Listed smart card group Net1 Applied Technologies (Aplitec) has reported revenue growth of 29%, from R218.6 million to December 1999 to R281.7 million to December 2000.
Operating profit has also grown to R57.5 million from R39.4 million, a 40% increase. Attributable earnings have increased by 73% to R44.2 million.
An headline earning of 19.12c per share was turned in, compared to 15.17c reported for the comparable period, this time an increase of 26%.
The group`s balance sheet is sound with interest-bearing debt of R1.5 million and cash resources of R130 million. The group has a current liquidity ratio of 3.98 : 1 and cash flows from operating activities amounted to R48,6 million.
The pension and welfare division, which management says has maintained its levels of profitability, is involved in the administration, management and payment of social welfare grants and handles the payment of pensions exceeding R700 million per month on behalf of the government.
During the six months under review, Aplitec was awarded a new three year contract by the Northern Cape provincial government for the payment of social welfare grants to the
100 000 pensioners in the province, utilising Aplitec`s smart card technology.
Looking forward, management says its sees no reason why the current levels of profitability cannot be sustained.
Nedcor exercised its option to increase its stake in Aplitec to 50% in January this year from the 26% it originally held.
At the time Aplitec management planned to increase its exposure to Nedcor`s client base, adding to possible revenue streams.
Correction: Aplitec has pointed out that its shareholders approved the Nedcor option in January, but that the option has not yet been exercised. ITWeb apologises for the error. (21 February).
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