Ayo Technology expects its full-year profit to triple
The company controlled by Iqbal Survé will increase profits by over 200% for the year ending February 2019
Ayo Technology Solutions, which is at the centre of a storm at the commission of inquiry into affairs at the Public Investment Corporation (PIC), said on Thursday it expects full year profit to triple. The technology firm issued a trading update saying it expects to report profit after tax of between R202m and R215m for the year ending February 2019. This translates to headline earnings of between 54c and 58c per share, Ayo said. The improved performance “is as a result of organic growth as well as the positive contributions from a recently acquired subsidiary and investments made during the current interim period”, the company said. Iqbal Survé’ African Equity Empowerment Investments (AEEI) is the largest shareholder in Ayo. Ayo is embroiled in a legal tussle with the Companies and Intellectual Property Commission (CIPC), which in February served the PIC with a compliance notice instructing its directors to recover the R4.3bn the asset manager invested in Ayo when it listed. The PI...
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