iOCO, once known as EOH, reported a 39% rise in profit after tax to R357 million. The results cover the year ended 31 July 2026 and were released on 13 October 2026.
Headline earnings per share rose 42% to 57 cents, the results showed. Revenue rose 3% to R5.73 billion.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 21% to R624 million. EBITDA rose 18% to R610 million.
Net finance costs fell 32% to R61 million. MyBroadband reported that lower debt levels and a better interest rate environment drove this drop.
The company’s share price has risen by 300% since April 2024, according to MyBroadband.
iOCO is a technology provider and systems integrator. It manages enterprise technology infrastructure, applications and IT services.
The business began as Enterprise Outsourcing Holdings, founded by Asher Bohbot in 1995. It listed on the Johannesburg Stock Exchange in 1998.
Between 1998 and 2016, its revenue grew by a compounded 42% a year, MyBroadband reported. The share price peaked at over R172 in July 2015. That gave the company a market value of R23.7 billion.
Allegations of bribery and corruption emerged in 2017, and Bohbot stepped down in June that year. The share price fell from R171 in December 2016 to under R50 a year later.
EOH appointed former MTN executive Stephen van Coller as CEO in September 2018. More corruption scandals still came out. By March 2020, the share price had fallen below R3.
The company also carried R4 billion in debt and faced threats of blacklisting. Van Coller sold many subsidiaries, fired corrupt staff and improved corporate governance.
He also raised R600 million through a rights issue and a B-BBEE deal. These steps reduced the debt but left a much smaller company.
Revenue fell from R16.3 billion to R6.0 billion. When Van Coller left in March 2024, the share price stood at R1.10.
EOH changed its name to iOCO on 11 December 2024. On 14 February 2025, the board announced Rhys Summerton and Dennis Venter as joint interim CEOs.
Summerton focused on capital allocation and group strategy, while Venter focused on bringing in revenue. The two were directly or indirectly linked to 25% of the company’s shares, MyBroadband reported.
Their pay was tied to share price performance instead of a fixed salary.
The iOCO board expects EBITDA of at least R680 million in the 2027 financial year. That is up from R610 million in 2026. Its other priorities include better cash generation, keeping recurring revenue above 60% and making strategic acquisitions.
Source: this article is based on reporting by MyBroadband. Image: MyBroadband. Written with the help of AI and published by the Tzaneen Voice Technology desk. See our Editorial Standards.
Werner Jacobs covers technology for Tzaneen Voice. Werner reports on mobile networks, data prices, internet access, smartphones, apps, AI, cybersecurity and South African tech companies. Each story explains what a new product, price change or policy means for ordinary users in South Africa.