Net1 UEPS, the Johannesburg- and Nasdaq-listed owner of the company embroiled in the government’s social welfare payment system scandal, has reported that its interim net profit declined by a third. Net1’s interim net profit for the six months to end-December fell to $29.7m from $44.5m in the matching period, its results released on Friday morning showed. Its interim revenue declined by 2% to $301m. The results were released a day after the South African Social Security Agency (Sassa) filed a request to the Constitutional Court asking for a six-month extension of its contract with Net1’s subsidiary, Cash Paymasters Services (CPS). This marked the third year that Sassa has failed to comply with the Constitutional Court’s order to award the contract to a new supplier.

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