questioned how the company would do so, seeing that it had claimed that its only revenue stream had been from the payment of social grants, a contract worth an estimated R10-billion a month.It stands to reason then that, when the now extended contract comes to an end in six months’ time, CPS is unlikely to be in a position to repay the R317-million as it will, theoretically, have no income.
It was no surprise then that on 27 September 2019, three days before the Supreme Court of Appeal ruling, Net1 announced its preliminary fourth-quarter and full-year 2019 results, reporting a net loss of $248-million , citing, surprise, surprise, the termination of the social grants contract as the main reason for its losses.request for comment on the Supreme Court of Appeal’s upholding of the 2018 ruling was that it was “not able to comment” at this stage.
CPS fell into the South African transaction processing division, which provided revenue of $67.7-million , generating more revenue, wrote Mahlaka, than the financial inclusion and applied technologies, and international transaction processing divisions.