AYO achieves 11% increase in headline earnings, declares dividend | IOL Business Report

CAPE TOWN – AYO Technology Solutions, which is defending legal action by the Public Investment Corporation , lifted headline earnings per share by 11 percent to 53.53 cents off the back of a 207 percent rise in revenue to R1.9 billion in the year to August 31.

The broad-based black empowerment information and communication technology group, one of the largest in the country and which is controlled by Sekunjalo Investments-owned Africa Equity Empowerment Investments, said on Friday that work on a contract with a multinational company that started in July, and two acquisitions, Sizwe IT and SGT Solutions, had significantly boosted revenue.

AYO‘s challenges in the past year included dealing with governance allegations made during the PIC Commission of Enquiry that resulted in the re-auditing of the 2018 and 2019 interim results, and receiving a summons from the PIC seeking to declare a share subscription agreement invalid, which was being opposed by the group.

Great, now you can pay so that PIC money

How so? If it was said they cannot pay their debt .

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