Mustek, which assembles and distributes computers and provides ICT services, said on Tuesday while strong demand for cybersecurity helped lift its revenue above R10 billion in its year to end-June, it still took a hit from higher finance costs and an oversupply of entry-level notebooks.
Mustek, valued at about R887 million on the JSE, reported a 14.1% climb in revenue to R10.1 billion to end-June, but profit still fell about 2.5% to R220 million. The group reported a climb in foreign currency losses to R123 million, while finance costs surged about 127% to R174 million. Established in 1987, and listed on the JSE in 1997, the group is one of the largest assemblers and distributors of personal computers and complementary ICT products in South Africa, while also providing services such as server and maintenance services and security through businesses including Sizwe Africa IT and Khauleza IT.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.
Despite this, the group upped its dividend for the year by 1.3% to 77c, though this is less than the 90c it paid out in 2021 - a year it benefited from foreign currency gains and from much lower interest rates. The group's shares had jumped more than 8% in morning trade on Tuesday and have now gained almost that much on a one-year basis.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.