Group income statement for the year ended 31 May 2025

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Notes  2025 
R'000 
2024 
R'000 
Revenue  1.2  13 730 344  14 175 588 
Finance revenue  1.2  319 833  422 856 
Total revenue  1.2  14 050 177  14 598 444 
Other income  76 675  93 089 
Direct operating costs*  (10 675 174) (11 303 406)
Employee compensation and benefit expense  5.2  (1 052 704) (961 883)
Depreciation and amortisation  (192 774) (163 879)
Fair value movements  1.3  174 316  7 213 
Bad debts and expected credit loss  1.3  (235 524) (507 782)
Modification/derecognition of financial instruments 1.3  (52 872) (32 576)
Other expenses  (680 804) (667 624)
Operating profit  1.3  1 411 316  1 061 596 
Finance costs  1.4  (1 090 314) (1 121 356)
Finance income  1.4  803 857  901 884 
Reversal of impairment of investment in associate  2.1.1  1 555 042  — 
Share of (losses)/profits from associates and joint ventures  2.1.1  (55 376) 15 416 
Profit before taxation  2 624 525  857 540 
Taxation  7.1  (143 805) (197 955)
Profit for the year  2 480 720  659 585 
Profit for the year attributable to: 
Equity holders of the parent  2 484 243  647 386 
Non-controlling interest  (3 523) 12 199 
Earnings per share for profit attributable to: 
Equity holders (cents)
- Basic  1.5  276.52  72.49 
- Diluted  1.5  275.24  72.03 
* Direct operating costs are the operating expenses directly attributable to the production of goods and services sold by the Group. These include, but are not limited to, the costs associated with the acquisition of airtime and handsets sold by the Group.