Econet Wireless Zimbabwe tops 6.41m subscribers
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.