Revenue for the year ended 30 June 2024 declined by 16% to R8.5-billion from R10.3-billion a year ago as sales of renewable energy solutions tanked following the suspension of load shedding by state-owned electricity utility Eskom from March.
Sales of green energy products declined by R1.35-billion year on year. Gross profit on green energy products reduced by R338-million. Margins on these products reduced from an average of 22% to 14%, while margins on the rest of the business remained stable. The gross margin declined to 12.2% from 13.9% previously due to “competitive forces in the market for green energy products, product composition and efforts to lower stock levels”.Mustek said that consolidation and streamlining the management of critical functions to strengthen its financial position is a strategic priority for management in the 2025 financial year.
Already, it has announced a plan to sell Zaloserve for R15-million. It didn’t say who was purchasing the business.
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