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Lesaka Technologies reports massive revenue increase

JOHANNESBURG – LESAKA Technologies has reported an increase of over 380 percent in revenues to R2,4 billion (134 million) over the past 12 months.

This is reflected in the company’s results for the first quarter of this year.

This is an increase from the R549,8 million in the same period in 2022.

The increase is largely as a result of the inclusion and continued outperformance of the Connect Group (including Kazang) and momentum in the successful turnaround of the Consumer division.

Group adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of R137,1 million, within guidance, is a significant improvement compared to EBITDA loss of R112,7 million during the same period in 2022.

Chris Meyer, Lesaka Group Chief Executive Officer, noted the performance defied the persistently challenging economic environment.

“Lesaka is well positioned to benefit from the exponential secular demand for innovative fintech solutions that are transforming South Africa’s highly cash-driven informal economy,” he said.

“The continued digitalisation of South Africa’s informal economy serves as a durable catalyst for our business but ultimately our success is built on the success of our customers,” Meyer added.

The Johannesburg Stock Exchange-listed firm, formerly Net 1 UEPS Technologies, provides payment and transaction processing solutions as well as financial technologies.

– CAJ News

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