Business

Magda Wierzycka’s message to South Africa about the United States

Luke Fraser

 ·8 Jun 2026

Sygnia CEO Magda Wierzycka says the world has lived through unprecedented times over the last six months, with the global order changing from the US’s attacks on Iran.

Speaking in the group’s interim results for the six months ended 31 March 2026, Wierzycka said that many investors and politicians paid attention to the Strait of Hormuz before the US’s attacks on Iran.

“They certainly did not recognise the role it played in the global oil supply chain and, hence, in global energy markets,” she said.

“The lack of a clear resolution and the prolonged nature of the conflict have led to higher inflation and a
lower likelihood of interest rate cuts across all global economies, and the impact on consumer spending has been profound.”

She warned that this form of disruption normally leads to social unrest and growing dissatisfaction with political regimes.

The second theme of the year was the rise of AI, especially in relation to valuations across markets ahead of potential listings.

The CEO said that large language models have progressed from basic text into software development and image generation.

With the progress made in just a few years, the CEO said that the pace of innovation is unprecedented.

“As much as AI enhances productivity, however, it is also expected to cause massive job displacement, erode data privacy and increase vulnerability to cybercrime, among other issues,” she said.

The fear among investors of missing out on the buying frenzy has led to skyrocketing valuations for companies such as OpenAI, Anthropic, and SpaceX.

She said that Anthropic’s value increased from approximately $18 billion in March 2025 to approximately $965 billion in May 2026.

OpenAI’s valuation rose from approximately $157 billion to approximately $840 billion over the same period. SpaceX is now looking to go public in a deal valued at $1.75 trillion.

She added that ChatGPT sees itself evolving beyond conversation and becoming deeply integrated into the systems people use every day, from research to healthcare, fundamentally changing the global economy.

Wierzycka said that South Africans have only one answer: “Unlearn, relearn, adapt and adopt”.

“Against that backdrop, from initially being a target of US wrath, South Africa has become an observer. Perhaps that is the best place for us to be,” she added.

Financial growth

Group revenue for the six months to 31 March 2026 rose by 24.3% to R616.1 million (31 March 2025: R495.7 million).

The group’s operating expenses increased by 21.6% to R333.6 million (31 March 2025: R274.3 million), driven by increased investment in staff and technology.

The group’s after-tax profit increased 25.1% to R216.0 million (31 March 2025: R172.6 million). Basic and headline earnings rose by 22.0% to 138.1 cents (31 March 2025: 113.2 cents).

Assets under management and administration were flat from September 2025, with a closing balance of R460.8 billion (31 March 2025: R405.6 billion; 30 September 2025: R461.2 billion).

The group declared a gross dividend of 122 cents per share out of retained income, resulting in a net dividend of 97.6 cents per share.