Business Overview | WeBuyCars rises despite mixed profit forecasts. Samsung booms due to demand for AI

In a busy day of corporate news, WeBuyCars rose despite warning of a decline in overall profit, which is unrelated to the company's performance. In international news, Samsung reported that AI demand stimulated chip demand, increasing profits by nearly 10 times.

WeBuyCars, a new car dealer on the JSE, told shareholders that it expects core comprehensive profit to increase by 24% to 29% in the six months to March, to up to R410 million. However, this measure excludes items such as transaction costs and business activities, and could result in a loss of up to R73 million compared to the previous R67 million profit. The company said the profit growth was driven by higher volumes, higher average selling prices, higher profit margins and improved cost efficiencies as a result of economies of scale. WeBuyCars, a 23-year-old company, spun off from struggling Transaction Capital and went public on April 11. WeBuyCars rose 3% in afternoon trading, but has fallen by a similar amount over the past month.

harmony gold Total gold production reported to have increased by 10% In the nine months to the end of March, production increased to approximately 1,182,000 oz, supported by higher grades, while total holding costs also fell by 2%. Total production guidance has increased from his previous 1.38 million ounces to approximately 1.55 million ounces. “The excellent performance during this reporting period is the result of our continued investment in safety, high quality ounces and operational excellence,” the company said. “This ensures consistent delivery throughout the gold cycle. Harmony is well-positioned to take advantage of the current high gold price and has prudently allocated capital to ensure long-term value creation. Harmony fell 4% in afternoon trading amid a generally difficult day for miners, but has soared 87% on a one-year basis.