The South African Nuclear Energy Corporation (Necsa) generated better financial results and audit outcomes during the 2023/24 financial year, the State-owned entity has reported. It credited this improvement to a turnaround strategy that was initiated by its board during the 2021/22 financial year. This strategy involved the restructuring of the group, to create seamless internal operations across all its components.

“This turnaround is evident in Necsa meeting 93% of the Shareholder Compact targets and achieving profitability and an unqualified audit outcome,” highlighted Necsa board chairperson David Nicholls. “We owe our success to the dedication of our people at Necsa who have delivered on the strategy and cannot forget the support of our shareholder and other key stakeholders. While we appreciate that we have turned the corner, we are now focused on growth for long-term sustainability.”

“Necsa is at the forefront of nuclear research and technology development for peaceful uses in South Africa and worldwide,” pointed out Electricity and Energy Minister Dr Kgosientsho Ramokgopa. “It is therefore encouraging to see the company back on its feet and ready to reclaim its space in leading South Africa in the nuclear renaissance that we are currently witnessing globally. It is one of the South African State-owned companies that have shown a visible turnaround spelling a future of sustainable State-owned companies. The Necsa group has been representing us proudly on the global stage on nuclear research and other activities such as nuclear medicine emanating from the SAFARI-1 nuclear research reactor.”

“The [turnaround] strategy has given Necsa a solid base for a turnaround and we now work in a space where stakeholders are open to partnerships from growth,” affirmed Necsa Group CEO Loyiso Tyabashe. “We aim to increase revenue-generating streams by going back to our founding mandate and leveraging our existing capabilities. We have identified high-impact growth programmes in our value chain that will see us widening positive impacts of nuclear technology. The fundamental ingredient in the turnaround has been our people who have done more with less as we are managing our financial position.”