The South African Nuclear Energy Corporation (NECSA) has reported improved financial results for the 2024/25 financial year, posting a net profit after tax of R125,2 million – up from R108,6 million the previous year. The organisation also achieved 93% of its Shareholder Compact targets and received a clean audit opinion.
The results were presented to Parliament’s Portfolio Committee on Electricity and Energy on October 15 following a four-year focus on financial sustainability, operational efficiency and governance, the organisation said in a statement.
Subsidiary performance was mixed. NTP Radioisotopes posted a net profit of R118,3 million and a clean audit while Pelchem reported a net loss of R28,82 million – narrowing losses compared to previous years and achieving an unqualified audit.
The results follow a governance breakdown in September when five Board members resigned after a dispute over executive pay and a forensic investigation into funding disclosures. An attempted suspension of CEO Loyiso Tyabashe and CFO Precious Hawadi exceeded the Board’s authority, leading to a legal challenge.
Cabinet approved a new Board on October 15, which will continue to be chaired by David Nicholls. Other members include Vuyo Mthethwa, Pulane Molokwane, Derik Wolvaart, Phumelele Dlungwane, Khensani Xivuri, Ismail Lambat and Eugene Julies.
Looking ahead, NECSA has outlined six high-impact programmes aimed at expanding its role in South Africa’s nuclear sector:
- Re-establishing the front-end nuclear fuel cycle
- Developing small modular reactors
- Extending the life of SAFARI-1 and constructing a new multipurpose research reactor
- Expanding radioisotope production and related services
- Beneficiating fluorochemicals
- Strengthening skills development across the nuclear value chain
NECSA Group CEO Loyiso Tyabashe said the organisation’s strong operational and governance performance reflects the work of a dedicated team, guided by oversight bodies and supported by stakeholders. This is “not a destination” but a solid foundation from which to launch NECSA’s growth plans centred on its mandate in nuclear research and a vision of developing nuclear technology for global prominence, he added.
