Net1 plunges to R3.7bn loss after social grants contract expires
Fintech focused technology group suffered from the loss of its social grants distribution contract and a R1.8bn writedown of its Cell C investment
27 September 2019 - 08:30
UPDATED 27 September 2019 - 12:15
Net1 said on Friday it swung into a loss that is bigger than its market capitalisation in the year to end-June, after suffering the loss of its lucrative social grants contract as well as hefty impairments to its stake in Cell C.
Despite the $248m (R3.7bn) loss, the JSE- and Nasdaq-listed company said it was now eyeing profitability in 2020 as it shifts its strategic focus to fintech...
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