The Minister of Electricity and Energy Dr. Kgosientsho Ramokgopa has acknowledged good strides from the South African Nuclear Energy Corporation (Necsa) with the results for the financial year 2023/24 showing an improved financial position and audit outcomes. Necsa has attributed the turnaround to a strategy that its Board put in place in financial year 2021/22, which focused on restructuring the organisation ensuring seamless internal operation of the entire Necsa Group.

“Necsa is at the forefront of nuclear research and technology development for peaceful uses in South Africa and worldwide. 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 turn around 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,” commented the Minister of Electricity and Energy Dr Kgosientsho Ramokgopa.

Mr David Nicholls the Chairperson of the Necsa Board of Directors welcomed the positive comments from Dr Ramokgopa adding that, “This turnaround is evident in Necsa meeting 93% of the Shareholder Compact targets and achieving profitability and an unqualified audit outcome. 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”.

“The strategy has given Necsa a solid base for a turnaround and we now work in a space where stakeholders are open to partnerships for growth. 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 turn around has been our people who have done more with less as we were managing our financial position,” added Necsa Group CEO Mr Loyiso Tyabashe.

Media enquiries: Tsakane Khambane, Ministerial Spokesperson on 082 084 5566 or Tsakane.khambane@dmre.gov.za / Tsakane@presidency.gov.za

ISSUED BY THE MINISTRY OF ELECTRICITY AND ENERGY OF THE REPUBLIC OF SOUTH AFRICA

www.dmre.gov.za