COVID-19 wreaked havoc on the South African economy, and nowhere was this more evident than in the run up to the 2020 financial report soon to be released by Sun International. The South African gaming and hospitality giant was forced to inform its investors that basic earnings per share for Full Year 2020 were expected to be a loss of around R10 per share.
According to Sun International: “The Covid-19 pandemic significantly impacted the Group’s results for the year ended 31 December 2020, following the prolonged closure of many of its operations during the year, as a result of the lockdowns imposed by Government in terms of the Disaster Management Act”. The share loss is in sharp contrast to the basic earnings profit of around R5 per share seen in 2019.