Net 1 UEPS Technologies has reported first quarter 2022 revenue of $34,5-million, a decrease of 2% from Q1 2021, with an operating loss of $11,2-million, and an adjusted EBITDA loss of $10,1-million.
As of 30 September 2021, the group has unrestricted cash of $188-million and no debt, as well as continued momentum in EPE account openings.
“While the South African economy continued to be challenging in the first quarter, I am pleased that the Net1 team continued to stay focused on executing our transformational plans and the long-term commitment to unlock value for all of our stakeholders,” says Chris Meyer, group CEO of Net1.
“Our strategic imperative is to return the financial services business to break-even and into profitability as soon as possible.
“We also continued to deliver on our strategic priorities with the announcement earlier this month to acquire Connect Group, one of the fastest growing fintech companies in South Africa,” he adds. “This compelling acquisition is an important milestone at the beginning of our transformative journey as it significantly enhances our scale, propels our growth trajectory and positions us well to become the leading South African fintech platform.”