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South African Firms See Revival in Demand as Economy Accelerates

5 months ago
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South African Firms See Revival in Demand as Economy Accelerates

South African companies reported earnings that showed consumer demand was recovering, helped by the end of debilitating power shortages and slowing inflation.

Discovery Ltd., the owner of South Africa’s biggest health-insurance provider, Shoprite Holdings Ltd., Africa’s largest grocer and Harmony Gold Mining Co. all posted profit that climbed by double digits. Nedbank Group Ltd.’s profit beat expectations.

Companies in Africa’s most-industrialized economy have for years picked up the slack for the state-run power utility’s inefficiencies and spent millions to keep the lights on. A steady supply of electricity is reviving consumer confidence and spurring demand for everything from cars to insurance products. A rule that allowed consumers to tap part of their retirement funds also boosted demand.

The improved power supply “has taken a lot of burden off manufacturing companies as it’s lowered costs and allowed more productive hours,” David Shapiro, chief global equity strategist at Sasfin Securities in Johannesburg, said by phone. “There is a much steadier tone, albeit off a low base.”

Power provider Eskom Holdings SOC Ltd. has made significant repairs to its largely coal-fired fleet of plants that generate almost all of South Africa’s electricity, keeping the lights on most days throughout the year. The International Monetary Fund forecasts the nation’s economy will expand 1.5% this year after growing less than 1% annually in the past decade.

While the economy increased 0.6% in 2024, the slowest pace since the highest of the coronavirus pandemic in 2020, there were signs of improvement in the fourth quarter, in which it expanded 0.6% expansion after having contracted in the prior three-month period, the statistics agency said Tuesday. Household consumption expenditure, which accounts for about two-thirds of gross domestic product, grew 1% in the fourth quarter.

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What Bloomberg Economics Says…

“South Africa’s growth will likely accelerate in 2025 — following its weaker-than-expected performance last year — led by consumption. Rising demand will likely spur a pickup in investment and industrial activity, helped by reforms in the energy and rail sectors,” said Yvonne Mhango, Africa economist.

Still, US President Donald Trump’s escalation of a global trade war may “not be good” for South Africa, Nedbank Chief Executive Officer Jason Quinn said in an interview.

Trump has also targeted the continent’s most-industrialized nation, claiming on his Truth Social account that South Africa is confiscating land. Local authorities haven’t taken any private land since the end of apartheid in 1994.

South Africa’s benchmark FTSE/JSE Africa All Shares Index, which has gained 3.3% this year, dropped 0.8% at 3:34 p.m. in Johannesburg.

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