Net1 Applied Technology Services (Aplitec) has reported a 16% growth in operating profit to R65.8 million, on a lower revenue than reported for the previous period. Revenue for the six months to December 2001 came in at R270.9 million, compared to R281.7 million reported for the comparable period.
The group says improved efficiencies and much-improved margins were responsible for its performance for the period.
Net profit for the period increased by 15% from R41.9 million to R48.4 million and headline earnings per share grew by 13% to 21.55c per share.
The group finished the period with no interest-bearing debt and cash resources of R205 million.
The technology sales, maintenance and outsourcing division performed well during the period and management says this was largely due to significantly increased margins.
The division was responsible for developing and launching a smart card for a number of banks in Malawi using fingerprint identification. The success of the venture has led to new contracts in Madagascar, Mozambique and Zimbabwe, as well as tenders in a number of other African and Middle Eastern countries.
These international ventures accounted for 35% of the group`s revenue for the period and management says these ventures also yielded the highest profit margins within the group.
Aplitec`s pension and welfare division has been awarded a substantial portion of the Eastern Cape social welfare payment tender for a three-year period. The project, to commence between April and August, is estimated to boost revenue by R100 million per annum.
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