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IOL News
28-05-2025
- Business
- IOL News
Msunduzi Municipality warns residents about consequences of unpaid services
Msunduzi Municipality Mayor Mzimkhulu Thebolla tabled the city's budget on Wednesday. Image: Supplied Residents of Msunduzi Municipality in Pietermaritzburg, KwaZulu-Natal Midlands, have been warned of the consequences of continuing to refuse to pay for services, such as water, electricity, and rates. Mayor Mzimkhulu Thebolla issued the warning when he tabled the city's R18 billion 2025/2026 budget on Wednesday. Out of this budget, R9.6 billion would focus on service delivery, while R8.5 billion would be on operational expenses. He said the city had encountered an increase in electricity theft through illegal connections. 'Our Operation Qoqimali (collect the bills) Campaign is about stopping the prevailing culture of non-payment. 'The electricity theft is a crime, like all forms of illegal connections, a criminal offence,' he said. Video Player is loading. 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Next Stay Close ✕ Thebolla said the city loses tens of millions of rand in revenue per year, which he said was a theft of revenue that is much needed to enhance service delivery. 'We call for this practice to stop because to combat this, we will continue to work with the community and law enforcement to arrest the offenders and impose hefty penalties.' He said the city was now prepared to adhere to the residents' demand for better service delivery. 'This budget has been crafted with your (residents') concern at heart, focusing on the service delivery priorities. 'This would include improving public electricity lighting, stabilising power supply, reducing water losses, and safeguarding vital infrastructure. 'In formulating this budget, we have ensured that it is based on a financially sound plan and stabilise the city's finances while prioritising service delivery,' he said. Thebolla said capacitating revenue collection work streams to support the Operation Qoqimali Campaign would help the city to stabilise its finances. 'The project management office has been established to take charge of each aspect of the city's revenue value chain. 'This includes rolling out prepaid electricity meters, dispatching bills, resolving disputes, and implementing credit control and debt collection measures such as issuing summons against debtors,' said Thebolla. He said the court was in support of the city's effort to deal with people who were ignoring paying for services. 'That is why we have already issued 40,000 letters of demand to defaulting customers who run up high service bills and fail to pay the city.' He said the municipality had been forced to increase tariff by external elements such as the National Energy Regulator of South Africa (Nersa), which authorised Eskom and municipalities to increase electricity cost by 13.32% from July 1, and the Umngani/Uthukela Water Board, which proposed 15% increase of water tariffs for 2025/26 financial year. 'These adjustment factors in inflation include a margin dedicated to the infrastructure upgrade and maintenance, which is essential to alleviate pressure on aging and over-stretched electricity infrastructure. 'These adjustments are necessary to ensure sustainability, reliability and continued investment of service delivery,' said Thebolla. He said the city has employed 400 workers through the Expanded Public Works Programme to go house-to-house to identify indigenous homeowners to be exempted from certain charges. 'So far, we have 5,978 people benefiting from the programme, and we aim to reach even more. 'To make this possible, we have increased the household income threshold to R6,110, ensuring that more low-income families access this vital support,' he said. During a media briefing, Thebolla said the construction of the Integrated Public Transport Networks (IPTN) project to transform the public transport system, which was left unfinished in 2022, while it was supposed to be finished in 2021, would soon continue. He expressed disappointment upon taking office in 2019 when the city was removed from the Integrated Public Transport Network (IPTN) programme. 'We have worked tirelessly since then, attending to all the challenges that the Department of Transport and the National Treasury cited as the reason for the removal of Msunduzi from that requirement. 'We are very excited to announce that we have now been re-accepted, which comes with its terms. There is R45 million that is set aside for mainly critical projects,' he said.
IOL News
26-05-2025
- Business
- IOL News
Altron's share price rises after the streamlined ICT group posts strong financial results
Altron CEO Werner Kapp. Image: Supplied JSE-listed ICT group Altron's share price increased over 3% on Monday after reporting a substantial 73% hike in headline earnings per share of continuing operations to 173 cents for the year to March 31, 2025. There was strong growth in profitability, primarily driven by the Platforms segment. A 50 cent a share final dividend was up 52% over last year. Revenue of continuing businesses was flat at R9.6 billion, impacted by the sale of the ATM Business hardware and support operations. Excluding ATM Business, revenue increased by 3%. The share was trading at R24.16 on Monday afternoon on the JSE, a price that had rallied from R13.20 a year ago. 'Our high annuity revenue base provides a solid foundation, with our Platforms segment a key growth driver, delivering double-digit revenue and profit growth. This consistent performance has strengthened our financial position and enabled us to deliver meaningful value to our shareholders," CEO Werner Kapp said in a statement. Ashburton Investments Head of Equity Charl de Villiers said the focus of the group had shifted somewhat from its traditional IT businesses, due to the weaker macroeconomic environment in South Africa, to the group's Netstar and Altron FinTech businesses that have grown strongly over the past two years. He said a clean-up of the group's portfolio meant the 2026 financial year would likely be the first that results would be presented free from impairments and losses of underperforming units. There were also potentially longer-term international and value unlock opportunities, in Netstar in particular, he said. 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 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. Next Stay Close ✕ Altron's earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 27% to R1.8bn. Operating profit increased 50% to R972 million. Continuing operations include Netstar, Altron FinTech, Altron HealthTech, Altron Digital Business, Altron Security, Altron Document Solutions, Altron Arrow and excludes Altron Nexus. The ATM Business of Altron Managed Solutions was sold from July 2023, with four months trading included in the comparative results. In terms of total operations, Altron's revenue fell 4% to R9.9bn primarily due to the sale of ATM Business and lower revenue at Altron Nexus after its restructuring. Excluding ATM Business, revenue reduced 1%. Netstar delivered a robust performance - EBITDA was up 17% to R935m following a 16% growth in subscribers to over 2 million, supported by double-digit growth in both the consumer and enterprise segments. Netstar's global fleet bureau scaled to over 33,000 assets, supporting growth in data-driven managed services revenue. Altron FinTech increased EBITDA by 38% to R457m, driven by strong growth in the SME customer base and increased volume and value of debit orders processed through its collection and payment platform. Within IT Services, Altron Document Solutions was reclassified as a continuing operation following a review. Altron Document Solutions delivered EBITDA of R84m compared to an EBITDA loss of R74m last year, while profit improvement strategies are still underway. Some R645m growth capital expenditure was invested, focused on Netstar, Altron FinTech and systems and platforms. "This year's strong results reflect the disciplined execution of our strategy, despite heightened economic and political uncertainty,' said Kapp. The Platforms segment, where capital was allocated to support strategic growth, saw a 12% lift in revenue, a 23% increase in EBITDA and a 30% increase in operating profit. An agreement had been reached to sell Altron Nexus, the group's remaining discontinued operation, to a consortium that includes members of Altron Nexus' management team. The group had re-organised its businesses on March 1, 2024, as part of a strategy to become the leading platform and IT services business in its chosen markets. Altron Digital Business made 'solid progress' in integrating Altron Systems Integration, Altron Karabina, and Altron Managed Solutions. Altron Nexus, listed in discontinued operations, reported revenue of R343m versus R659m the prior year. EBITDA improved to a R149m loss from a R421m loss. The management buyout was not expected to generate any disposal proceeds for the group. Visit: BUSINESS REPORT
The Citizen
07-05-2025
- Business
- The Citizen
Bank sees increase in stokvel savings: Here are some safety tips
The growth can be attributed to the belief that saving money in groups is more effective than trying to do it alone. Stokvels have been a popular way for South Africans to pool resources and support one another financially. This method of saving spiked among bank users in 2024, as FNB saw an increase in deposits being made into the bank's Stokvel Accounts. The growth can be attributed to the belief that saving money in groups is more effective than trying to do it alone. Himal Parbhoo, CEO of FNB Retail Cash Investments, said their Stokvel Accounts had received deposits totalling R13.3 billion by December 2024, representing a 66% increase from the R8 billion deposited by December 2023. ALSO READ: R600K disappears from stokvel's bank account More stokvels in SA He added that the bank's data showed a 34% increase in Stokvel Account members over the past year. 'Stokvels are becoming increasingly popular because people are recognising that when they team up with others, whether colleagues, business partners, friends or family members, they are more successful in their saving efforts.' Much of this growth has been fuelled by the bank's digital stokvel account, which allows members to contribute and share money electronically, reducing risk and eliminating cash handling fees. Digital stokvel account The change comes amid continued growth in stokvel participation. By April 2024, total deposits had exceeded R9.6 billion—a 15% increase from the previous year. Even in a challenging economic climate, FNB noted that stokvel members maintained steady financial discipline, driven by the convenience of digital savings management. 'Members can further make contributions and share money electronically, avoiding the risks of cash while saving on fees.' Cebile Magongo, strategic business developer at FNB Retail Cash Investments, said that the convenience of digital stokvels is a significant drawcard. Their data has also shown that many stokvels are starting to look at expanding their offerings beyond savings, and enhancing growth by investing in shares, unit trusts, and even starting businesses together. ALSO READ: Are stokvels key to surviving SA's tough economy? Safety tips for stokvel members Avoid cash withdrawals: Whenever possible, it is advisable to process payments through safe digital channels. This protects the money and eliminates the need to handle cash, which can incur unnecessary fees. Ensure funds are transferred at meetings: Consider making digital payments during the last stokvel meeting of the year. This ensures that funds are transferred into members' personal bank accounts before they leave the meeting, reducing the risk of carrying large sums of money. Keep stokvel details private: Do not share meeting dates, withdrawal times, or stokvel financial details on social media or with non-members. This information should remain exclusive to the group to prevent exposure to potential scammers. Avoid carrying large amounts of cash: If members must carry cash, it is best to do so in groups for added security. Additionally, avoiding travelling with large sums of money during peak times can significantly reduce the risk of theft. Stagger withdrawals: If digital channels are not being used, consider staggering the withdrawals over several days to minimise risk. Withdrawing all funds at once makes members an easier target for criminals. Withdraw funds during business hours: It is safer to make cash withdrawals during business hours, when security is more likely to be present. Be mindful of high-risk days: Avoid withdrawing large sums of money on high-risk days, such as month-end or the day before major holidays. These are often when criminals are most active, knowing that people are receiving their payments. NOW READ: Stokvels, the answer to many questions
