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Net1 UEPS Technologiesâ share price leapt by more than 12 percent on the JSE on Friday despite the group reporting an operating loss of $14.29 million (about R200.7m) for the third-quarter to end March, slightly up by 1 percent compared to the same quarter last year. Picture: Nhlanhla Phillips/African News Agency/ANA
Market welcomes Net1âs third quarter results despite a R14.29m loss
By Sandile Mchunu
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DURBAN - NET1 UEPS TECHNOLOGIESâ share price leapt by more than 12 percent on the JSE on Friday despite the group reporting an operating loss of $14.29 million (about R200.7m) for the third-quarter to end March, slightly up by 1 percent compared to the same quarter last year.
Net1 trims loss, share price rockets
News24
07 May 2021, 21:42 GMT+10
The payment solutions provider Net1 UEPS Technologies is still not back in the black, but reported a smaller loss in the three months to end-March compared to the same period last year.
This saw its share price rocket by 13% to close to close to R87 on Friday morning.
The company reported a net loss of $6.2 million in the quarter, compared to a loss of almost $35 million in the comparable quarter in 2020.
Its revenue declined by 17% from the previous quarter to $28.8 million, due in part to fewer prepaid airtime and hardware sales, the company says.
May 7, 2021
Net 1 UEPS Technologies has reported an increase of approximately 27 000 EasyPay Everywhere (EPE) account holders, accouncing its third quarter results.
During the period, the group saw a non-cash increase of $10,8-million, before tax effect, in the fair value of investment in MobiKwik. It also sold its entire interest in Bank Frick for $30-milliom.
Net 1 reduced its IPG operating loss from $3,2-million in Q2, 2021, to $1,2-million in Q3, 2021, excluding the impact of the $3,6-million once-off payment to terminate all arrangements with Bank Frick and settle all related liabilities, of which $1,4-million and $2,2-million was expensed during the second and third quarter of 2021, respectively.
Net1 appoints a CEO in a new position for its Southern Africa operations
By Edward West
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CAPE TOWN - NET1 HAS appointed Lincoln Mali as CEO of Net1 Southern Africa, a new position for the company, a statement said yesterday.
An accomplished financial services executive with more than 25 years in the industry, Mali makes the move to Net1 from his role as Standard Bank Group’s Group Card and Payments Head.
Mali also chairs the board of directors of Diners Club South Africa and is a member of the Central and Eastern Europe, Middle East and Africa Business Council for Visa.