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EOH reports big jump in full year earnings and profit

Business Tech / 19 September 2017 / Staff Writer

Listed IT service company EOH has published its final results for the year ended July 2017.

The company reported that annual revenue increased by 21% to R15.5 billion (from R12.8 billion previously) while gross profit grew to R5.1 billion (2016: R4.1 billion).

Operating profit before interest and share of equity-accounted profits rose to R1.8 billion (2016: R1.4 billion), while profit attributable to owners jumped to R1.2 billion (2016: R0.9 billion).

Headline earnings per share were higher at 832 cents per share (2016: 719 cents per share).

The group declared a dividend of 215 cents, up 16% from last year.

Speaking on its results, the group said that the technology sector remained resilient in a very tough economic environment and looking forward it sees continued growth for the foreseeable future in South Africa, the rest of Africa and the Middle East.

“The Group will continue to develop new services, products and solutions; meet our clients’ ever-increasing technology needs; partner with new vendors both locally and abroad; build stronger partnerships with our existing customers and provide more of their technology needs through our strategic account partnership model,” it said.

“The Group will also be particularly deliberate in finding suitable businesses to join EOH to complement and supplement our existing solution clusters both in South Africa and the rest of Africa, the Middle East and identified emerging markets.

“We will continue to develop, distribute and implement EOH’s niche software and own IP solutions across our existing footprint and into new territories,” it said.

The company also indicated that it plans to continue its involvement in all tiers of government and state owned entities to improve service delivery, and further committed to its transformation efforts through its youth job creation initiative.

This includes the employment of more black people in managerial positions; increased black ownership; enterprise development; supplier and preferential procurement and increasing its spend on skills development.

LINK - https://businesstech.co.za/news/it-services/199466/eoh-reports-big-jump-in-full-year-earnings-and-profit/

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