Workers repair a logo of South African retailer Pick n Pay in Johannesburg, South Africa, April 19,2018. REUTERS/Siphiwe Sibeko2023 earnings may not exceed those of the previous year if rolling power cuts persist, the South African supermarket chain said after reporting weaker earnings on Thursday, hit by energy and store revamp costs.
State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark for up to 10 hours a day, disrupting manufacturing and hurting businesses. Chief Financial Officer Lerena Olivier told investors the earnings outlook for the financial year to February 2024 will largely be driven by diesel costs, increased financing costs and the extent of power cuts, offset by cost saving initiatives.