Latest news with #R10.6bn
TimesLIVE
2 days ago
- Business
- TimesLIVE
Biochar boom? South Africa bets on super charcoal for green jobs
Sithandekile Nyathi confidently hoists herself into the compact loader, lowers the metal caging around the vehicle and drives towards large mounds of wood timber chips. The chips go up a conveyor belt into a converter, where they are heated and turned into a type of 'biochar' called activated carbon, a charcoal that stores carbon and could help cut planet-heating carbon dioxide emissions. 'I used to be a maid. I never thought I would work in an industry that helps lives and the environment,' said Nyathi, a controller at the plant in Brakpan owned by Adsorb, a local manufacturer of activated carbon. South Africa is a coal-rich country but has been the poster child for international efforts to shift towards cleaner energy and industries. However, funding challenges, high unemployment rates and political divides have stalled the efforts, raising questions about how the transition should happen. Darryl Phipps, a chemical engineer and manager of the Adsorb plant where Nyathi works, said he thinks the plant east of Johannesburg is the first of its kind globally. It uses self-sustaining energy, the heat in the converter, to turn wood chips directly into activated charcoal or steam-activated biochar, which allows for greater binding of organic molecules to its surface and has clean flue gas as its only byproduct. Some proponents see the biochar sector as one answer to job creation and carbon capture, but the young industry is struggling with a lack of South African data and funding support, experts said. Globally, the industry was valued at $600m (R10.6bn) in 2023, up 97% from 2021, according to the International Biochar Initiative (IBI). Biochar and activated carbon have been praised by some researchers, farmers and industry experts for improving soil quality and water retention, absorbing toxins and capturing carbon. When used as a fertiliser, biochar improves water holding capacity which helps plants survive drought conditions, according to research publisher Frontiers. Initial studies into South Africa's agricultural sector have showed biochar improved maize yield and soil health, but researchers called for further long-term research, according to the University of Venda.
The Herald
23-04-2025
- Business
- The Herald
Shareholders score big after record Capitec earnings
Capitec, South Africa's biggest retail bank by customers, is increasing its payout to shareholders after record annual earnings. The group's return on equity increased to 29% during the year under review, paving the way for the dividend payout to 55% from 50%. Capitec reported a 30% jump in headline earnings to R13.6bn from R10.6bn a year ago with financial highlights including a 54% increase in net interest income after credit impairments to R11.9bn. The group reported a 7.5% credit loss ratio, a 61% increase in value added services and Capitec Connect to R4.4bn and a 44% jump in funeral and life income to R1.9bn. The bank said more than 11-million clients now used the Capitec app to purchase airtime, data, electricity, vouchers and to pay bills. 'The bank captures more than 40% of South Africa's airtime and data transactions and one in five digital vehicle licence renewals now occur on its platform.' Capitec CEO Gerrie Fourie said: 'Through our high-volume, low-margin business model, we are enabling everyone to access solutions that allow them to take control of their finances, protect their families, manage businesses and unlock opportunities. Our purpose-driven strategy is helping us scale sustainably and, most importantly, it is assisting 24-million South Africans to grow every day.' Capitec, which was previously predominantly a credit lender, said its diversification strategy had paid off as personal banking now contributes 45% of total earnings, insurance accounts for 25%, strategic initiatives contribute 23% and business banking makes up 5%. TimesLIVE
TimesLIVE
23-04-2025
- Business
- TimesLIVE
Shareholders score big after record Capitec earnings
Capitec, South Africa's biggest retail bank by customers, is increasing its payout to shareholders after record annual earnings. The group's return on equity increased to 29% during the year under review, paving the way for the dividend payout to 55% from 50%. Capitec reported a 30% jump in headline earnings to R13.6bn from R10.6bn a year ago with financial highlights including a 54% increase in net interest income after credit impairments to R11.9bn. The group reported a 7.5% credit loss ratio, a 61% increase in value added services and Capitec Connect to R4.4bn and a 44% jump in funeral and life income to R1.9bn. The bank said more than 11-million clients now used the Capitec app to purchase airtime, data, electricity, vouchers and to pay bills. 'The bank captures more than 40% of South Africa's airtime and data transactions and one in five digital vehicle licence renewals now occur on its platform.' Capitec CEO Gerrie Fourie said: 'Through our high-volume, low-margin business model, we are enabling everyone to access solutions that allow them to take control of their finances, protect their families, manage businesses and unlock opportunities. Our purpose-driven strategy is helping us scale sustainably and, most importantly, it is assisting 24-million South Africans to grow every day.' Capitec, which was previously predominantly a credit lender, said its diversification strategy had paid off as personal banking now contributes 45% of total earnings, insurance accounts for 25%, strategic initiatives contribute 23% and business banking makes up 5%.
