We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.