nationals on 4 May 2025 was R6,091,335.53 per day.' He stated that foreign national prisoners were not a separate category of inmates. Groenewald added that there were currently no bilateral agreements with neighbouring countries to transfer sentenced foreign national prisoners to serve in their countries of origin. 'The DCS is in consultation with the South African Police Service, Department of Home Affairs, Department of Justice and Constitutional Development, and Department of International Relations and Cooperation to formalise a South African procedure to inter-state transfer of offenders.'
The Citizen
21-06-2025
- The Citizen
Wanted Mozambican kidnapper killed during raid in Johannesburg
Police have shot and killed a Mozambican man wanted in connection with multiple kidnappings. Mauro Mucambe Junior had an outstanding... Police have shot and killed a Mozambican man wanted in connection with multiple kidnappings. Mauro Mucambe Junior had an outstanding warrant of arrest which had been issued by Maputo police back in August 2024. Police's anti-kidnapping unit were tracing a kidnapped Pakistani businessman when they encountered the wanted 40-year-old at a residential complex in Fourways earlier this week. Police kill suspect The operation began in Midrand where officers seized a Mercedes-Benz and an SUV while securing the arrest of two kidnapping suspects. 'They proceeded to Fourways where the task team announced their arrival and a shoot-out ensued,' confirmed national police spokesperson Brigadier Athlenda Mathe. Following the incident, police identified the deceased suspect as a Mozambican kingpin wanted in connection with several kidnappings 'One unlicensed firearm used by the fatally wounded fugitive of justice was seized, including 10 rounds of ammunition. Four cellphones and four bank cards have also been seized,' confirmed Mathe. The kidnapped Pretoria businessman is still being held by his captors and a ransom demand was made made to his family. 'Police have full faith and confidence in the work of the anti-kidnapping task team to rescue the kidnapped businessman,' stated Mathe. Increase in kidnappings Kidnappings have surged in South Africa, with police making over 170 ransom-related arrests since January last year. 'More than R1.2 million has been recovered. More than 100 victims rescued mainly in Gauteng and more than 40 vehicles used in kidnapping crimes were also seized by the team,' police confirmed. Earlier this week, a female kidnapping victim was saved by passing Johannesburg Metropolitan Police Department (JMPD) officers along the N1. The victim screamed for help from a moving car prompting a high speed chase that ended a few kilometers from the Gordon Road offramp. 'The officers rescued the woman, who confirmed she had been kidnapped by her ex-boyfriend from her workplace in Midrand, where she was on night shift,' confirmed JMPD spokesperson Superintendent Xolani Fihla. NOW READ: Kidnapping on the rise: What to look out for in 2025
The South African
21-06-2025
- The South African
Mozambican kidnapping kingpin shot dead in Fourways
Police have shot and killed a Mozambican kidnapping kingpin to a block of apartments in Fourways, Johannesburg this week. The alleged kingpin was traced at a block of flats in Fourways, Johannesburg as the anti-kidnapping task team was searching for a kidnapped Pakistani businessman from Pretoria West. He is still in captivity and the team are still searching for the Pakistani national. A ransom demand has been made to the businessman's family. National police spokesperson Brigadier Athlenda Mathe said a ransom demand was made to the Pakistani national's family. The team is still searching for the businessman who is still in captivity. Mathe said the team's tracing operation began at a residential complex in Carlswald, Midrand where they seized a Mercedes Benz, a silver Pajero and arrested two kidnappers. They proceeded to Fourways where the task team announced their arrival and a shoot-out ensued. 'One suspect was fatally wounded and upon further investigation, it was discovered that 40-year-old Mauro Mucambe Junior is a wanted kidnapping kingpin in Mozambique where he has been linked to several kidnappings. His warrant of arrest was issued by Maputo Police in August 2024. 'One unlicensed firearm used by the fatally wounded fugitive of justice was seized including 10 rounds of ammunition. Four cellphones, four bank cards have also been seized,' Mathe explained. Mathe said the SAPS has full faith and confidence in the work of the anti-kidnapping task team to rescue the kidnapped businessman. Since January 2024 to date, the team has arrested more than 170 criminals involved in Kidnappings for ransom and over R1.2 million has been recovered. In addition, more than 100 victims have been rescued mainly in Gauteng and more than 40 vehicles used in kidnapping crimes were also seized by the team. 'The anti-kidnapping task team recently registered a breakthrough in the Olorato Mongale murder case where they led the tracing operation of Philangenkosi Makhanya. The search is still on for Bongani Mthimkhulu.' Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
