iOCO Poised for Growth, Sees 159% EBITDA Surge

iOCO has announced the unaudited interim condensed consolidated financial statements for the six months ended 31 January 2025.

Some of the salient features include:

• Group revenue (excluding non-recurring sold entities) for the six months ended 31 January 2025 (HY2025) decreased by 6.4% to R2.7 billion, compared to R2.9 billion for the six months ended 31 January 2024 (HY2024).
• Gross profit (excluding non-recurring sold entities) increased by 2.8% to R823 million in HY2025, up from R801 million in HY2024, with the
  gross margin improving from 27% to 30%.
• EBITDA surged by 159.3%, from R97 million in HY2024 to R252 million in HY2025.
• Headline earnings per share (HEPS) stood at 19 cents for HY2025, compared to a loss per share of 11 cents in HY2024.
• Total cash generated from operations increased to R302 million, up from R201 million in HY2024.

A year of reset iOCO has streamlined its Group structure, already yielding clear benefits. This restructuring has enabled reinvestment in growth through diversification across an expanded product and geographic base, with services now directed across five operating companies. This has positioned the Group for market share growth, with cost efficiencies beginning to materialise, as reflected in the HY2025 results. The Group’s Level 1 Black-owned company status remains intact.

This transformation began eight months ago, driven by a bold vision to reset the Company’s trajectory. A turnaround committee, comprising experienced leaders, was formed to refocus efforts and drive meaningful change. Our mission was clear: to redefine iOCO’s corporate structure, ensuring it is fit-for-purpose and poised for growth. The subsequent stages of this reset have been pivotal, each marked by a relentless focus on success at each phase.

– Excerpt from iOCO’s Unaudited Interim Condensed Consolidated Financial Statements