Mozambique’s mCel profits rise 58% in 2008
mCel, the Mozambique based mobile operator, has reported net profit of MZN548 million (USD20.76 million) for 2008, up 58% year-on-year from MZN348 million in 2007. mCel CEO Gomes Zita said: ‘With the exception of the 2004 financial year, when net profits of MZN660 million were posted due to currency exchange gains, 2008 was our most successful term in the last five years.’
The revenues for the telco grew from MZN5.83 billion in 2007 to MZN7.09 billion in 2008. The operator’s mobile subscriber base rose by 36% to 3.1 million compared to just over 2.3 million at the end of 2007. The company estimates that its market share at the end of 2008 stood at 69%, up 3% year-on-year.