Econet Wireless Zimbabwe tops 6.41m subscribers
TELECOMSBy BiztechAfrica - April 26, 2012, 10:49 a.m.
Zimbabwe’s Econet Wireless has reported a 24% increase revenues in its financial year to end-February 2012.
In its annual financial results, the telco said sales rose to USD611.1 million, up from USD493.5 million the previous year, driven by a 16% increase in subscriber numbers to 6.41 million. Net profits were up 18% at USD165.7 million.
The operator says it has invested USD614 million in its Zimbabwe operations over the last three years, including USD184 million in the most recent twelve-month period. Econet Wireless hold almost two-thirds of Zimbabwe’s mobile market share.
Noting that it sees significant growth potential in Zimbabwe, Econet reports that it is concluding a syndicated USD307 million loan from a group of international banks to help fund its network expansion and upgrade programme.
Among the challenges facing the company, Econet highlighted frequent commercial power outages, delays in approval of site permits and delays in the payment of interconnection debts.
MORE TELECOMS NEWS
Orange Kenya dumping copper for fibreOrange Kenya will this week commission a project to replace its copper cables with fibre in Nairobi’s Milimani Area. Read More
Second class to graduate from Samsung Academy KenyaSamsung Electronics East Africa (SEEA) will this week release 98 more graduates from its academy in Kenya. Read More
Telecom Namibia joins global Pearson VUE testing networkTelecom Namibia has signed an agreement with Pearson VUE, the electronic certification and licensure testing business of Pearson, to provide Information Technology certification test delivery using the Pearson VUE® Testing System. Read More
Telecel Go reduces cost of calls to all networksTelecel has launched a new pre-paid service platform called Telecel Go, which removes the boundaries between networks and reduces the cost of calls across all networks significantly. Read More
Huawei rolls out new base stations in ZambiaChinese communications equipment giant Huawei Technologies has launched the first of a series of 169 base stations that will connect rural communities in Zambia to the mobile phone network. Read More
Kenya, Uganda, Rwanda strike deal to lower roaming ratesPlans are underway to lower roaming rates among Kenya, Uganda and Rwanda. Read More
Kenyans making longer calls - CAK ReportRobust marketing by telecoms and lowered call rates saw Kenyans use mobile phones more in 2013, the latest sector report shows. Read More
Telecom Namibia, XON Systems, Juniper Networks invest in network academyTelecom Namibia has set up a Telecom Namibia Juniper Networks Academy in conjunction with XON Systems and Juniper Networks to boost the training of network engineersin its training facility. Read More
Nokia X excites Ghana smartphone loversNokia Ghana has unveiled one of its new smartphone products, the Nokia X, onto the Ghanaian mobile phone market. Read More
XDSL signs agreement with DFA, Conduct for more fibreInternet Service Provider XDSL has entered into an agreement with Dark Fibre Africa (DFA) and Conduct, DFA’s last-mile fibre network subsidiary. Read More
FEATURED STORYKenyan shift to Green Economy would generate USD 45bn by 2030
Kenya’s transition to a green economy could produce major economic benefits equivalent to an estimated USD 45 billion by 2030, a new study shows.
BEST READ NEWS
IN DEPTHE-waste threatens Ghana’s beaches
Many beaches in Ghana, already stressed by pollution and poor maintenance, are now facing a new threat: e-waste.
COMPANY NEWSVMware Reports First Quarter 2014 Results
VMWare has announced Year-over-Year revenue growth of 14% to $1.36 Billion in its Q114 results.