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.
Freedom Under Law v Minister of Social Development and Others (CCT 48/17) [2021] ZACC 5 polity.org.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from polity.org.za Daily Mail and Mail on Sunday newspapers.
ConCourt orders CPS, KPMG, Mazars to provide financial statements for social grants contract 01 April 2021 - 14:16 Image: South African Gov via Twitter
The Constitutional Court has ordered Cash Paymaster Services (CPS), formerly hired by the SA Social Security Agency (Sassa) to pay social grants, and auditing firms KPMG and Mazars to provide financial statements and documents to verify the service provider’s profits.
The order comes after Freedom Under Law (FUL) approached the apex court asking it to oversee compliance to a 2017 order directing Sassa and CPS to ensure payment of social grants from April 2017 for a period of 12 months, by extending the contract awarded to CPS for the payment of social grants. The contract was declared invalid.
ConCourt orders CPS to file all records relating to its illicit profits
The constitutional court on Thursday ordered Cash Paymaster Services (CPS) to give an auditing firm full access to its records to allow a determination and reimbursement of all profits it earned from its unlawful contract with the South African Social Security Agency (Sassa).
CPS was contracted to pay social grants by Sassa in 2012. The contract was deemed illegal because due procurement processes were not followed. One of the irregularities included not opening the tender process to the public.
The court order follows an application by Freedom Under Law to force CPS to give Rain Chartered Accountants (RAiN), the accountants consulted by Sassa, access to all documents needed to complete a report to the treasury.
Cash Paymaster Services ordered to hand over financial statements Molefe Seeletsa
Picture: Gallo Images / Nardus Engelbrecht CPS must provide auditors with its financial statements for verification and submission to the national Treasury for approval.
The Constitutional Court has ordered Cash Paymaster Services (CPS) to release its financial statements relating to its contract awarded by the South African Social Security Agency (Sassa), that was later declared invalid.
The ConCourt ruled on Thursday that CPS must provide Rain Chartered Accountants, the auditors appointed by Sassa, with its financial statements for verification and submission to the national Treasury for approval.
Freedom Under Law had approached the ConCourt after CPS, which used to pay out social g