African Equity Empowerment Investments (AEEI), the parent company of Ayo Technology, saw revenue more than double in its six months to end-February, boosted by the effect of earnings from its ICT subsidiary.
Ayo Technology makes up about 83% of the group’s revenue, but had only contributed two months of earnings in the prior comparative period.
The group regained control over Ayo in December 2018, based on an assessment of its ability to direct its activities. Ayo delivers end-to-end ICT solutions to multiple industries in the public and private sector through strategic partnerships.
AEEI reported group revenue jumped by 111% to R1.6bn in its six months to end-February, while profit before taxation increased from a loss of R593m to a profit of R139m.
The group’s profit for the period decreased from the restated R448m to R118m, mainly due to an abnormal loss on deemed disposal of an associate and the deferred tax effect thereon in the prior interim period.
AEEI gets earnings boost after regaining control over Ayo
African Equity Empowerment Investments (AEEI), the parent company of Ayo Technology, saw revenue more than double in its six months to end-February, boosted by the effect of earnings from its ICT subsidiary.
Ayo Technology makes up about 83% of the group’s revenue, but had only contributed two months of earnings in the prior comparative period.
The group regained control over Ayo in December 2018, based on an assessment of its ability to direct its activities. Ayo delivers end-to-end ICT solutions to multiple industries in the public and private sector through strategic partnerships.
AEEI reported group revenue jumped by 111% to R1.6bn in its six months to end-February, while profit before taxation increased from a loss of R593m to a profit of R139m.
The group’s profit for the period decreased from the restated R448m to R118m, mainly due to an abnormal loss on deemed disposal of an associate and the deferred tax effect thereon in the prior interim period.
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