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MiX reports lower profit

By Business Reporter Time of article published Feb 2, 2017

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Johannesburg – New York and JSE-listed MiX Telematics reports lower profit, despite having hit the 600 000 subscriber mark.

In a statement issued on Thursday, the company said this was as of the three months to December.

MiX provides fleet and mobile asset management solutions delivered as software-as-a-service (Saas).

The subscribers are across its combined fleet and consumer customer base.

“Passing the 600 000 subscriber mark is a great achievement,” says CEO Stefan Joselowitz.

The company says its strong third quarter results were driven by general strength across the portfolio, including a positive contribution from energy sector customers, as well as the ongoing shift towards bundled deals, which also increases the long-term value per subscriber.

Read also: MiX profit flat in first quarter

Subscription revenue for the quarter came in 5.5 percent higher at R310.7 million, which benefited from an increase of more than 54600 subscribers, boosting the subscriber base 9.9 percent year-on-year.

Total Revenue: Total revenue was R401.4 million, a gain of 6 percent.

However, the company’s profit declined to R35.1 million from R57.9 million a year ago.

Joselowitz says “MiX is well positioned to maintain momentum for the remainder of the year – and beyond”.

BUSINESS REPORT ONLINE

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