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IOL News
4 days ago
- Business
- IOL News
AYO Technology Solutions' half-year results show progress despite challenges
AYO Technology Solutions' results for the six months to February 28 showed a resilient performance under difficult conditions, and the company is on track to reduce losses compared to the prior full year, Image: Independent Media File JSE-listed black-owned ICT company AYO Technology Solutions, which has received an offer from Sekunjalo Investments to acquire all its shares, said Friday its full-year results are expected to show a meaningful reduction in losses compared to the loss reported for the first half. AYO's results for the six months to February 28 showed a resilient performance under difficult conditions, and the company was on track with a clear path toward significantly reducing losses compared to the prior full year, its directors said Friday evening. Revenue fell by 23% mainly due to the absence of one-time contracts from the previous year, as well as the unwinding of certain contracts that had contributed to prior-year revenue, but were not repeated. On a positive note, the cost of sales fell 24%, in line with lower revenue. Improved inventory management and pricing strategies led to a 1.5% increase in gross profit margin, rising from 16.5% to 18%. Operating expenses were reduced by 2%, reflecting a disciplined approach to cost control. This reduction would have been even greater if not for certain non-recurring expenses emanating from a VAT write-off of R6 million and impairment of some receivables of R13m. Excluding these one-off costs, operating expenses showed a more substantial decline of 11%. When adjusting for these exceptional items, the operating loss improved significantly, demonstrating progress in underlying profitability. The interim dividend was passed. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Finance income decreased to R37m from R58m in the prior year, as cash reserves were utilised to support operations. The loss before tax, however, widened by 36%, largely due to higher credit losses on loans receivable and weaker performance from equity-accounted investments in the first half of the year compared to the same period last year. 'Despite these challenges, the focus on cost management and operational efficiency has positioned it for a stronger second half,' the directors said. Revenue decreased by 23% to R78m from R1.02 billion in the prior corresponding financial period. The loss per share increased by 37% to 45.09 cents per share from 32.92 cents per share in the prior corresponding financial period. The software and consulting services division, which focuses on providing scalable digital solutions to retailers, media groups and brand agencies in Africa and Europe, grew revenue by 21%, driven primarily by new customer acquisitions in Digital Matter. While the division's gross profit margin saw a slight decrease from 30% to 26%, it remains strong and at a sustainable level, directors said. The Unified Communications division, which specializes in reselling services for a range of communication technologies, including telecommunications solutions, audio and video conferencing systems, and gaming equipment from leading international brands, reported an 18% decline in revenue to R245m, with a decline in the margin due to new products being introduced into the market, as well as the increased competition created by vendors. The division serves as a distribution partner for renowned brands such as HP Poly, Jabra, Logitech, Yealink, and Konftel, among others. The Healthcare division, which provides ICT solutions for the healthcare industry, increased revenue by 7% to R35m. The gross profit margin decreased slightly by 4%, but the margin remained healthy. 'Maintaining a strong revenue base through our core income streams and upholding excellent service levels remain essential strategies for ongoing growth and future expansion opportunities,' AYO directors said. The Managed Services division, which delivers network infrastructure, support services, and integrated solutions, reported revenue falling to R477.78m from R665m, mostly due to a decline in Zaloserv revenue after several one-off contracts with government departments had not yet been replaced by similar-value agreements. The Managed Services division pre-tax profit came to R6.38m, well up from the R16.82m loss reported on August 31, 2024, at the end of the previous financial year. Visit:
The Herald
06-05-2025
- Lifestyle
- The Herald
Grassy Park pensioner wins R13m in lottery draw
A Western Cape pensioner who bagged more than R13m from the Lotto Plus 1 jackpot plans to spread joy by donating some of her winnings to charity. Ithuba announced the pensioner has claimed her prize for the April 23 draw. The winning ticket was purchased in-store in Grassy Park for R40 using the manual selection method. Recounting the moment she discovered her win while watching the draw on television, she said: 'I watched each of the winning numbers appear, and I could hardly believe what I was seeing. I was holding a ticket that matched every number. A ticket worth more than R13m. I've never won anything close to this in my life. It feels unreal.' The winner, who had written her details on the back of her ticket and stored it safely while holding onto hope this might be her lucky draw, immediately shared the news with her son. The passionate gardener said she will have more time to focus on the things she truly enjoys during her retirement years. She plans to invest a large portion of the winnings to ensure her comfort during her retirement. Ithuba CEO Charmaine Mabuza congratulated the winner: 'We're thrilled our winner gets to enjoy her golden years with much more comfort. The win is a testament to the fact that it's never too late for a life-changing moment. We wish her all the best as she embarks on this new chapter.' TimesLIVE
TimesLIVE
05-05-2025
- Business
- TimesLIVE
PSL GM Ace Ncobo, wife in court on fraud, money laundering charges
Premier Soccer League GM Aldrin Andile Baldwin 'Ace' Ncobo and his wife Salomie Twaise Ncobo appeared in the Bellville magistrate's court on Monday to face three counts of fraud and money laundering. The charges relate to a R15m donation for school construction projects in the Eastern Cape. After a short bail application hearing, Ncobo, who is a former Fifa referee, was granted bail of R50,000 and his wife bail of R30,000. Their case was postponed until May 29 for further investigation. 'The state alleges that Ncobo and his wife embarked on a scheme to obtain monies from Petroleum Oil and Gas Corporation of South Africa SOC Ltd (PetroSA) in a fraudulent manner in favour of themselves, their family members and/or entities in which they had a vested interest,' National Prosecuting Authority spokesperson Eric Ntabazalila said. PetroSA ran a corporate social investment (CSI) programme, which was responsible for administering and granting monetary donations to needy and disadvantaged schools, institutions or disaster management programmes. During 2008, Gangatha Junior Secondary School in the Eastern Cape applied for a donation to build new classrooms, an administration block, ablution facilities, a science laboratory and computer laboratory — all with equipment and furniture included — and develop the sports field and erect a security fence. PetroSA entered into an agreement to donate R13m to rebuild the school. The King's Gangatha Building Trust, unregistered, was established to facilitate the funding and rebuilding of the school. 'Ncobo oversaw and managed the construction which started in November 2008 and completed in September 2009. The school never authorised him to act as its representative or appointed him as a project manager to oversee and manage the construction,' Ntabazalila said. He said PetroSA appointed quantity surveyors to assess the value of the services rendered when allegations of irregularities and fraud within the CSI department surfaced. The inspection revealed that products used and the services rendered were of inferior quality and did not correspond with the amount of the donations made. The costs amounted to R5.9m. It was established that it would cost PetroSA a further R398,363 to remedy the defects. The state further alleges that Ncobo made several misrepresentations to PetroSA when the King's Gangatha Building Trust and other supporting documentation were submitted to its offices to substantiate the application and approval for the donation. In another project, Nqadu Pre-Grade R School approached PetroSA for a donation to build a new preschool during 2008. The application was finalised, and Ncobo's wife was the contact person. PetroSA approved the request and paid R485,450 into a Great Kei bank account. 'Accused one informed the school principal that he was building the preschool with his own money. He oversaw the construction, but no furniture or educational equipment was delivered to the school. The board members appearing on the documentation submitted to PetroSA during the application for funding denied being board members and disputed signatures purported to be theirs.' PetroSA lodged an internal investigation through its risk and compliance department, after discovering that its investment at the various schools and/or entities where the accused were involved did not yield the intended results. 'The money laundering charge relates to R15.19m being distributed to bank accounts of Gangatha Projects, Eseswe Projects, Aldrin Andile Baldwin Ncobo Charity Institute and Aldrin Andile Baldwin Development ILE PR.' Ntabazalila said the Companies, and Intellectual Property Commission records revealed that Gangatha Projects was not a registered entity. Ace Ncobo Development ILE Projects CC was registered and the accused had a 100% interest in it. Eseswe Projects and Aldrin Andile Baldwin Ncobo Charity Institute were not registered entities.
TimesLIVE
05-05-2025
- Lifestyle
- TimesLIVE
Grassy Park pensioner wins R13m in lottery draw
A Western Cape pensioner who bagged more than R13m from the Lotto Plus 1 jackpot plans to spread joy by donating some of her winnings to charity. Ithuba announced the pensioner has claimed her prize for the April 23 draw. The winning ticket was purchased in-store in Grassy Park for R40 using the manual selection method. Recounting the moment she discovered her win while watching the draw on television, she said: 'I watched each of the winning numbers appear, and I could hardly believe what I was seeing. I was holding a ticket that matched every number. A ticket worth more than R13m. I've never won anything close to this in my life. It feels unreal.' The winner, who had written her details on the back of her ticket and stored it safely while holding onto hope this might be her lucky draw, immediately shared the news with her son. The passionate gardener said she will have more time to focus on the things she truly enjoys during her retirement years. She plans to invest a large portion of the winnings to ensure her comfort during her retirement. Ithuba CEO Charmaine Mabuza congratulated the winner: 'We're thrilled our winner gets to enjoy her golden years with much more comfort. The win is a testament to the fact that it's never too late for a life-changing moment. We wish her all the best as she embarks on this new chapter.'
