Arivia.kom, which yesterday reported a 141% increase in full-year net income, says it wants to expand from its South African base and "conquer the entire continent".
<B>Salient figures</B>
Arivia.kom results for the year to 31 March 2003.
Previous year`s figures (annualised) in parentheses, move in square brackets:
Revenue: R1.52b (R1.21m) [+25%]
Gross profit: R1.14b (R887.65m) [+28%]
EBITDA: R173.43m (R127.26m) [+36%]
Income before tax: R58.87m (R18.6m) [+217%]
Net income: R65.02m (R26.94m) [+141%]
Current assets: R477.96m (R382.41m)
Cash and equivalents: R118.23m (R47.29m)
Current liabilities: R329.15m (R289.53m)
Net cash generated from operations: R200.02m (R112.48m)
The state-owned IT group has set up an office in Nigeria and has implemented systems in 11 African countries, says CEO Zeth Malele.
New contracts include a driver`s licence system for Namibia, traffic information systems for Malawi and Zambia, a motor vehicle registration system for Tanzania and a national social security fund system and police identification system for Uganda.
Arivia`s stated intention is to be the dominant information and communications technology solutions provider in Africa. "We are infatuated with dominance," Malele says.
Revenue for the year to end March rose from an annualised R1.21 billion to R1.52 billion, while earnings before interest, tax, depreciation and amortisation increased from R127.26 million to R173.43 million.
"The revenue performance indicates that we have feverishly been looking for opportunities out there," Malele comments.
Net income soared from R26.94 million to R65.02 million.
The group has a good base from which to fund its expansion plans, with R118.23 million cash on the balance sheet.
Malele says the results come in the midst of difficult conditions both in global and local markets. However, as the group was formed during trying times, "we don`t know the difference between difficult and easy market conditions".
Malele says the figures from the prior year have been annualised, since the data reported previously was for a 15-month period. "But even before annualisation, we outperformed last year on all accounts."
He says he is optimistic about the current financial year. "We have our roots in SA, but we are growing fast and stretching our branches all over the continent. We have proven that our people do not lack determination, tenacity or vision.
"Therefore I am confident that we will match this year`s financial performance in 2004."
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