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Bleeding the System Dry: Lesaka’s Desperate Attempt to Turn a Profit
In a move that will no doubt leave shareholders and analysts scratching their heads, Lesaka Technologies has somehow managed to swing its operating loss from R275 million to a profit of R67 million. Because who doesn’t love a good mystery?
Revenue? Pffft, it’s just a mere 11% increase to R10.6 billion. Child’s play.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) – AKA the Accounting Magic Trick
Group adjusted EBITDA, that magic metric that can make or break a company, increased by a whopping 55%. But don’t worry, it’s just a one-time fluke… or is it? "We have carried this momentum into FY2025," executive chairman Ali Mazanderani said with a straight face. Sure you have, Ali.
Double-Digit Revenue Growth: A Recipe for Disaster
Revenue from the merchant division grew by 12% to R9.3 billion, while the consumer division climbed 15% to R1.3 billion. Yawn. This is what they call a "recovery" when in reality, it’s just a bunch of vultures circling around a dying company.
The Real Winners: CEOs and Hedge Fund Managers
Lesaka CEO Lincoln Mali is thrilled with the consumer division’s performance, which is a lovely way of saying they’ve finally found a way to bleed more money from their customers. Meanwhile, CEOs and hedge fund managers are already rubbing their hands in anticipation of the impending bonuses.
Don’t Miss: Lesaka’s Latest Gravy Train
But wait, there’s more! Lesaka has just received the green light to buy Adumo, a move that will undoubtedly reap more rewards for its execs. Stay tuned for more exciting updates from this hot mess of a company.
