Blue Label’s march for prepaid electricity dominance
Mark Levy, joint CEO of Blue Label Telecoms. Picture: BUSINESS DAY/FREDDY MAVUNDA
"We’re really looking at other revenue drivers where we could enhance our margin, probably break it into revenue collection, meter audits, all those types of things would bode well," Blue Label Telecoms co-CEO Mark Levy told Business Day. While Cell C has been a drag, the company’s other divisions have been pumping money, including its electricity-distribution business on behalf of municipalities, which are keen to put more residents on prepaid electricity to improve collection of payments. Blue Label’s group revenue was 7% up at R59.9bn for the year to end-May 2020. Its gross electricity sales rose 13% to R22.7bn for the period, remaining consistent even through the difficult April and May lockdown months.
Blue Label competes with banks and other companies, such as Net1’s EasyPay. Levy said that with margins at less than 2%, or R288m, of total revenue from the sale of electricity, Blue Label was looking at other ways to boost returns, including locating lost electricity tokens that are not being billed, helping municipalities with revenue collection and meter audits.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cash crunch from Covid-19 lockdown bites property owners even harderNedbank says 10% of their client base has also missed home, vehicle, personal and credit card payments, while another 10% have asked the bank to extend payment holiday agreements.
Read more »
Auditor-general identifies dodgy Ters paymentsThe watchdog finds thousands of payments made to undeserving recipients, many of them illegal
Read more »
Eskom expects 5 generating units back in service today after breakdownsTen units went down at seven power stations on Sunday evening, and the power utility implemented stage two load shedding on Tuesday.
Read more »
Joburg may have to cut frequency of waste collection to trim costsThe city says revenue collection took a huge knock amid the economic lockdown imposed to curb the spread of Covid-19
Read more »
Eskom warns of Stage 2 loadshedding from 12pm to 10pm on TuesdayEskom said that ten generation units at seven power stations suffered breakdowns in the last 48 hours. loadshedding
Read more »
Serena's quest for 24th grand slam on trackSix-time winner Williams powered past 96th-ranked Kristie Ahn.
Read more »