JSE-listed Net 1 Applied Technology Holdings (Aplitec) says new opportunities are opening up as a result of international interest in its products.
Aplitec, which last night released its financial results for the six months to end-December, is a provider of financial delivery systems based on smart cards.
Salient figures
Aplitec results for the six months to 31 December 2002.
Year-earlier figures in parentheses, move in square brackets:
Revenue: R310.83m (R270.87m) [+14.8%]
Operating profit: R80.06m (R65.84m) [+21.6%]
Profit before tax: R88.2m (R72.72m) [+21.3%]
Profit after tax: R56.85m (R51.65m) [+10.1%]
HEPS: 26.21c (21.55c) [+21.6%]
Net profit: R54.35m (R48.4m) [+12.3%]
Current assets: R449.17m (R344.06m)
Cash and equivalents: R314.61m (R205.16m)
Current liabilities: R72.41m (R53.28m)
Tangible NAV per share: 185.34c (146.23c)
NAV per share: 191.51c (155.53c)
"Aplitec`s systems have now reached the level of inter-operability required to offer customers a broad range of revenue-generating products," says CEO Serge Belamant.
He says this has enabled Aplitec to capitalise on its proprietary technology which forms the foundation for its primary objective of integrating social welfare and wage payments, financial services, banking and retail.
The company has been approached by prospective partners and customers in several developing countries and is in talks over a number of deals.
"Aplitec is very excited about new applications, which have been identified as a result of the international interest in its products, specifically in the fields of medical insurance and the distribution of medical supplies," Belamant says.
Bottom line
Locally, the implementation of the Eastern Cape social welfare payment contract is proceeding according to plan and the company says all 435 000 beneficiaries should be registered and their benefits processed by April 2003.
"Following the announcement by president [Thabo] Mbeki that the maximum qualifying age for child grants will be progressively increased from seven to 14 years and that the government will continue to focus on the alleviation of poverty, Aplitec is gearing up for a significant increase in the number of beneficiaries to be serviced," says Belamant.
Revenue of R311 million for the six months to 31 December was 15% higher than that of the same period a year earlier. Netprofit increased 12% to R54 million and headline earnings a share rose 21.6% to 26.21c.
"The group`s balance sheet is very sound with no interest-bearing debt and cash resources of R315 million," says Belamant.
He says the operations are sound, profitable and cash generative.
"The annuity nature of Aplitec`s major revenue streams and the impact of new initiatives, particularly the Eastern Cape social welfare contract and our international endeavours, augur well for the group`s continued success."
The Aplitec share price was unchanged at 315c on the JSE early this morning after gaining 5c or 1.6% yesterday.
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