Latest news with #R6
The Citizen
11 hours ago
- Business
- The Citizen
Fines (R10 000 to R40 000) for electricity bypass in ELM
VANDERBIJLPARK – Many streets in SE7 are 100% illegally bypassed, bleeding the municipality dry of service delivery revenue and threatening to compromise the electricity infrastructure for all customers in the area. This has caused stakeholders to blame electricity theft as the reason why a small group of residents are resisting the installation of smart meters in the area – and gives insight into why Emfuleni residents owe ELM more than R6 billion for unpaid services. According to smart meter service provider BXC, which says it has discovered more and more streets in the densely-populated suburb – due to concentrated student accommodation – are 100% bypassed and with even more streets reaching a 90% and 80% bypass rate. The Emfuleni Local Municipality (ELM) is staggering under the financial weight of a deep-seated culture of non-payment throughout Emfuleni, but especially in densely-populated suburbs such as SE7, resulting in huge losses for ELM which must still pay Eskom for stolen power. DA Councillor Yvonne Coertze says the installation of smart meters throughout Emfuleni is vital to normalise electricity supply and to ensure payment. BXC is proceeding with smart meter installations in SE7 under Police guard and also assisted by the ELM By Law Unit. ELM is on National Treasury's debt relief programme for its huge Eskom debt and a requirement of that programme is that smart meters be installed to protect and expand revenue security. Most of ELM's revenue comes from electricity sales, currently managed by Eskom as its agent. Although smart meter infrastructure can be bypassed, unlike traditional pre-paid meters it is picked up instantly by the BXC IT network and allows for swift action. Fines of up to R10 000 or even R40 000 in the case of businesses can be issued if bypasses are found, and these must be paid along with the cost of stolen electricity before power is restored. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
2 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 Citizen
2 days ago
- The Citizen
SIU blocks R3.3 million pension payout of former Gauteng HOD
The SIU secured a court order stopping Gasela's pension payout as criminal investigations continue into corruption and fraud allegations. The Special Investigating Unit (SIU) has secured a court order stopping the pension payout of a former Gauteng head of department (HOD) as criminal investigations continue into corruption and fraud allegations. The unit obtained an interim order from the special tribunal to stop the Government Employees Pension Fund (GEPF) from processing about R3.3 million in pension benefits for Matilda Matozi Gasela, the former HOD at the Gauteng department of agriculture, rural development and land reform. Additionally, until the legal proceedings are concluded, Gasela is prohibited from accessing or claiming these funds under the order which was given on May 15, 2025. Gasela allegedly played key role in mismanaging trash-collecting vehicles contract Gasela began her tenure as HOD in 2018 and allegedly played a key role in mismanaging a contract with Enviro Mobi (Pty) Ltd (later known as Groen Mintirho). SIU spokesperson Kaizer Kganyago said that Gasela authorised additional payments and approved a R6 499 712.64 settlement for 'storage costs' — an item not included in the original contract — even though the company failed to deliver the vehicles. ALSO READ: SIU to investigate Defence department's surgical mask tender from 2021 Senior counsel explicitly advised against this payment, which was later declared fruitless and wasteful expenditure. 'Her actions allegedly contravened the Public Finance Management Act (PFMA) and contributed to the depletion of public funds, as the SIU contends, in what it describes as a fraudulent scheme,' Kganyago said. After discovering evidence of criminal activity, the SIU referred the case to the National Prosecuting Authority (NPA). The SIU sent this evidence to the NPA to consider pursuing criminal charges against Gasela, including fraud, corruption and maladministration. October 2024 arrest In October 2024, authorities arrested Gasela and her six co-accused. Her co-accused include: Loyiso Mkwana, chief director: sustainable use of environment, who also served as the bid evaluation committee chair. Thandeka Mbassa, former HOD. She left in August 2018. Abdullah Mohamed Ismail, former chief financial officer and chair of the bid adjudication committee. Matlhekelo Elsie Mabe, director of Mvest Trading (Pty) Ltd. Tinyiko Mahuntsi, director of Enviro Mobi. Puleng Peter Mabe, former director of Enviro Mobi and a former member of parliament Infographic: Supplied ALSO READ: NPA lacking in lottery probe The accused appeared before the Palm Ridge Specialised Commercial Crimes Court inJohannesburg. They were linked to financial mismanagement and illegal procurement in connection with the R33 million contracts that the Ekurhuleni metropolitan municipality (EMM) and the department gave to Enviro Mobi. Kganyago confirmed that the SIU filed papers in the special tribunal to review and cancel the contract and recover R33 731 463.64 in financial losses suffered by the state. R33m financial losses 'Furthermore, as part of consequence management, the SIU has made disciplinary referrals to the department against implicated officials. An administrative referral was made against Enviro Mobi for blacklisting,' he said. According to Presidential Proclamation No. R.15 of 2021, the SIU was tasked with investigating claims of maladministration in the department and Ekurhuleni specifically concerning the contracting or purchase of 200 portable three-wheel motorised trash-collecting vehicles. ALSO READ: Thrrr…Phaaa: Musician Selaelo Selota's Mercedes frozen as SIU probes misuse of lottery funds During the 2023/24 financial year, the SIU finished its investigation into this issue and delivered the report to the president.
The Citizen
2 days ago
- Business
- The Citizen
Government pays R6 Million from R500 million Spaza Shop Fund
Only a fraction of the fund has reached township and rural spaza shop traders as verification delays slow disbursements The department of small business development has so far disbursed R6 million from the R500 million Spaza Shop Support Fund (SSSF). This is aimed at supporting South African-owned spaza shops and food-handling outlets in townships and rural areas. Launched last month, the fund is designed to provide financial assistance of up to R300 000 per shop through a mix of grants and low-interest loans. However, according to small business development minister Stella Ndabeni, on Thursday, the implementation has been slower than expected. 'This is moving at a slow pace due to all the parties that are involved in coordinating the work, which includes inspections and verification of citizenship, as well as site and health inspections,' she said. Focus on compliance and sustainability To qualify for funding, shop owners had to register for an operating permit before the deadline. The money can be used for stock purchases, infrastructure improvements, business development tools and the adoption of point of sale (POS) systems. 'The fund will assist shop owners that met the deadline for the registration of an operating permit,' Ndabeni said. The initiative is administered by the National Empowerment Fund (NEF) and the Small Enterprise Development Finance Agency (SEFDA) and includes support to help businesses meet hygiene and regulatory standards. ALSO READ: Illegal spaza shops 'still proliferate' despite warnings Global SME Summit set for July The Minister also announced that South Africa will host the first-ever Global Small and Medium-sized Enterprises (SME) Ministerial Meeting in Johannesburg from 22 to 24 July 2025. The event, co-organised with the United Nations Small Business Agency, will see participation from nearly 50 countries, including Brazil, Kenya, India and Switzerland. 'We are steadfast in our commitment to create a more enabling legislative and policy environment that empowers small businesses to grow, scale up and compete on the global stage,' said Ndabeni. She said the meeting would help shape global small business policy and push for the formation of a dedicated MSME Working Group under the G20 during South Africa's presidency. 'We do not want a talk shop. We will emerge with practical initiatives that strengthen the global MSME support eco-system,' she added. NOW READ: Spaza shops ask for more than R32m worth of stock
IOL News
3 days ago
- Business
- IOL News
Adcorp Holdings reports impressive annual results with a 7. 4% share price increase
Adcorp Holdings delivered a significantly improved financial performance in its 2025 financial year, a direct outcome of multi-year restructuring efforts and sustained emphasis on capital discipline, operating leverage, and strategic alignment, its directors said. Image: Supplied Adcorp Holdings' share price shot up 7.4% on the JSE Thursday after it reported annual results that included a doubling of the final dividend to 50.02 cents a share compared with the 24.2 cents per share that was declared last year. The share of the company with operations in South Africa and Australia, that deploys over 45 000 contingent and contractor workers daily, was trading at R6/50 late Thursday afternoon, 52% higher than the price a year before. Headline earnings a share increased to 135.4 cents in the year to February 29, from 83.8 cents a year before, this off a 2% rise in revenue to R13.2 billion. Operating profit increased by 33.3% to R171.6 million, and profit for was 60% higher at R140.9m. The net unrestricted cash position of R442.1m was more than double the R204.2m at the same time last year. There were no drawn debt facilities. The group directors said the year marked a period of disciplined execution and operational consolidation. 'In the face of persistent macroeconomic volatility in both South Africa and Australia, the group delivered a significantly improved financial performance, a direct outcome of multi-year restructuring efforts and sustained emphasis on capital discipline, operating leverage, and strategic alignment.' They said that in the past year operating costs were tightly contained and remained flat despite inflationary and operational headwinds in both geographies. 'The group enters the next financial year from a position of financial strength, with a clean balance sheet, robust liquidity position, and momentum across high-potential growth verticals. Our ability to deliver resilient earnings and strong cash conversion positions us to fund growth and shareholder returns with agility and confidence,' the directors said. The past year was the third consecutive year of revenue growth, an achievement that stands out amid widespread declines across global workforce solutions providers. Directors said they were now focused on driving margin improvement, growing higher-margin outsourcing services, and advancing its transition into a technology-enabled workforce solutions provider. Key investment would continue into AI and automation across payroll, workforce matching, and operational processes. Geographically, the group is expanding its aged care and healthcare staffing capabilities in Australia and growing its presence in South African outsourced offerings. Adcorp was also extending its footprint into Africa, aligned to the needs of global clients seeking integrated, compliant staffing solutions across the continent. In the past year, blue-collar staffing through BLU experienced a slight decline in year-on-year revenue, reflecting broader market uncertainty, while sector-focused training through PMI delivered strong growth, benefiting from its targeted sector strategy and the increasing demand for upskilling in transformation-led initiatives. The Professional Services SA division delivered stable year-on-year revenue, driven by a diversified service offering, strong client retention, focused sales execution, and ongoing cost optimisation efforts. The Contingent Staffing AUS division, represented by LSA, reported double-digit growth across revenue and gross profit, due to the successful acquisition of new national and regional contracts, as well as the geographic expansion of existing client relationships. The Staffing Solutions division delivered a strong performance. The division was renamed and now comprises FunxionO, Adfusion, Capability, and the newly established Telvuka brand. Revenue growth in the first half was modest, reflecting client caution amid political uncertainty; however, the second half saw a notable improvement. BUSINESS REPORT Visit:
